Sprockets Market

Sprockets Market Analysis by Standard and Customized for Bicycles, Motorcycles, Building & Construction, Food & Beverages, Glass & Plastic, Textiles, and Agricultural Equipment from 2023 to 2033

Analysis of Sprockets Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Sprockets Market Outlook (2023 to 2033)

The global sprockets market is forecasted to increase from a valuation of US$ 4.99 billion in 2023 to US$ 9.76 billion by 2033. Worldwide sales of sprockets are expected to increase at a noteworthy CAGR of 6.9% from 2023 to 2033.

A sprocket is a wheel that has teeth or cogs that connect to a chain, track, or other material that has been pierced or dented. Any wheel with radial projections that contact a chain traveling over it is referred to as a 'sprocket'.

In machines such as bicycles, motorcycles, tracked vehicles, and other vehicles, sprockets are used to either transmit linear motion to a track, tape, or other surface or to transmit rotational motion between two shafts when gears are ineffective. Sprockets come in a variety of styles and often lack a rim.

To keep the timing belt centered, certain sprockets used with timing belts feature flanges. When slippage is unacceptable, sprockets and chains are also employed to transfer power from one shaft to another. They can operate at high speeds, and some types of chains are made to be noiseless even at these speeds.

  • Sales of standard sprockets account for 94% market share in 2023. They are made of steel or an alloy of steel and aluminum. To suit various chain widths and speeds, they come in a variety of forms, sizes, and teeth counts.

Some types of sprockets are designed to be noiseless even at high speeds and can operate at very high speeds. They should be regularly checked for wear and tear. As a result, they are regarded as a very reliable and cost-effective drive system for continuous drive applications because of their distinctive qualities, such as great shock absorption and minimal torque loads.

Sprockets are an essential part of a machine and are a prerequisite for power transmission and motion in end-use industries such as automotive, building and construction, food & beverages, glass & plastic, textiles, and many more. Over the last few years, global investments have increased substantially, indicating the growth of machines generating power through chain drives and, as such, accelerating relative demand for sprockets.

Report Attributes Details

Sprockets Market Size (2023)

US$ 4.99 Billion

Forecasted Market Value (2033)

US$ 9.76 Billion

Global Market Growth Rate (2023 to 2033)

6.9% CAGR

Market Share of Standard Sprockets (2023)

94%

Japan Market Growth Rate (2023 to 2033)

5.6% CAGR

United Kingdom Market Growth Rate (2023 to 2033)

8.1% CAGR

South Korea Market Size (2023)

US$ 194.8 Million

United States Market Growth Rate (2023 to 2033)

6.7% CAGR

Market Share of Motorcycles (2023)

30%

Key Companies Profiled

  • Tsubakimoto Chain Group
  • Martin Sprocket & Gear, Inc.
  • Rexnord Corporation
  • SKF Group
  • Renold PLC
  • PT International
  • ABB Ltd.
  • Boston Gear LLC

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How is Demand for Sprockets Shaping Up across End-use Industries?

“Usage Increasing Due to Growing Sales of Passenger Cars and Two-wheelers”

Increased use of bicycles and motorcycles has led to a higher potential demand for sprockets globally. An elevation in the graph of bicycles was recorded due to the boom in the health-conscious population. Bicycles suitable for family use, neighborhood rides, short-distance rides, and fun strolls have experienced massive growth.

The aforementioned factors will facilitate numerous growth opportunities for sprocket manufacturers over the coming years. With mounting sales of passenger cars and two-wheelers, demand for sprockets in the automotive industry is expected to rise over the coming years.

“Increase in Safety Rules by Several Governments”

Safety rules set by governments for construction machinery, automotive, manufacturing, and the food and beverage industries play a huge role in driving the sales of sprockets. Prolonged use of chains and sprockets together not only causes wear on the machine but also decreases its efficiency.

Government safety standards insist on changing worn machine parts on a timely basis. This not only ensures the safety of the user but also increases the longevity of the machine. The increasing need for conveyor systems in sectors such as electronics and automotive is fueling market expansion.

Constant wearing of chains and sprockets also generates noise in the whole appliance, causing discomfort to the user and also adding to the level of noise pollution. Furthermore, OSHA and vehicle safety norms take care of related problems and impose stringent actions against defaulters. All this is leading to heightened demand for sprockets across regions.

“Rapid Growth of Material Handling Industry”

Construction, mining, oil & gas, and machine tools are just a few of the industries that aim to embrace varied material handling equipment that includes sprockets as a key component. Sprocket's essential characteristics, such as superior durability even under difficult working circumstances, noiseless operation, high load capacity, and low vibration, make their use in material handling equipment profitable.

The Industrial Internet of Things (IIoT), which refers to the expanding connection of technology and equipment, is expected to make material handling smarter over the coming years. By collaborating and networking with their clients, smart manufacturing companies are concentrating on maximizing both their productivity and safety. The overall production floor is evolving to accommodate increasingly adaptable business requirements and predictive planning, from picking and sorting systems to conveying systems.

Which issues are Estimated to Limit the Adoption of Sprockets?

“Rise in Air Contamination and Tailpipe Emissions Caused by Vehicles”

Market expansion is hampered by a rise in air contamination and tailpipe emissions caused by vehicles. One of the primary elements expected to impede the growth of the worldwide market is the requirement for regular maintenance.

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What Will Help Start-ups Gain a Prominent Position in This Market?

“New Companies Concentrating on Introducing Advanced and High-quality Sprockets”

The most important trend to have gained customer’s attention is the availability of customized sprockets. New entrants are improving their laser-cutting equipment to lower the price of plate tooling. Additionally, there has been a notable reduction in downtime and rejection levels as a result of this. New companies are focusing on introducing advanced and high-quality sprockets.

  • In 2021, a start-up based in the United Kingdom, New Motion Labs revealed its new sprocket design under the name Enduo Evolve to improve drivetrain efficiency, guarantee a longer lifespan, and reduce friction. A conventional roller chain now performs better thanks to these developments since power is transferred to all sides of the sprocket tooth.

Sprockets Market Size, Share, Trends, Growth, Demand and Sales Forecast Report by Fact.MR

Country-wise Insights

What is Propelling the Demand for Sprockets in the United States?

“Increase in Infrastructural Projects across the Country”

  • The market in the United States is expected to reach US$ 2.37 billion by 2033.

The U.S. market is poised to experience a moderate growth rate due to an increase in infrastructural projects. Market growth is anticipated to be fueled by a strong foundation of automotive component production and rapid industrialization throughout the projection period.

What’s Contributing to High Sales of Sprockets in the United Kingdom?

“Growing Investments in Automation Technologies”

  • Use of sprockets in the United Kingdom is valued at US$ 219.7 million in 2023.

Presence of top sprocket manufacturers and increased demand for conveyor sprockets from several industries are both factors contributing to market growth. The expanding automotive sector and an increase in investments in automation technologies are supporting market expansion.

Why are Suppliers of Sprockets Targeting Japan?

“Easy Availability of Raw Materials in the Country”

  • Sales of sprockets in Japan are valued at US$ 344.6 million in 2023 and are estimated to reach US$ 595.4 million by 2033.

Rise in vehicle production and sales and soaring need for sprockets for various industrial applications are all factors contributing to market growth. The easy availability of raw materials and low-cost labor is expected to boost market revenue in the country.

Will South Korea Be a Profitable Market for Producers of Sprockets?

“Market Will Benefit from Rapid Expansion of Construction Industry”

  • The sprockets market in South Korea is set to rise at a CAGR of 4.8% through 2033.

Growing consumer spending on automobiles and rapid growth of the construction industry are the key factors supporting market expansion. The market is anticipated to grow as a result of the government’s support to push the domestic manufacturing capabilities in chain sprockets production.

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Category-wise Insights

Which End Use Accounts for the Most Sales of Sprockets?

“Increasing Demand for Motorcycles Due to High Traffic Congestion Driving Adoption of Sprockets”

Based on end use, the market is classified into bicycles, motorcycles, building & construction, food & beverages, glass & plastic, textiles, agricultural equipment, and others.

  • Adoption of sprockets in motorcycles is projected to increase at a CAGR of 7.9% over the next ten years.

Sprockets are one of the vital components of the motorcycle transmission system. The expansion of the sprocket industry has also been aided by the increased demand for sports motorcycles caused by the increasing sports competition. Increasing demand for motorcycles as a result of high traffic congestion is anticipated to fuel the adoption of sprockets.

One of the main factors anticipated to boost market expansion is an increase in demand for appealing and fashionable motorcycles. Manufacturers are putting a lot of effort into creating traditional bikes with sportier styling, superior fuel economy, and bigger displacement engines, which will generate many opportunities for sprocket manufacturers throughout the projection period.

Competitive Landscape

Key market players are focusing on operating through indirect channel structures, such as selling through certified and recognized dealers, to ensure a smooth flow of their supply chain management and rapid delivery to their users. They are concentrating on new developments, product standards, quality control, and collaborations to strengthen their market position.

Leading companies are also renovating their products for specific industries, such as the use of anti-corrosive technology in the food and beverage industry. These trends help manufacturers gain an edge over competitors who don’t evolve with time.

For instance :

  • Tsubakimoto Chain Group added wear-indicator technology to its sprockets, allowing the user to spot excessive wear before a significant breakdown takes place.

Key Segments of Sprockets Industry Research

  • By Pitch :

    • Standard
      • Below 1/2 Inches
      • 1/2 to 1 Inches
      • 1.1 to 1.5 Inches
      • 1.6 to 2 Inches
      • Above 2 Inches
    • Customized
  • By Material :

    • Steel
    • Stainless Steel
    • Carbon Steel
    • Cast Iron
    • Thermoplastics
    • Others
  • By Bore :

    • Plain
    • Taper Lock
  • By Strand :

    • Simplex
    • Duplex
    • Triplex
  • By Application :

    • Conveyors
    • Rotor Rollers
    • Other Drives
  • By End Use :

    • Bicycles
    • Motorcycles
    • Building & Construction
    • Food & Beverages
    • Glass & Plastic
    • Textiles
    • Agricultural Equipment
    • Others
  • By Region :

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

- FAQs -

What is the valuation of the sprockets market at present?

The global sprockets market is valued at US$ 4.99 billion in 2023.

What is the demand outlook for sprockets through 2033?

Worldwide sales of sprockets are set to reach US$ 9.76 billion by 2033.

What will the growth rate of the sprockets market be from 2023 to 2033?

Global demand for sprockets is predicted to rise at a CAGR of 6.9% through 2033.

What is the projected value of the market in China for 2033?

The market for sprockets in China is expected to reach US$ 2 billion by 2033.

At what CAGR is the market in Japan projected to expand?

The market in Japan is set to evolve at a CAGR of 5.6% from 2023 to 2033.

Sprockets Market

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