- 2-wheeler sprocket is an important component of the 2-wheeler. The entire 2-wheeler sprocket assembly consists of three parts viz., small diameter wheel, large diameter wheel, and chain. The small diameter wheel is connected to the 2-wheeler’s engine, while the large diameter wheel is fitted to the rear wheel hub. The chain is used to connect the small diameter wheel to the large diameter wheel. It enables transmission of rotational power from engine to the rear wheel in order to propel the 2-wheeler on the road.
Key Drivers of 2-Wheeler Sprocket Market
- Rise in preference for e-commerce is expected to propel the global 2-wheeler sprocket market. The costs to customers for shopping in a traditional retail store can be substantial owing to transportation costs, including fuel for the car or public transportation costs and often higher costs paid due to an inability to compare shops. However, in case of online shopping, the costs of shopping are virtually negligible. It takes very little amount of time to purchase a product from a vendor online, and it can be done from the convenience of a mobile phone, without requiring a consumer to be present at the shop physically. Therefore, leading manufacturers of 2-wheeler sprocket are listing products on online websites in order to gain market share across the globe.
- Increase in 2-wheeler production coupled with a rise in the demand for fleet of motorcycles and scooters is projected to boost the 2-wheeler sprocket market during the forecast period. Moreover, rapid increase in the adoption and sales of bicycles is also likely to drive the global 2-wheeler sprocket market during the forecast period.
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- Substantial advancements in technology pertaining to 2-wheeler transmission components as well as significant investments by leading manufacturers in research and development to invent cutting-edge power transmission components, such as shaft, is projected to propel the global 2-wheeler sprocket market during the forecast period.
- Customer demand for gold colored or plated sprockets in order to improve 2-wheeler’s visual appeal is another factor boosting the market. Additionally, 2-wheeler sprocket manufacturers are focused on making lightweight, dimensionally accurate sprockets with robust design and longer service life, which in turn improve the overall riding performance of 2-wheelers.
2-Wheeler Sprocket Market: Restraint
- Lack of skilled labor with low awareness about installation of same brand wheels and sprocket coupled with mandatory periodic maintenance are projected to hamper the sales of factory fresh and aftermarket sprockets during the forecast period.
- Electric 2-wheelers do not require sprocket kit for power transmission; hence, the need for sprocket is eliminated in case of electric 2-wheelers. Therefore, increase in demand for electric mobility solutions in terms of 2-wheeled vehicles is expected to hamper the global 2-wheeler sprocket market.
Asia Pacific to dominate 2-wheeler sprocket market
- In terms of region, the global 2-wheeler sprocket market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is estimated to account for a moderate share of the global 2-wheeler sprocket market owing to an increase in fleet of 2-wheelers across the region.
- Countries, such as India and China, in Asia Pacific are expected to witness considerable growth owing to rising income of middle class people coupled with a rise in population purchasing 2-wheelers easily, as compared to those buying four wheelers.
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- However, disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities and raw material shortage caused by the coronavirus pandemic across the world is estimated to contract the market in 2024. The coronavirus pandemic has hampered the global 2-wheeler sprocket market. The market is anticipated to recover economic losses by increasing production volume of vehicle components as well as vehicle production in 2024. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the 2-wheeler sprocket market during the forecast period.
Key Players Operating in 2-Wheeler Sprocket Market
The global 2-wheeler sprocket market is highly concentrated due to the presence of top manufacturers. A few key players operating in the 2-wheeler sprocket market are:
- IFB Industries Limited
- JT Sprockets
- Prospect Engineering Works
- TIDC INDIA
- Jiangxi Hengjiu Chain Transmission Co., Ltd.
- LGB Ltd.
- Qingdao Choho Industrial Co., Ltd