Machinery and Automotive Sprockets Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Machinery and automotive sprockets, used in the transmission of rotary motion between two shafts, are made of cast iron and other cost-effective material. Machinery and automotive sprockets are further used to impart linear motion to a tape or track. Automotive sprockets are cast from high grade iron; thus, they provide high precision, enhanced productivity, and capability in every chain system. They are mostly used  in automotive manufacturing to manufacture tracked vehicles, cars, bicycles, motorcycles, and other automotive products. Automotive sprockets are helpful in facilitating the linear motion of automobiles. Apart from this, machinery and automotive sprockets have components made of noncorrosive and robust material, so as to ensure prolonged service life of automobiles even in harsh industrial environments. 

COVID-19 impact on industry -

COVID-19 pandemic has halted the production of various products in the machinery and automotive sprockets  market  industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of  machinery and automotive sprockets   market  significantly from last few months, as is likely to continue during 2020.

COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020, and is likely to cause a negative impact on the market growth throughout the year. 

The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, the UK, and China, which is negatively affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.

Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.

Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The  main  use  of machinery and automotive sprockets  is in automotive manufacturing industry. 

Robust expansion of material handling industry to influence demand for sprockets

Sprockets form an integral component of various material handling equipment that seek adoption across most industrial sectors including construction, mining, oil & gas, and machine tools. They have  Superior durability even in extreme operating conditions, noise-free operations, high-load capacity, and low vibration are key attributes of sprockets that make their use in material handling equipment lucrative. Future of material handling is predicted  to be smart, with growing interconnection between technologies and equipment, also known as Industrial Internet of Things (IIoT).

Smart manufacturing enterprises are focusing on maximizing their efficiency and safety via intuitive collaboration and networking with their customers. The overall manufacturing floor – from picking & sorting systems to conveying systems - are witnessing evolution for accommodating more flexible business requirements and predictive planning. Abreast these evolvements, demand for various innate material handling components such as sprockets is likely to gain an uptick in the near future.

Proliferation of industrial robotics to create high demand for sprockets

Industrial robotics imparts myriad benefits in terms of operational precision, quality, and productivity, and its deployment in industrial sectors entails the need for high-degree precision control. Advancements in robotic vision has significantly fueled the efficiency of industrial processes since the recent past. Growing popularity of artificial intelligence (AI), along with evolution of technologies present  in robotics have led toward the development of advanced robots with improved vision capabilities.

This has created high demand for components such as gears, drives and sprockets for having  better precision control and flexibility of robots during their deployment. With components such as sprockets assisting robots to control directional and rotational motion, and increasing effect of demand for customized robots is likely to compel the vendors of sprockets for  improving  their design capabilities and develop new technology. The global motorcycle industry witnessed a slack owing to intensified import competition in the recent past, which led several manufacturers to shift their production plants to emerging markets, where demand has been rising significantly. rather than this, remarkable opportunity exists for growth of the global motorcycle industry in the upcoming years, wherein overall supply chain participants in the industry are  focusing on integration and incorporation of business intelligence and advanced analytics.

Key benefits of the report:

• This study presents the analytical depiction of the machinery and automotive sprockets  market along with the current trends and future estimations to determine the future of the market
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the  machinery and automotive sprockets  market share.
• The current market is quantitatively analyzed to  machinery and automotive sprockets market  growth scenario.

 Machinery and Automotive Sprockets Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights