2-Wheeler Sprocket Market Growth Outlook Beyond 2030
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.
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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.
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.
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.
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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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