According to IMARC Group latest report titled “Chain Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on chain drives market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global chain drives market size reached US$ 5.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.3 Billion by 2028, exhibiting a growth rate (CAGR) of 3.69% during 2023-2028.
Chain drives are a type of power transmission system that uses a chain to transfer power from one component to another. They comprise a chain, sprockets, and other components such as tensioners and guides. The chain consists of interconnected links that engage with teeth on the sprockets, transferring power from one component to the next. They have several advantages over other types of power transmission systems. They are highly efficient, with minimal power loss due to friction. They can also handle high loads and are durable, making them ideal for heavy-duty applications. They are commonly used in various applications, including motorcycles, bicycles, industrial machinery, and automotive engines.
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Market Trends:
The global market is primarily driven by the increasing product demand in the automotive industry for engine power transmission and other applications. In line with this, the rising demand for chain drives in the industrial machinery sector, including conveyors, printing presses, and machine tools, is significantly contributing to the market. Furthermore, the growing adoption of chain drives in the construction industry for heavy-duty equipment such as excavators and bulldozers is positively influencing the market. Apart from this, the rapid product usage in the agricultural industry and the technological advancements, including the development of more efficient and durable chains and sprockets, are favorably impacting the market.
Moreover, the widespread product utilization in the mining and oil & gas industries for use in heavy equipment, such as drills and pumps, is bolstering the market. Besides, the escalating popularity of chain-driven bicycles for sports and leisure activities and the expansion of the e-commerce industry are strengthening the market. Additionally, the increasing usage of chain drives in the aerospace industry for aircraft landing gear and engine systems is providing a boost to the market.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Regal Beloit
- Renold
- Rexnord
- SKF
- The Timken Company
- Tsubakimoto Chain Co.
- Brammer
- John Kings Chains
- Diamond Chain Company, Inc.
- Kraftmek
- Ramsey Products Corporation
- Rambo Chain
Chain Drives Market Segmentation:
Our report has categorized the market based on region, product type and end-user.
Breakup by Product Type:
- Roller Chain
- Silent Chains
- Leaf Chains
- Others
Breakup by End-User:
- Industrial Sector
- Heavy Equipment Industry
- Agricultural Equipment Industry
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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