Chain Drives Market - Forecasts from 2021 to 2026

The global chain drives market is expected to grow at a compound annual growth rate of 3.21% over the forecast period to reach a market size of US$6.03 billion in 2026, from US$4.83 billion in 2019. The market is expected to surge in the coming years, because of the rise and the growth in the automotive sector, construction and manufacturing sector, agriculture sector, and others, worldwide. In an industry, chain drives are used to perform three functions such as conveying materials, transmitting power, and for several timing purposes. Some of the chain drive’s industrial applications are hydraulic lift truck fork operation, rigging and moving heavy materials, overhead hoists, and others. With the increasing investments and advancement in the development of the internet of things, artificial intelligence for the industrial and manufacturing sector, the market is expected to surge at an exponential rate, during the forecast period. Growth in the agriculture sector is also expected to be a positive development for the market, because of the increase in food production and the demand for high-quality products.

Growth in the automotive industry.

The market is expected to surge in the coming years, because of the growth in the automotive industry, globally. According to the data given by the International Organization of Motor Vehicle Manufacturers, around 92.17 million motor vehicles were produced in the year 2019. According to several official reports, company analysis, and trends, overall car sales will continue to rise and grow by approx. 2%, during the forecast period. There has been a rise in the demand for electric vehicles, which is expected to propel market growth, in the coming years. According to the data given by the International Energy Agency, sales of electric cars or vehicles grew to 2.1 million, globally, in the year 2019. The electric car and vehicle sales registered and generated an approx. 40% on year growth, between the years 2018 and 2019. Several countries and unions have been making significant developments in the market. In India, according to the data given by the Indian government, the country manufactures and produces around 26 million vehicles, which includes commercial vehicles, passenger vehicles, two-wheelers, three-wheelers, and quadricycles in April to March 2020. The country is also the world’s biggest manufacturer of tractors and the second-biggest bus manufacturer. Europe is also one of the major manufacturers and producers of automotive vehicles, globally. According to the European Commission, the industry provides direct and indirect jobs to around 13.8 million Europeans, out of which 2.6 million people work in the manufacturing of motor vehicles in the region. The region is one of the world’s largest producers of motor vehicles. The sector also represents the biggest private investor in research and development. According to the European Automobile Manufacturers Association, 18.5 million motor vehicles were produced in the region, in the year 2019, and it represented about 20% of the total motor vehicle production. The United States is also one of the major players in the market. According to the data given by the US government, the country is the world’s second-biggest market for vehicle sales and production. Since the year 1982, major Korean, Japanese, and European automakers had invested more than US$75 billion in the country. In the year 2018, total foreign direct investment in the country reached US$114.6 billion, in the year 2018. China’s domestic vehicle production had been expected to reach 35 million vehicles by the year 2025, according to the data from the country’s Ministry of Industry and Information Technology. This makes the country one of the major markets for chain drives, globally. With these trends, the market is expected to surge at an exponential rate during the forecast period.

Growth in the construction sector.

The market is expected to surge in the coming years, because of the growth in the construction sector, globally. Chain drives are used in the lifting of loads and are used to carry material. It is also used in the transmission of power in the construction industry. According to several official reports, the construction sector is expected to grow at a significant rate, during the forecast period. Countries like India, China, and the United States are expected to drive market growth, in the coming years. According to the data given by the Indian government, the country’s construction market is expected to cross Japan, and become the third’s biggest by the year 2025, globally. By the year 2020, the country’s construction industry revenue had been expected to reach US$5 billion. In the United States, according to the data given by the AGG (The Construction Association), the industry creates around US$1.3 trillion worth of structures, annually, and is one of the biggest customers for mining, manufacturing, and a variety of services. The World Bank estimated that the construction industry added 25.606% of value in global GDP. These trends are expected to have positive developments for the global chain drives market, during the forecast period.

Competitive Analysis.

The market is expected to surge in the coming years, because the innovation and advancement in the chain drive the market, globally. There has been an evolvement in manufacturing technologies, which includes advanced robotics, artificial intelligence, and the Internet of Things, which are often referred to as Industry 4.0. Major companies have been making significant developments in the market, in the past few years. Iwis has become one of the leading players in the market. The company has been providing advanced and high-performance chain drive products to innovative drive chain systems. Renold also provides high-precision chain drives and power transmission products to its customers, globally. The company has been making and providing products to subway trains to power stations, cement making, chocolate manufacturing, and other industries. The company’s conveyor chain contains a series of journal bearings, which consists of a bush and a bearing pin on which the chain roller revolves. Other companies are also making significant developments in the market, which is expected to drive the market growth, during the forecast period.

Segmentation:

By Type

• Hoisting Chains
• Power Transmission Chains
• Conveyer Chains

By Application

• Agriculture Machinery
• Automotive
• Building Construction
• Material Handling Equipment
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• South Africa
• Others
• Asia Pacific
• Japan
• China
• India
• Australia
• Others