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“The growth of direct injection engines and rise in vehicle production fuel the demand for the timing belt market”
The timing belt market is estimated to grow at a CAGR of 5.21% during the forecast period, to reach a market size of USD 9.22 billion by 2025. The key factors driving the growth of the timing belt market are the rising adoption of direct injection engines and growing vehicle production globally. The rising vehicle parc and increased average miles per vehicle drive the growth of the timing belt aftermarket. The rising demand for Battery Electric Vehicles (BEV), which do not deploy an ICE, may act as a restraint for the timing belt market.
“Hybrid Electric Vehicle (HEV) is estimated to be the largest market, by value, for timing belt by hybrid vehicle type from 2017 to 2025”
The HEV segment is estimated to be the largest market for timing belt, by hybrid vehicle type. The widespread adoption and higher production of HEVs, as compared to PHEVs, has led to the growth of the timing belt market in this vehicle segment.
“Tensioner Market: Largest component type market in timing belt market from 2017 to 2025”
Tensioners ensure efficient working order of a timing chain or belt. The timing chain tensioner maintains appropriate tension in the timing chain or belt. Automotive tensioners are used in timing belts as well as timing chain systems. Tensioners are costlier than other components of the timing drive system. Thus, tensioners are estimated to hold the largest share of the timing belt market, by component, in terms of value, during the forecast period.
“Asia Oceania: Largest and fastest-growing region in timing belt market from 2017 to 2025”
Asia Oceania is estimated to dominate the global timing belt market. The Asia Oceania timing belt market is projected to grow at the highest rate during the forecast period. Countries such as China, Japan, and India are the leading markets in the region in vehicle production. China alone contributed around 61.2% of the vehicle production in Asia Oceania in 2016. Thus, the increasing vehicle production in Asia Oceania acts as a major growth driver for the timing belt market.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from component suppliers to Tier-1 companies. The break-up of the primaries is as follows:
- By Company Type: Tier-1–50 %, Tier-2-33%, OEMs--17%
- By Designation: C level–17%, D Level–33%, Others–50%
- By Region: North America–49%, Europe–35%, Asia Oceania–16%
The report provides detailed profiles of the following companies:
- Continental (Germany)
- Aisin Seiki (Japan)
- Schaeffler (Germany)
- Goodyear (US)
- SKF (Sweden)
- BorgWarner (US)
- Toyoda (Japan)
- NTN (Japan)
- Hutchinson (France)
- Gates Corporation (US)
The primary objective of the study is to define, describe, and forecast the timing belt market based on ICE vehicle type (passenger vehicles and commercial vehicles), hybrid vehicle type (HEV and PHEV), Timing Drive type (Dry Belts, Chains, Belt-In-Oil), Component (Idler Pulleys, Sprockets, Timing Shield/Cover, Tensioner), and timing belt aftermarket. The report analyzes the regional markets for growth trends, prospects, and their contribution to the overall market. The report also tracks and analyzes competitive developments such as new product launches, expansions, joint ventures, acquisitions, and other industry activities carried out by key industry participants.
Reasons for buying the report:
The report shall help the stakeholders in gaining a detailed analysis of the timing belt market with respect to country-level market of belt type, and other markets at regional level, such as vehicle & hybrid vehicle type, components, and aftermarket. The study provides qualitative and quantitative analysis of each segment, which is represented in terms of volume (thousand units) and value (USD million). Stakeholders also get information on the top ten companies that have a significant impact in the market. These companies are profiled along with their financial structure, recent developments, and product portfolio.