Timing Belt Market worth 9.22 Bn USD by 2025

Monday 4 December 2017, Amsterdam

 The report is now available on ASDreports,"Timing Belt Market by Drive Type (Dry Belts, Chain, Belt in Oil), Component (Idler Pulley, Sprocket, Tensioner, Timing Shield/Cover), Ice & Hybrid (Passenger Car, Commercial Vehicle, HEV, PHEV), Aftermarket, and Region - Global Forecast to 2025", The timing belt market is estimated to grow to USD 9.22 Billion by 2025, at a CAGR of 5.21% during the forecast period of 2017 to 2025. Increasing vehicle production and growing adoption of direct injection engines by automotive OEMs are the key growth drivers for the timing belt OE market, whereas growing vehicle parc and average miles driven per year are expected to drive the demand for timing belts in the aftermarket.

Passenger vehicle segment estimated to lead the timing belt market by ICE Vehicle type from 2017 to 2025
The passenger vehicle segment is estimated to lead the timing belt market, by ICE vehicle type. Increasing consumer disposable income and rise in vehicle ownership have led to a rise in the production of passenger cars with Internal Combustion Engine (ICE) and propelled the growth of the timing belt market in this segment. According to International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger cars increased from 59.89 million units in 2011 to 72.10 million units in 2016. The passenger car production in Asia Oceania increased from 40.57 million units in 2011 to 43.85 million units in 2016. Asia Oceania contributed around 60.66% of the global passenger car production in 2016 as per OICA. China contributed 55.69% of the total passenger car production in Asia Oceania in 2016. Japan and India contributed 17.95% and 8.39% of the Asia Oceania passenger car production in 2016, respectively.

Timing Chain market is estimated to be the fastest growing market from 2017 to 2025
Stringent emission regulations are now followed across several countries such as the US, Canada, UK, France and others. These have led to an increase in the adoption of direct injection engines. As direct injection engines  deploy timing chain drive, their increasing adoption would drive the growth of chains over dry belts and belt-in-oil timing drives. Also, premium brands such as BMW are preferring timing chain systems in most of their vehicle models. Hence, the timing chain market is estimated to be the fastest growing market in timing drive systems during the forecast period.