The timing belt is used for synchronizing rotations of crankshaft and camshafts so that the engine valves open and close properly. It is also an important element for functioning of components such as pulleys, tensioners, timing shield and sprocket. The use of timing belts help in increasing vehicle park and average miles travelled. Moreover, increasing average miles travelled has resulted in growing demand for timing belts drastically worldwide. According to report the global timing belt market was valued at USD 5900.0 billion in 2017. The global timing belt market is projected to grow with a CAGR of 4.89% during the forecast period, 2017-2023 and reach up to USD 8211.2 billion by 2023. The timing belt market accounted for a share of 158627.6000 Units in terms of the total volume in 2017 and is expected to reach 214641.0000 Units in 2023, with a significant growth in CAGR of 5.38% over the forecast period.
The growth in this market is primarily driven by factors such as increased demand for automobiles from the emerging countries such as BRIC countries. Globally, the Timing Belt market is expected to be driven by factors such as increased preference for high mileage vehicles, and increased vehicle park. Moreover, growth in direct injection engines is likely to escalate the demand for automotive timing belts over the forecast period. However, growing shift towards battery electric vehicles is anticipated to be the primary challenge hampering the growth of this market over the forecast period. Currently, owing to high production volume of automobiles in the region, Asia-pacific dominates the world Timing Belt market in terms of dollar share, and in terms of Volume, 000’units. China and India are among the fastest growing markets in the world for automotive manufacturing and accessories manufacturing owing to low production costs.
Moreover, the global automobile industry has undergone several structural changes such as technological changes in the engines, electrification of automobiles, emission norms and regulations, safety and security changes, and connectivity among others. Moreover, overview of hybrid vehicles has led to substantial changes in the internal structure and functioning of the vehicles. This has resulted in the strategic developments in the global automotive market.
The report on global timing belt market covers segments such as component, drive type, hybrid vehicle type, and ice vehicle type. The component segments include idler pulleys, timing shield, tensioner, and sprocket. On the basis of drive type the global timing belt market is categorized into belt-in-oil, dry belts, and chains. Furthermore, on the basis of hybrid vehicle type the timing belt market is segmented as plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). On the basis of ice vehicle type the timing belt market is segmented as passenger vehicle, and commercial vehicle.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015 – 2023. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2017 - 2023.
The report provides profiles of the companies in the global timing belt market such as, Borgwarner, SKF, Toyoda, Aisin, Continental, Tsubakimoto, Schaeffler, Fenner, Goodyear, and NTN.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global timing belt market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of timing belt market.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the timing belt market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the timing belt market to understand the present and future trends in this market and formulate their strategies accordingly.
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