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Objectives of the Study
To define, segment, and analyze the global timing belt market, in terms of volume (’000 units) and value (USD million), from 2017 to 2025
To analyze and forecast the volume and value of the global market, by timing drive type (dry belt, chain, and belt-in-oil) from 2017 to 2025
To analyze and forecast the global market, in terms of volume and value, by ICE vehicle type (passenger vehicles and commercial vehicles)
To analyze and forecast the aftermarket for timing belt, in terms of volume and value, by component (tensioners, idler pulleys, timing belt/chain covers, and sprockets) from 2017 to 2025
To analyze and forecast the global market, in terms of volume and value, by region (Asia Oceania, Europe, North America, and the Rest of the World) from 2017 to 2025
To analyze and forecast the aftermarket for timing belt , in terms of volume and value, by region (Asia Oceania, Europe, North America, and Rest of the World) from 2017 to 2025
To analyze and forecast the global market, in terms of volume and value, by hybrid vehicle type (Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle) from 2017 to 2025
This research study involved the extensive use of secondary sources such as European Automobile Manufacturers Association (ACEA), Organisation for Economic Co-operation and Development (OECD), and the International Organization of Motor Vehicle Manufacturers (OICA), directories, and databases to gather and classify facts and figures useful for a technical, timing belt market-oriented, and commercial study of the global market. Primary sources include experts from the core and related industries, suppliers, manufacturers, distributors, service providers, and organizations related to various segments of this industry’s value chain. The size of the global market has been estimated by using the bottom-up approach. In this approach, the country-level vehicle production of passenger cars and commercial vehicles is derived from various secondary sources and paid databases. The installation rate of timing systems in different vehicle types is used to estimate the market of timing drive systems at a country level. The average price of different timing belt systems has been analyzed for different countries, vehicle types, and drive types and is then multiplied with the country-wise volume of timing drive systems. The summation of all regional markets including Asia Oceania, Europe, North America, and RoW helps to provide the size of the global market, in terms of value (USD million).
Growth in the automotive sector in developing regions is resulting in a rise in demand for timing belts. Further, the preference for high mileage vehicles among consumers is also resulting in the rise in demand for timing belts over the years. However, the presence of substitute products such as timing chain is restraining the overall timing belt market.
Further, replacement cost complexity of timing belts is also a major factor that is restraining the timing belt market. Recent years have witnessed preference towards high mileage and vehicle performance compared to the interior and exterior styling. Mileage is an important indicator of the condition of a vehicle. Earlier, 100,000 miles covered by a vehicle was considered a long life for the vehicle. However, new technological integration has resulted in the introduction of models that can roll through 200,000 to 300,000 miles.
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Therefore, while purchasing a high mileage vehicle, proper timing belts also come into consideration. Timing belts play an important role in the proper functioning of the car engine. Most modern vehicles are equipped with timing belts, which are a critical component in vehicles. A failure of timing belts results in vehicle shut down while driving.
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Global Timing Belt Market Size, 2016-2026, (Mn Units), (US$ Mn)
Timing Belt Market
Rubber timing belt dominated the global timing belt market in the year 2018
Rubber timing belts are preferred more than other belts, owing to their high tensile strength, temperature resistance, and oil resistance. In the automotive sector, rubber timing belts are adopted more than the timing chains. Moreover, rubber as a material is considered to be affordable compared to other materials. Rubber timing belts accounted for the largest market share of 30.4% in terms of volume in the global timing belt market in 2018.
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The tensioner segment was valued at US$ 2062.4 Mn in 2018 and is expected to hold the largest market share during the forecast period.
The main function of a tensioner is to maintain the tension on the timing belt. The timing belt is made of rubber and it runs over and through a structure of gears and pulleys. Over a period of time, due to heat and age, the belt loses its elasticity and stretches out. As the belt stretches, it becomes loose and so, a tensioner is required to adjust the belt as and when needed, in order to keep it tight. There are mainly two types of belt tensioners – hydraulic tensioners and mechanical tensioners.
The Asia Pacific dominated the timing belt market in 2018, with a market share of 31.5% in terms of value.
The demand for timing belts in Asia-Pacific is derived from the rising demand for passenger vehicles. The production of passenger vehicles in this region is nearly 44 million (as per the record of OICA), which is approximately 60% of the global passenger car production. The availability of cheap labor and adoption of emerging technologies for motor vehicle production are driving the demand for timing belts in the Asia-Pacific region.
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The demand for timing belt has been supported by the OEMs in this region. According to IBEF, the Indian textile industry was valued at around US$ 108 billion in 2017 and is expected to grow at a CAGR of 20% during the forecast period. Moreover, India stands 12th in the production and 8th in the consumption of machine tools in the world. The textiles & machine tools industry is contributing towards increasing the demand for timing belts in Asia Pacific, which will fuel the growth of the Asia-Pacific timing belt market.
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Company Profiles and Competitive Intelligence of Timing Belt:
The major players in the timing belt market are Continental AG, J.K Fenner Ltd., B&B Manufacturing, SKF, Gates Corporation, ACDelco, Bando USA, Inc., NingBo Fulong Synchronous Belt Co., Ltd., Dayco IP Holdings, LLC, and AISIN SEIKI Co., Ltd. Among others.
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Contact Information:
Lacy Lee
lacy@pmarketresearch.com
00852-65629473
www.pmarketresearch.com
The post Worldwide Timing Belt Market Research Report 2021 by Type, Application, Participants and Countries, Forecast Year to 2026 appeared first on Financial Market Brief.
