Global Automotive Timing Belt Market Information Report Drive Type (Dry Belts, Chain, Belt in Oil), Component (Idler Pulley, Sprocket, Tensioner, Timing Shield), Vehicle Type (Passenger Vehicle and Commercial Vehicle) and by Regions – Global Forecast To 2023
Timing belt, also known as the timing chain is a component of the internal combustion engine of a vehicle. The main function of the timing belt is to synchronize the rotation of the camshafts so as to ensure the engine valves open and close at specific times. Automotive timing belt has been witnessing steady growth over a period of time. The boom in the automotive industry is expected to positively impact the automotive timing belt market. Rising popularity of motor sports resulting in increasing demand for diverse high performance vehicles is expected to fuel the demand in the automotive timing belt market. The use of fiber-reinforced materials in the timing belt has widened the scope of the overall timing belt market.
Rapidly rising rate of investment by major OEMs to intensify the strength and durability of the timing belt, is expected to positively impact the market for automotive timing belts. Technological advancements in the automotive industry has resulted in a shift in focus towards lightweight components. This has influenced timing belt manufacturers to gun for development of quicker and lighter timing belts for vehicles. Another major trend expected to propel the demand in the automotive timing belt market is the increasing rate of adoption of direct injection for automobiles.
Global Automotive Timing Belt Market:
The market for automotive timing belt systems is expected to grow with an increase in demand for automobile, majorly in the U.S. There is an immense demand of commercial vehicles in the U.S With the increase in demand of commercial vehicles there has been an increase in demand for automotive timing belt market. The growth of the North America region is also driven by the presence of major automotive system manufacturers, which are mainly focusing on key developments such as expansion, mergers & acquisition, product launch and others. Existence of major manufacturers, and availability of sophisticated technology in this region, are expected to propel the demand in the automotive timing belt market during the forecast period. Owing to all these factors, the growth of the region is expected to grow at a rapid pace.
The key players of global Automotive Timing Belt Continental (Germany), SKF (Sweden), BorgWarner (US), , and Tsubakimoto Chain (Japan), and research institutes such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (ACEA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA).
Market Research Analysis:
Established automotive industry in Europe aids the growth and development of the automotive timing belt market in this region. Rising vehicle product is a key factor driving the market in Europe coupled with extensive research and development activities being carried out to ensure high quality product being delivered to the customers.
Due to the presence of most populous countries of the world such as China and India, the dominance of APAC becomes evident in the global automotive timing belt systems market value. The market has been experiencing rapid growth in the last two years owing to the rising sales of passenger cars, emerging economies, shifting of global players, and technological advancements, are giving a much needed thrust to the automotive timing belt systems market. Rapid rise in vehicle production compliments the automotive timing belt market in this region. Another major reason behind Asia Pacific leading the global market is that the countries within this region were able to sustain its economy during the global economic crisis of 2008-09 and have been able to showcase continued growth in automobile production and sales, across the globe.
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