Global Timing Belt Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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“Global Timing Belt Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global timing belt market report has been segmented on the basis of drive type, vehicle type, and region.
Global Timing Belt Market: Overview
A timing belt synchronizes the rotation of the crankshaft and the camshaft as it is a part of an internal combustion engine. This synchronization opens and closes the engine's valves at a proper time in each cylinder's intake and exhaust strokes.
Global Timing Belt Market: Dynamics
Rapid growth in production activates of direct injection engines is a major factor expected to propel demand for timing chains in the automotive sector and is expected to drive growth of the global market. This demand is primarily attributed to various features offered by timing belts which includes synchronous positive-fit power transmission in engines, and ability to drive injection pumps, camshafts, balancer shafts, and other ancillary components.
Increasing vehicle in operation rates and increasing average miles traveled by individuals are other factors expected to boost growth of the target market over the forecast period. Aforementioned factors are primarily attributed to timing belts control in providing precise combustion process which in turn delivery’s high performance of the engine.
However, increasing penetration of Battery Electric Vehicles (BEVs) in developing and developed countries, owing to environmental emission concerns is a major factor expected to hamper the target market growth to a certain extent.
In addition, high predictive maintenance cost and lack of predictive maintenance technologies which can cause expensive damage to engine components are among some of the major challenging factors expected to restraint growth of the potential market in the near future.
Global Timing Belt Market: Opportunities and Trend
Emergence of technologies such as data mining and artificial intelligence in timing belt systems is a factor expected to create significant revenue growth opportunities for players in the global market in the coming 10 years.
Key trend observed in the global market is changing preference towards belt-in-oil timing system from dry belt. This shift in preference trend is among some of the major factors expected to support the target market growth during the forecast period.
Global Timing Belt Market: Segment Insights
Among the vehicle type segments, the passenger vehicle segment is expected to register highest revenue share. This segment growth if primarily attributed to rising disposable income of consumer and increasing vehicle ownership in various regions across the globe.
Global Timing Belt Market: Regional Insights
The market in Asia Pacific is expected to dominate in the global market in terms of revenue and is expected to register highest CAGR over the forecast period. According to OICA, the Asia Oceania region counties such as India, Japan, and China holds highest production of passenger cars of 44,964,533 in 2017 which was incline of 2.5% by production rate than the previous year 2016. This is primarily attributed to availability of cheap labor and high manufacturing facilities for high vehicle production in the Asia Pacific region.
The market in Europe is expected to account for lucrative revenue growth in the global market during the forecast period, followed by market in the Middle East & Africa region.
Global Timing Belt Market Segmentation:
Segmentation by Drive Type:
- Dry belts
Segmentation by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- SKF AB
- ContiTech AG
- Schaeffler AG
- NTN USA
- Aisin Seiki Co., Ltd
- BorgWarner, Inc.
- K. Fenner (India)
- Toyota Motor Corporation
- Tsubakimoto Chain Co
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