Increased Vehicle Parc & Average Miles Traveled drives Timing Belt Market


Posted March 26, 2019 by rechaldey

The timing belt market is estimated to be USD 5.90 Billion in 2016 and is projected to grow at a CAGR of 5.21% from 2017 to 2025

 
The timing belt market is estimated to be USD 5.90 Billion in 2016 and is projected to grow at a CAGR of 5.21% from 2017 to 2025. Increase in vehicle production and rising adoption of direct injection is driving the growth of the timing belt market. In this study, 2016 has been considered the base year, and 2017 to 2025 the forecast period, for estimating the size of the timing belt market.

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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, market-oriented, and commercial study of the automotive timing belt 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 timing belt 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.

Browse and in-depth TOC on “Timing Belt Market”
78 - Tables
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Timing Belt Market Target Audience
• Automotive organizations/associations
• Automotive Original Equipment Manufacturers (OEMs)
• Raw material suppliers for timing belt kits
• Tensioner pulley and idler pulley manufacturers
• Timing belt and timing chain manufacturers
• Timing belt kit distributors
• Aftermarket suppliers of timing drive kit (OES & independent aftermarket suppliers)

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The timing belt market is projected to grow at a CAGR of 5.21% during the forecast period, to reach a market size of USD 9.22 Billion by 2025 from USD 6.14 Billion in 2017. The timing belt OE market is driven by the increasing adoption of direct injection engines and rising vehicle production globally. The growing vehicle parc as well as the increase in average miles driven per year are identified as the key factors influencing the timing belt aftermarket.

The passenger car segment is estimated to be the largest market, by volume as well as value, for the timing belt OE market, by ICE vehicle type. According to OICA publication, the passenger car production has increased from 59.89 million units in 2011 to 72.10 million units in 2016. This trend is projected to continue for the next five to seven years, owing to reasons such as rising consumer disposable income and vehicle ownership. Alternatively, the Hybrid Electric Vehicle (HEV) segment is expected to dominate the timing belt market, by hybrid vehicle type. The higher production and adoption of HEVs, as compared to PHEVs (Plug-in Hybrid Electric Vehicle), is leading to the growth of timing belt systems in HEV segment.

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The timing belt market is dominated by key players such as Continental (Germany), iwis motorsysteme (Germany), SKF (Sweden), BorgWarner (US), Tsubakimoto Chain (Japan), and others.
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Categories Automotive , Reports , Research
Tags timing belt market
Last Updated March 26, 2019