Global Automotive Timing Belt Market Expected To Grow At A CAGR of 5.9% During The Forecast Period
The latest market report published by Brisk Insights, “Automotive Timing Belt Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the automotive timing belt market was valued at US$ 6.78 Bn in 2018 and expected to grow at a CAGR of 5.9% during the forecast period from 2019 to 2027.
"Growing adoption direct injection engines will drive the demand for Automotive Timing Belt Market"
The rise in the adoption of direct injection engines along with growing vehicles-in-use across the world are anticipated to drive the global market throughout the forecast period from 2019-2027. The advancement in materials and surge in the aftermarket for automotive timing belts is another major factor projected to drive the global market in years to come. In 2018, Asia Pacific dominated the global market and estimated to continue its dominance over the forecast period.
The growing demand for commercial vehicles along with increased technological advancements are some other major factors for market growth in years to come. As per OICA, over 95.5 Mn vehicles were manufactured in 2018, thereby forming a massive consumer base for the global market. The rise in investments on research & development coupled with the launch of new & innovative solutions for sales are projected to drive the global market over the forecast period. For instance, in July 2019, STEIGENTECH (Michelin Licensee) introduced the online tool “steigentech-manuals.com” to accompany its range of timing belts. With the launch of an e-commerce website, the company is projected to increase its aftermarket customer base. However, lack of predictive maintenance along with large unorganized players are projected to hinder the market growth throughout the forecast period.
The global automotive timing belt market is highly fragmented due to the presence of a large number of regional as well as domestic players. Mergers & acquisitions, strategic partnerships along with product launches for regional markets to be the major strategies by the market players in years to come.
• In October 2018, STEIGENTECH (licensed from Michelin) introduced a completely new range of Michelin timing belts. The new range of timing belts are for both synchronous & auxiliary drives and are designed for replacement in most cars.
Key Market Movements:
• Worldwide, the automotive timing belt market is increasing at a CAGR of 5.9% in revenue terms for the anticipated period from 2019 to 2027
• In 2018, Asia Pacific accounted for major share in the global market owing to the increased vehicle production in the region. The growing automotive industry in the emerging economies of Asia Pacific such as India and China is estimated to enhance regional growth.
• Europe had a significant share in the global market in 2018 owing to the presence of major automotive production companies in the region. The Europe automotive timing belt market is projected to grow substantially owing to the increasing adoption of direct injection engines over the forecast period.
• Based on end-user, the OEMs (Original Equipment Manufacturer) segment had the highest share in the global market in 2018 owing to the timing belt as an integral part of vehicles. On the contrary, the aftermarket segment is projected to grow at a rapid pace due to the growing demand for timing belt kits across the globe.
• Acquisitions and geographical expansion are projected to be the major key strategies by market players
List of Companies Covered:
• BorgWarner Inc.
• Continental AG
• Schaeffler Technologies AG & Co. KG
• AB SKF
• NTN CorporationAisin Seiki Co., Ltd.
• Tsubakimoto Chain Co.
• The Goodyear Tire & Rubber Company
• B&B Manufacturing, Inc.
• General Motors Company
Browse the full report at https://www.briskinsights.com/report/automotive-timing-belt-market
The Global Automotive Timing Belt Market is Segmented into:
By Drive Type (2017–2027; US$ Bn)
By Component (2017–2027; US$ Bn)
By End-use (2017–2027; US$ Bn)
By ICE Vehicle Type (2017–2027; US$ Bn)
By Hybrid Vehicle Type (2017–2027; US$ Bn)
By Geography (2017–2027; US$ Bn)
*Complete segmentation list is on report page