Timing chain or belt is the part of internal combustion engine that causes the rotation of camshaft and crankshaft so that valves of the engine would open and close at proper time during each cylinder’s inlet and exhaust strokes. Most of the modern IC engines utilizes timing chain or belt for synchronization of camshaft and crankshaft.
According to a study report generated by Future Market Insights, the global automotive timing chain or belt market is likely to reach valuation of US$ 10.20 Bn by the end of 2027, up from US$ 6.75 Bn in the year 2017, witnessing expansion at moderate single-digit CAGE over the forecast period (2017-2027). The market was pegged at 114.517 Mn units in the year 2017 and is projected to reach 166.277 Mn by the end of forecast period, registering volume CAGR of 3.8% throughout the forecast period.
What are the factors influencing the growth of the market?
Shift of component producers’ concentration towards current opportunities in Eastern Europe is fueling growth of local manufacturing base. Increasing lifespan of used automobiles to boost automotive aftermarket sales of automotive timing system. Further, research & development activities and innovations in automotive timing chain and belt components are key drivers for the growth of the automotive timing chain and belt market.
Which product will remain dominant in foreseeable future?
The global automotive timing chain and belt market on the basis of product type has been segmented into non-roller chain, chain, roller chain, belt, belt in oil and dry belt. The belt followed by chain segment is likely to remain most lucrative and is likely to retain its dominance in the global market for automotive timing chain and belt over the forecast period. The growth of these components is primarily owing to the fact that these product deliver efficient operations and longer life in real-time working conditions in all types of vehicles.
The passenger car segment, by vehicle type is expected to emerge as opportunistic segment owing to the increasing customer preference for improved and more efficient timing belts and chains. On the other hand, the gasoline engine, by engine type is anticipated to remain lucrative in the global market for automotive timing chain and belt, in terms of volume during the assessment period. The segment is slated to expand at 3.7% volume CAGR throughout the assessment period.
As OEM sales are directly proportional to manufacturing rate of vehicles, the OEM segment, by sales channel type is expected to gain significant market share over the forecast period.
What is the performance of automotive timing chain and belts in various regions?
The APEJ is known as one of the leading regional market and is expected to retain its dominance in the global market for automotive timing chain and belt over the forecast period. The APEJ region is likely to be followed by Western Europe. During the forecast period, considerable growth in the sales of automotive timing chain and belts is expected in several economies such as India, China, Turkey and Mexico. Additionally, rising manufacturing of vehicles in developing regions such as MEA and Latin America is projected to fuel demand for automotive timing chains and belts.
What are the leading players operating in the global automotive timing chain and belts market?
The report comprises of several leading players operating in the global market such as Mahle GmbH, Tsubakimato Chain Co., Continental AG, KCM Automobile Transmission Co. Ltd., BorgWarner Inc., Schaeffler Technologies AG & Co. KG, Rockman Industries Ltd., Mitsuboshi Belting Ltd., Daido Kogyo Co. Ltd., Dayco Products LLC, SKF AB, Gates Corporation, Iwis Group, L.G. Balakrishan & Bros Ltd, Qingdao Choho Industrial Co. Ltd., Sumax Industry Limited, Denso Corporation, CIC USA Corp, and BG Automotive.
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