Automotive Timing Belt Market Worldwide & Regional Industry Size, Trends, Analysis, Statistics & Forecast 2030
Market Summary -
The Developments in the functioning of internal combustion
engines of a vehicle are leading to improved demand Globally for Timing
Belt Systems. Reports that investigate the automobile industry have
been presented by Market Research Future, which produces reports on industry
verticals that appraise the market expansion and prospects. The market is
expected to flourish with a rising CAGR in the forecast period.
automotive timings belt market size was valued at a
market value worth USD 5.90 billion. During the ongoing forecast period of 2021-2028,
the global automotive timing belt market is expected to rise at a CAGR of
5.21%.
The intensifying liking for motorsports is causing a rise in
demand for diverse high-performance vehicles which is benefitting the
automotive timing belt systems market. Also, the usage of fiber-reinforced
materials in the timing belt is further creating new applications for
automotive timing belt systems. Moreover, the implementation of direct
injection for automobiles is expected to bolster the automotive timing belt
systems market in the upcoming period.
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Competitive Analysis
The intensification of investors in the market has played a
pivotal role in the progress of the market. The reduction in the barrier to
trade is expected to offer new areas for growth in the upcoming years. The
market has developed at an incremental pace in the past few years, which is
highlighted by the achievements in terms of valuation. The development of the
resources needed to sustain against competition has improved greatly leading to
an unprecedented growth rate. Governments around the world have also played a
substantial role in the growth of the market in recent years. Also, the
competition is observed in the market is not detrimental to the individual
player’s development in the market. The monetary inflows in the market are
being directed towards increasing the innovations in the core product offering
offered in the market so that the growth doesn’t stagnate in the forthcoming
period.
Key Players -
The vital companies in the automotive timing belt market
are SKF (Sweden), BorgWarner (US), Tsubakimoto Chain (Japan), Continental
(Germany), European Automobile Manufacturers Association (ACEA), Japan
Automobile Manufacturers Association (JAMA), Canadian Automobile Association
(CAA), and Korea Automobile Manufacturers Association (KAMA) to name a few.
Segmental Analysis
The segmentation of the automotive timing belt systems
market is carried out on the basis of drive type, component, vehicle type, and
regions. On the basis of drive type, the automotive timing belt systems market
is segmented into the chain, dry belts, and belts in oil. Based on the
components, the automotive timing belt systems market is segmented into
sprocket, tensioner, idler, pulley, and timing shield. Based on the vehicle
type, the automotive timing belt systems market is segmented into a commercial
vehicles and a passenger vehicles. Based on the regions, the automotive timing
belt systems market consists of North America, the Middle East, Africa, Europe,
and the Asia Pacific.
Detailed Regional Analysis
The automotive timing belt systems market is anticipated to
develop with an upsurge in demand for automobiles, primarily in the U.S. There
is an enormous demand for commercial vehicles in the U.S with the surge in
demand for commercial vehicles there has been an intensification in demand for
automotive timing belt market. The progress of the North American region is
also motivated by the incidence of chief automotive system producers, which are
principally concentrating on important developments among others. The presence
of major producers and accessibility of complex technology in this region is
projected to push the demand in the automotive timing belt market throughout
the forecast period. Due to all these factors, the development of the region is
projected to flourish at a speedy pace.
The automotive sector in the European region is aiding the
advance and expansion of the market for the automotive timing belts in this
region. The intensifying vehicle product is an important factor motivating the
market in the European region coupled with widespread research and expansion
activities being carried out to guarantee high-quality products being delivered
to the customers.
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