Expansion of Automotive Timing Chain & Belt Market Poised to Reflect a CAGR of 4.2% for 2017-2027

The global automotive timing chain and belt market was pegged at 114,517 ‘000 units in 2017 and is expected to reach 166,277 ‘000 units by the end of 2027. The market is projected to increase at a volume CAGR of 3.8%. According to a new report by Future Market Insights titled “Automotive Timing Chain & Belt Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027),” global sales of automotive timing chains and belts was valued at US$ 6,754.7 Mn in 2017 and is projected to increase at a CAGR of 4.2% over the forecast period to be valued at US$ 10,209.9 Mn by 2027. This growth is primarily driven by an increase in vehicle production across key geographies.

Urban logistic control increases the demand for automotive belts and chains, Growing lifespan of used automobiles to boost the automotive aftermarket sales of automotive timing systems, Shift of component manufacturers’ focus towards existing opportunities in Eastern Europe is driving expansion of the local production base, Research, development and innovation of automotive time/chain components is a key growth driver

Automotive Timing Chain & Belt Market Segmentation By Vehicle Type – Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Off Highway Vehicles; By Engine Type – Gasoline (Inline Engine, V-Engine), Diesel (Inline Engine, V-Engine); By Sales Channel – Original Equipment Manufacturer (OEM), AftermarketGlobal Automotive Timing Chain & Belt Market: Forecast by Sales Channel

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On the basis of sales channel, the global automotive timing chain and belt market is segmented into OEM and aftermarket. The OEM segment is anticipated to gain prominent market share during the forecast period as OEM sales are directly proportional to the production rate of vehicles globally. Moreover, the increasing production of vehicles in the emerging economies in Latin America and MEA is likely to propel the demand for automotive timing chains and belts.

APEJ is a prominent regional market and is anticipated to dominate the global demand for automotive timing chains and belts, followed by Western Europe. Noteworthy increase in sales in markets such as China, India, Mexico and Turkey among others is expected during the forecast period.

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Some of the key players operating in the global market for automotive timing chains and belts include Tsubakimato Chain Co., BG Automotive, Continental AG, BorgWarner Inc., Denso Corporation, Schaeffler Technologies AG & Co. KG, Mitsuboshi Belting Ltd., L.G. Balakrishan & Bros Ltd, Daido Kogyo Co. Ltd., SKF AB, Iwis Group, Gates Corporation, Dayco Products LLC, Qingdao Choho Industrial Co. Ltd., Rockman Industries Ltd., Sumax Industry Limited, CIC USA Corp, KCM Automobile Transmission Co. Ltd., and Mahle GmbH.

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

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This release was published on openPR.