Timing Belt Market Growth by 2024: Revenue, Gross Margin and Market Shares, Demands, Types, Industry Demands

The report defines the global timing belt market as a part of an internal combustion engine that synchronizes the rotation of the crankshaft and the camshaft. Timing belt enables opening and closing of engine valves during the exhaust and intake strokes of the cylinder. This is also known as a timing chain or cambelt. It uses materials such as polymers, rubbers and metal chains. It also offers the better function of the engine and increased vehicle parc. There are several advantages associated with using timing belts such as the minimized breakdown of camshafts and crankshafts.

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The growing number of automobiles manufactured and vehicle parc worldwide drives the growth of timing belt market. In 2016, among the 96 million vehicles manufactured, 77 million were cars. The timing belt is used in almost all vehicles manufactured these days, owing to the smooth functioning of these belts and improved engine performance. Growing demand for automobiles worldwide over the next few years is expected to drive the demand for timing belts in the years to come.

Market Segmentation by Component

Global timing belt market by Component is segregated into Idler Pulleys, Timing Shield, Tensioner, and Sprocket. Among these components, the sprocket component held the maximum market share in the timing belt market in 2017. Idler pulleys are engine pulleys that are responsible for guiding the tension in the engine drive belts. Most of the vehicles today use idler pulley to assist in belt directing. Idler pulleys are used in car engines for positive clutching action of the vehicle.

Regional Analysis

Among the regions covered in the global timing belt market, Asia Pacific is the largest and the fastest growing region followed by. Asia-pacific is the largest manufacturer and consumer of the automobiles. The growing consumer base, technological advancements in the automotive sector, and low-cost manufacturing of automobiles are the factors that contribute to the growth of timing belt market.  Increasing production of automobiles in the European region has led to an increasing demand for the automotive timing belts.

Major Market Key Players

The report provides profiles of the companies in the global timing belt market such as NTN, Goodyear, Fenner, Schaeffler, Tsubakimoto, Continental, Aisin, Toyoda, SKF and BorgWarner. This is a highly fragmented with the presence of several large and small companies operating the world market. The competition in the industry has been primarily based on the quality, durability, and pricing of the timing belts. Moreover, the brand names of companies such as SKF, Borgwarner, Aisin, and continental among others have created more impact on the consumers.

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