Vehicle Timing Belt Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast - 2022 to 2028

The global vehicle timing belt market is anticipated to grow at a CAGR of 3.5% during the forecast period (2022-2028). In a piston engine, either a timing belt or timing chain or set of timing gears is used to synchronize the rotation of the crankshaft and the camshaft. This synchronization makes sure that the valves of the engine open and close at the correct times in relation to the position of the pistons. The market growth is majorly attributable to the growing use of fiber-reinforced materials in timing belts, and increased preference of customers towards longevity of their vehicles. Fiber-reinforced material increases the lifespan of a timing belt, and thus, the increased use of such materials is likely to fuel the global vehicle timing belt market during the forecast period. Fiber-reinforced materials that include glass-fiber have greater weight resistance properties, strength-to-weight ratio, and corrosion resistance, which increase the lifespan of the material.

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Such key advantages, in turn, are anticipated to increase the use of such vehicle timing belts, thereby propelling the growth of the global vehicle timing belt market. Another key factor such as the growth in the number of automobile cars globally in recent years has also contributed to the market growth. For instance, as per the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle sales including the passenger cars and light commercial vehicles, had increased to 92,654,055 units in 2018 from 91,458,490 units in 2016.

Market Coverage

The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered- 
By Type
By Application
Regions covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape: B&B Manufacturing, Continental AG, and Carlstar Group, among others.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How are players addressing challenges to sustain growth?
Where is the investment opportunity?

 

Global Vehicle Timing Belt Market Report by Segment

By Type

Belt-in-Oil
Chains
Dry Belts

By Application

Passenger Vehicle
Commercial Vehicle

 

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This release was published on openPR.