Timing Belt Market to hit CAGR at 5.21% and Reaching $ 9.22 Bn by 2025

Timing belt market is estimated to grow at a CAGR of 5.21% during the forecast period, to reach a market size of USD 9.22 billion by 2025.

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The key players in the Timing Belt Market include – Continental(Germany), Aisin Seiki (Japan), Schaeffler (Germany), Goodyear (US), SKF (Sweden), BorgWarner (US), Toyoda (Japan), NTN (Japan), Hutchinson (France), Gates Corporation(US).

The key factors driving the growth of the timing belt market are the rising adoption of direct injection engines and growing vehicle production globally. The rising vehicle parc and increased average miles per vehicle drive the growth of the timing belt after market. The rising demand for Battery Electric Vehicles (BEV), which do not deploy an ICE, may act as a restraint for the timing belt market.

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AsiaOceania is estimated to dominate the global timing belt market. The Asia Oceania timing belt market is projected to grow at the highest rate during the forecast period. Countries such as China, Japan, and India are the leading markets in the region in vehicle production. China alone contributed around 61.2% of the vehicle production in Asia Oceania in 2016. Thus, the increasing vehicle production in Asia Oceania acts as a major growth driver for the timing belt market.

The HEV segment is estimated to be the largest market for timing belt, by hybrid vehicle type. The widespread adoption and higher production of HEVs,as compared to PHEVs, has led to the growth of the timing belt market in this vehicle segment.

Tensioners ensure efficient working order of a timing chain or belt. The timing chain tensioner maintains appropriate tension in the timing chain or belt. Automotive tensioners are used in timing belts as well as timing chain systems. Tensioners are costlier than other components of the timing drive system. Thus, tensioners are estimated to hold the largest share of the timing belt market, by component, in terms of value, during the forecast period.

Inquire For Complete Report Copy of Timing Belt Market by Drive Type (Dry Belts, Chain, Belt in Oil), Component (Idler Pulley, Sprocket, Tensioner, Timing Shield/Cover), ICE & Hybrid (Passenger Car, Commercial Vehicle, HEV, PHEV), Aftermarket, and Region - Global Forecast to 2025 http://www.rnrmarketresearch.com/contacts/inquire-before-buying?rname=1255001

Target Audience:
• Automotive organizations/associations
• Automotive Original Equipment Manufacturers (OEMs)
• Raw material suppliers for timing belt kits
• Tensioner pulley and idler pulley manufacturers
• Timing belt and timing chain manufacturers
• Timing belt kit distributors
• Aftermarket suppliers of timing drive kit (OES & independent aftermarket suppliers)

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The primary objective of the study is to define, describe, and forecast the timing belt market based on ICE vehicle type(passenger vehicles and commercial vehicles),hybrid vehicle type (HEV and PHEV), Timing Drive type (Dry Belts, Chains, Belt-In-Oil),Component(Idler Pulleys, Sprockets, Timing Shield/Cover, Tensioner), and timing belt aftermarket. The report analyzes the regional markets for growth trends, prospects, and their contribution to the overall market. The report also tracks and analyzes competitive developments such as new product launches, expansions, joint ventures, acquisitions, and other industry activities carried out by key industry participants.

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