VALLEY COTTAGE, New York, February 12, 2018 /PRNewswire/ --
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.
Global Automotive Timing Chain & Belt Market: Dynamics
- 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
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Global Automotive Timing Chain & Belt Market: Forecast by Product Type
On the basis of product type, the global automotive timing chain and belt market is segmented into chain, roller chain, non-roller chain, belt, dry belt, and belt in oil. Belt, followed by the chain segment, remains lucrative and will dominate market demand over the forecast period, primarily due to the fact that these products offer longer life and efficient operations in real-time working conditions in all vehicle types.
Global Automotive Timing Chain & Belt Market: Forecast by Vehicle Type
On the basis of vehicle type, the global automotive timing chain and belt market is segmented into passenger car, LCV, HCV, and off highway vehicle. The passenger car segment is anticipated to emerge as an opportunistic segment due to the growing consumer preference for advanced and more efficient timing chains and belts.
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Global Automotive Timing Chain & Belt Market: Forecast by Engine Type
On the basis of engine type, the global automotive timing chain and belt market is segmented into gasoline and diesel. By engine type, in terms of volume, gasoline engine is expected to remain the most attractive segment in the global automotive timing chain and belt market over the forecast period, growing at a volume CAGR of 3.7%.
Global Automotive Timing Chain & Belt Market: Forecast by Sales Channel
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.
Global Automotive Timing Chain & Belt Market: Forecast by Region
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.
View Report Preview at 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), Aftermarket: https://www.futuremarketinsights.com/reports/automotive-timing-chain-belt-market
Global Automotive Timing Chain & Belt Market: Key Players
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.
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SOURCE Future Market Insights