PUNE, India, November 27, 2017 /PRNewswire/ --
The report "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", published by MarketsandMarkets™, the market is estimated to grow to USD 9.22 Billion by 2025, at a CAGR of 5.21% during the forecast period of 2017 to 2025. Increasing vehicle production and growing adoption of direct injection engines by automotive OEMs are the key growth drivers for the timing belt OE market, whereas growing vehicle parc and average miles driven per year are expected to drive the demand for timing belts in the aftermarket.
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Passenger vehicle segment estimated to lead the Timing Belt Market by ICE Vehicle type from 2017 to 2025
The passenger vehicle segment is estimated to lead the Timing Belt Market, by ICE vehicle type. Increasing consumer disposable income and rise in vehicle ownership have led to a rise in the production of passenger cars with Internal Combustion Engine (ICE) and propelled the growth of the Timing Belt Market in this segment. According to International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger cars increased from 59.89 million units in 2011 to 72.10 million units in 2016. The passenger car production in Asia Oceania increased from 40.57 million units in 2011 to 43.85 million units in 2016. Asia Oceania contributed around 60.66% of the global passenger car production in 2016 as per OICA. China contributed 55.69% of the total passenger car production in Asia Oceania in 2016. Japan and India contributed 17.95% and 8.39% of the Asia Oceania passenger car production in 2016, respectively.
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Timing Chain market is estimated to be the fastest growing market from 2017 to 2025
Stringent emission regulations are now followed across several countries such as the US, Canada, UK, France and others. These have led to an increase in the adoption of direct injection engines. As direct injection engines deploy timing chain drive, their increasing adoption would drive the growth of chains over dry belts and belt-in-oil timing drives. Also, premium brands such as BMW are preferring timing chain systems in most of their vehicle models. Hence, the timing chain market is estimated to be the fastest growing market in timing drive systems during the forecast period.
Asia Oceania: Largest and fastest growing market for timing belt from 2017 to 2025
The Asia Oceania region is estimated to dominate the global Timing Belt Market during the forecast period. Countries such as China, Japan, and India are the major countries in the region in terms of vehicle production. As per International Organization of Motor Vehicle Manufacturers (OICA), China alone contributed 29.61% of the global vehicle production in 2016, whereas Japan and India contributed 9.69% and 4.73%, respectively. Asia Oceania accounts for 54.56% of the global vehicle production and its contribution is projected to increase in the next few years. Thus, Asia Oceania is estimated to be the largest and fastest growing market for timing belt. In addition, timing belts are cheaper than timing chains and therefore preferred by OEMs for economy models. These factors have helped Asia Oceania to lead the Timing Belt Market.
The Timing Belt Market is dominated by a few global players. Some of the key players in the Timing Belt Market are Continental (Germany), SKF (Sweden), BorgWarner (US), Tsubakimoto Chain (Japan), and others.
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