Automotive Timing Chain And Belt Market to Grow at a CAGR of 4.5% through 2027
The global automotive timing chain and belt market was pegged at 114,517 ‘000 units in 2022 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 (2022–2027),” global sales of automotive timing chains and belts was valued at US$ 6,754.7 Mn in 2022 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
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.
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.
Market Segmentation
Vehicle Type
·
Passenger Car
·
Light Commercial Vehicles
·
Heavy Commercial Vehicles
·
Off Highway Vehicles
Product Type
·
Chain
·
Roller Chain
·
Non-roller Chain
·
Belt
·
Dry Belt
·
Belt In Oil
Engine Type
·
Gasoline
·
Inline Engine
·
V-Engine
·
Diesel
·
Inline Engine
·
V-Engine
Sales Channel
·
Original Equipment Manufacturer (OEM)
·
Aftermarket
Region
·
North America
·
Latin America
·
Eastern Europe
·
Western Europe
·
Asia Pacific Excluding Japan (APEJ)
·
Japan
·
Middle East and Africa (MEA)
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.
For more information:
https://www.futuremarketinsights.com/reports/automotive-timing-chain-belt-market
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