The 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.
Northbrook, IL -- (SBWIRE) -- 12/12/2018 -- The 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. With global increase in vehicle production, especially in the passenger car segment, the demand for timing belts has grown globally. Also, owing to multiple benefits offered by timing chains as compared with belt system, several OEMs have started replacing belts with chains in many of their passenger car models. Stringent emission regulations and fuel efficiency norms have been introduced in many countries such as the US, Japan, and European countries. To meet the reduced emissions targets and increased fuel efficiency limits, OEMs are shifting their focus toward direct injection engines, particularly gasoline direct injection engines. According to International Council on Clean Transportation (ICCT), the direct injection engines can improve a vehicle's fuel efficiency up to 3%. Owing to their compact size, most of the direct injection engines use a timing chain system in passenger cars. Direct injection system is mostly preferred in diesel engines. With the introduction of Euro 6 regulations, the demand for gasoline direct engines is projected to grow in the next five years. Thus, the increase in market demand for direct injection engines is projected to fuel the timing chain system market, primarily for passenger cars.
Download Detail PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=135305591
Asia Oceania is estimated to be the largest market for timing belt during the forecast period. The market growth in the region can be attributed to factors such as availability of cheap labor and favorable FDI policies. Almost all key OEMs have set up their plants in this region. In addition to OEMs, Tier-I & II suppliers have also invested in this region for better sourcing. Countries such as China, Japan, and India are the leaders in global vehicle production. According to the International Organization of Motor Vehicle Manufacturers (OICA), China alone contributed 29.61% of the global vehicle production in 2016. Japan and India contributed 9.69% and 4.73% of the global vehicle production, respectively in 2016. The passenger car segment, which dominated the overall vehicle production, is the largest market for automotive timing belt system. The vehicle production in these countries is projected to grow further in the future. Hence, the Asia Oceania region is projected to be the revenue pocket for the timing belt suppliers.
The Hybrid Electric Vehicle (HEV) segment is estimated to dominate the timing belt market during the forecast period. The widespread adoption of HEVs is higher as compared to Plug-in Hybrid Electric Vehicle (PHEV). Thus, the usage of timing belts and chains is larger in the HEV segment as compared to PHEV. The demand for hybrid vehicles is projected to grow in the near future. EV production is being preferred by OEMs in order to meet the emission limit set by governing bodies. Also, with the new emission regulation limits, OEMs have to achieve fleet level targets. The sales of hybrid vehicles can help OEMs to achieve these targets. Several automotive OEMs in Europe and North America are pushing the sales of electric vehicles to meet the emission regulation limits. The rising sales of HEVs and PHEVs would positively impact the growth of the timing belt market. Hence, the hybrid vehicle segment can be another revenue pocket for the timing belt manufacturers.
Get Detail Insight @ https://www.marketsandmarkets.com/Market-Reports/timing-belt-market-135305591.html
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441