Dublin, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The "Automotive Timing Belt Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
The global automotive timing belt market is increasing significantly, anticipated to grow at a CAGR of 5.9% during the estimated period from 2022 to 2030, starting from US$ 7.58 Bn in 2020.
The global automotive timing belt market is majorly driven by the increasing manufacturers focus on improved fuel economy and engine efficiency across the globe. The increased use of thermally-stable materials for the manufacturing of timing belts coupled with increased aftermarket are some major factors driving the market growth over the forecast period.
The growing vehicle-in-operation and increased average miles traveled are some key factors expected to enhance the market growth over the forecast period. As per the U.S. Department of Transportation Federal Highway Administration report published in 2020, the average miles driven were 13,476 miles per year, which is most in history.
The integration of AI (Artificial Intelligence) and data mining in the timing belt systems are prominent factors projected to further drive the market growth over the forecast period. The increased emission guidelines across the globe is one of the key factors estimated to propel the market growth in years to come.
The introduction of new products by major players coupled with growing research development activities are expected to drive the market demand during the forecast period. For instance, in June 2021, NTN Corporation introduced a new range of timing chain kits. NTN Corporation expanded its automotive products range with the launch of 22 timing chain kits.
The newly launched timing chain kits range is majorly for Asian as well as European vehicles. With the launch, NTN Corporation is projected to enhance its market share in Europe and Asia Pacific region. However, increased demand for battery electric vehicles (BEVs) and the presence of a large number of unorganized aftermarket players worldwide are anticipated to hinder market growth during the forecast period.
ICE Vehicle Type Analysis
The passenger car segment had a major share in the global automotive timing belt market in 2021. The segment had more than 65% of the market revenue share in the same year. The segment had a major share due to the growing demand for passenger cars across the globe. According to OICA, in 2020, more than 68 Mn passenger vehicles had been sold worldwide.
Surge in sales for commercial vehicles worldwide to spur the segment growth
The commercial vehicle segment is projected to expand at a rapid pace in the global automotive timing belt market over the forecast period. Growing sales of commercial vehicles across the globe is the key factor for segment growth. According to OICA, in 2020, 26,365,470 vehicles had been sold or newly registered as compared to 24, 965,772 in 2019, which is around 5.6% year-on-year growth. The surge in commercial vehicles use for mining, transportation, and other industries is the major growth factor for the segment.
Regional Analysis
The growing demand for automotive vehicles to enhance Asia Pacific growth
In 2021, Asia Pacific dominated the global automotive timing belt market. Asia Pacific accounted for more than 40% of the global market revenue share in the same year. Asia Pacific had a major share due to the growing demand for automotive vehicles coupled with the increasing aftermarket for automobiles in the region. The surge in emission rules in the region is another major factor for regional growth over the forecast period. In 2020, more than 45 Mn vehicles had been sold and registered in Asia Pacific. China was the largest contributor in the global automotive vehicle market with more than 26% market share.
The rising automotive vehicles market to enhance RoW growth
The RoW region is projected to expand with a CAGR of more than 6.5% over the forecast period due to rising automotive vehicles market and expansion by major players in the region. For instance, in June 2021, Aisin Seiki Co., Ltd., established a new aftermarket company in Panama with a joint venture with Leon Import, S.A and named the new company Aisin Sales Latin America, S.A. (ASLA). With the joint venture and launch of new company Aisin Seiki Co., Ltd. is projected to enhance its sales in South and Central American and Caribbean markets.
Key Industry Developments:
- In May 2020, Michelin acquired Fenner PLC. With the acquisition of Fenner PLC, Michelin is projected to enhance its product portfolio and will provide innovative solutions to its customers.
- In September 2021, Aisin Seiki Co., Ltd. new production base in the U.S. in the city of Texas. In the new production unit, Aisin Seiki Co, Ltd. will manufacture automatic transmissions. With the introduction of the new plant, Aisin Seiki Co., Ltd. is projected to enhance its production capacity.
List of Companies Covered:
- BorgWarner Inc.
- Continental AG
- Schaeffler Technologies AG Co. KG
- AB SKF
- NTN Corporation
- Aisin Seiki Co., Ltd.
- Tsubakimoto Chain Co.
- Michelin
- The Goodyear Tire Rubber Company
- B B Manufacturing, Inc.
- General Motors Company
Historical Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Automotive Timing Belt market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Automotive Timing Belt market?
- Which is the largest regional market for Automotive Timing Belt market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East Africa?
- Which are the key trends driving Automotive Timing Belt market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive Timing Belt market worldwide?
Key Topics Covered:
1. Preface
2. Executive Summary
3. Automotive Timing Belt Market: Competitive Analysis
3.1. Market Positioning of Key Automotive Timing Belt Market Vendors
3.2. Strategies Adopted by Automotive Timing Belt Market Vendors
3.3. Key Industry Strategies
3.4. Tier Analysis 2021 Versus 2030
4. Automotive Timing Belt Market: Macro Analysis & Market Dynamics
4.1. Introduction
4.2. Global Automotive Timing Belt Market Value, 2020 - 2030, (US$ Million)
4.3. Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Key Challenges
4.3.4. Key Opportunities
4.4. Impact Analysis of Drivers and Restraints
4.5. See-Saw Analysis
5. Automotive Timing Belt Market: By Drive Type , 2020-2030, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2021 Versus 2030
5.3. Market Segmentation
5.3.1. Dry Belts
5.3.2. Chain
5.3.3. Belt-in-Oil
6. Automotive Timing Belt Market: By Component , 2020-2030, USD (Million)
6.1. Market Overview
6.2. Growth & Revenue Analysis: 2021 Versus 2030
6.3. Market Segmentation
6.3.1. Tensioner
6.3.2. Idler Pulley
6.3.3. Timing Shield/Cover
6.3.4. Sprocket
7. Automotive Timing Belt Market: By End-use , 2020-2030, USD (Million)
7.1. Market Overview
7.2. Growth & Revenue Analysis: 2021 Versus 2030
7.3. Market Segmentation
7.3.1. OEMs (Original Equipment Manufacturer)
7.3.2. Aftermarket
8. Automotive Timing Belt Market: By ICE Vehicle Type , 2020-2030, USD (Million)
8.1. Market Overview
8.2. Growth & Revenue Analysis: 2021 Versus 2030
8.3. Market Segmentation
8.3.1. Passenger Cars
8.3.2. Commercial Vehicles
9. Automotive Timing Belt Market: By Hybrid Vehicle Type , 2020-2030, USD (Million)
9.1. Market Overview
9.2. Growth & Revenue Analysis: 2021 Versus 2030
9.3. Market Segmentation
9.3.1. Hybrid Electric Vehicle (HEV)
9.3.2. Plug-In Hybrid Electric Vehicle (PHEV)
10. North America Automotive Timing Belt Market, 2020-2030, USD (Million)
11. UK and European Union Automotive Timing Belt Market, 2020-2030, USD (Million)
12. Asia Pacific Automotive Timing Belt Market, 2020-2030, USD (Million)
13. Latin America Automotive Timing Belt Market, 2020-2030, USD (Million)
14. Middle East and Africa Automotive Timing Belt Market, 2020-2030, USD (Million)
15. Company Profile
For more information about this report visit https://www.researchandmarkets.com/r/8qs19w-timing?w=12
