DUBLIN, Dec. 6, 2017 /PRNewswire/ --
The "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" report has been added to Research and Markets' offering.
The timing belt market is projected to grow at a CAGR of 5.21% during the forecast period, to reach a market size of USD 9.22 Billion by 2025 from USD 6.14 Billion in 2017.
The timing belt OE market is driven by the increasing adoption of direct injection engines and rising vehicle production globally. The growing vehicle parc as well as increase in average miles driven per year are identified as the key factors influencing the timing belt aftermarket.
The passenger car segment is estimated to be the largest market, by volume as well as value, for the timing belt OE market, by ICE vehicle type. According to OICA publication, the passenger car production has increased from 59.89 million units in 2011 to 72.10 million units in 2016. This trend is projected to continue for the next five to seven years, owing to reasons such as rising consumer disposable income and vehicle ownership.
Alternatively, the Hybrid Electric Vehicle (HEV) segment is expected to dominate the timing belt market, by hybrid vehicle type. The higher production and adoption of HEVs, as compared to PHEVs (Plug-in Hybrid Electric Vehicle), is leading to the growth of timing belt systems in HEV segment.
Tensioners are expected to lead the timing belt market, by component, in terms of value. The types of tensioners may vary depending upon their application in a timing belt and timing chain. On the basis of damping structure, auto tensioners can also be segmented into hydraulically operated and frictional systems. The usage of tensioners in timing belts and chains and relatively higher pricing have led to the growth of the timing belt market.
North America is estimated to lead the timing belt aftermarket by region. The high vehicle parc and average miles driven per vehicle have led to the growth of the timing belt aftermarket in North America. The vehicle parc for North America has grown from 302,513 thousand units in 2011 to 324,763 thousand units in 2015.
As per OICA, the US contributed around 63.9% of the total vehicle parc of North America in 2015. Mexico and Canada contributed 9% and 5.6%, respectively of the total vehicle parc of North America in the same year. Thus, the high vehicle parc shall positively impact the timing belt aftermarket in the region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Timing Belt Market, By ICE Vehicle
7 Timing Belt Market, By Hybrid Vehicle Type
8 Timing Belt Market, By Component
9 Timing Belt Market, By Region
10 Timing Belt Aftermarket, By Region
The Chapter is Further Segmented By Vehicle Type (Passenger Car & Commercial Vehicle)
11 Competitive Landscape
12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/37sw2l/timing_belt
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets