Timing Belt Market Latest Trends and Forecast to 2025
Added: (Fri Dec 07 2018)
Pressbox (Press Release) -
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.
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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.
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