Timing Belt Market is forecast to reach $9.5 billion by 2025, growing at CAGR 4.2% during 2020-2025 owing to the increase in the sales of crossover utility vehicles and light commercial vehicles. Timing belt in IC engines, synchronizes the crankshaft’s rotation with the cam shaft, which opens and closes the engine valves. Some of the components used along with the timing belt include tensioner, idler pulleys, shield/cover and the sprocket. The timing belt is mounted over idler pulley, along with the crankshaft and camshaft pulleys to route the timing belt in its correct position. The growing adoption of hybrid light and heavy commercial electric vehicles during 2020-2025 is set to play a major role in driving the Timing belt market size. The stringent government regulations towards moving to EURO VI emission norms and the growing investment by the OEMs towards development of the EURO VI engine is set to open up new opportunities for Internal Combustion Engine (ICE) vehicles in the forecast period 2020-2025 which will drive the timing belt market.
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ICE Vehicle Type – Segment Analysis
Commercial vehicle segment is estimated to witness the highest growth rate of 6.2% in the forecast period, owing to increase in the sales of light commercial vehicles across the globe. The growing competition in the e-commerce sector is resulting in an increase in emphasis towards quicker delivery and support services for the products to improve customer experience. Owing to this, the inbound and outbound logistics companies are growing their fleet size of light commercial vehicles. Apart from this, these companies are also spending significantly to maintain their fleet vehicles in proper condition by regular maintenance and repair, for expanding their reach and reduce the delivery times otherwise impeded due to breakdown of old vehicles. This is analyzed to drive the commercial vehicle timing belt market from 2020 to 2025
Hybrid Vehicle Type – Segment Analysis
Plug-in Hybrid vehicles segment is analyzed to hold the largest share of the hybrid electric vehicle timing belt market and it is also estimated to experience the highest growth of CAGR 9.9% during 2020-2025 owing to the growing establishments of the charging stations where these vehicles can be charged for extended mileage. As per recent International Energy Association research findings, CO2 emissions savings are prominently higher for pure battery electric vehicles where the power generation mix is dominated by low carbon sources. For countries dominated by fossil based power generation sources, hybrid vehicles exhibit lower emission than pure battery electric. This is set to drive the hybrid vehicle market is countries such as in India, the U.S., China, Australia and so on, thereby driving the demand for timing belt market as well Unlike vehicles with diesel or petrol engine, full Electric Vehicles have no need for a conventional starter motor or alternator. Battery Electric vehicle engines are equipped with a maintenance-free timing chain and no drive belts whatsoever
Geography – Segment Analysis
APAC acquired the major market share of 42.2% of the timing belt market in 2019 and it is also estimated to witness the highest growth rate during 2020-2025, owing to growing demand of automobiles in the South East Asian region along with India and China. As per The Organization International des Constructers d’Automobiles (OICA), the production of vehicles in South East Asian countries including Indonesia, Malaysia, and Thailand increased by 10%, 12.6% and 9% respectively in 2018 as compared to that of 2017. However the turmoil of the auto industry caused timing belt demand to dip slightly in 2019. Various Japanese automakers have sought to open new assembling plants in Thailand to avoid growing labor pay in the domestic market. Mahindra and Mahindra, the Indian auto giant is planning to set up additional plants in North Africa, South East Asia to grow its footprint across these regions. Hence these benefits are analyzed to drive the market in the forecast period 2020-2025.
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Drivers – Timing Belt Market
The growing environmental concerns from vehicular emissions, has resulted in the shift to the EURO VI or similar emission standard with the government of countries like China, India, Germany, Italy, the U.K. and so on planning to initiate the implementation of the same for light and heavy duty vehicles from 2020 onwards. Some of the automakers such as Volvo group, Group Renault and so on to be the front runners in EURO VI engine technologies and the others investing significantly towards development of the same. The launch of EURO VI or similar emission norm based engine technology during 2020-2025 is set to buoy the timing belt market growth.
Challenges – Timing Belt Market
Since these vehicles are based on electronics control and motor drive system, they do not require any type of timing belt as in case of internal combustion engines. Pure Battery Electric Vehicles (PVEB) being the best alternative to ICE based vehicles in terms of emissions are witnessing significant growth in demand in the recent years. As per International Energy Association, the global electric passenger car stock surpassed 5 million units in 2019 which was an increase over 63% on a year on year basis from 2017. The Battery electric vehicle accounted for around 64% of the global electric car fleet in 2019.
Expansion and Acquisition
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the timing belt market. In 2019, the market for timing belt industry outlook has been fragmented by several companies. Timing belt top 10 companies include Continental AG, BorgWarner, Schaeffler, SKF, NTN Corporation, Aisin, Tsubakimoto, B&B Manufacturing, ERIKS, Gates Corporation among others.
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