LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global automotive timing belt market report until 2021. This research report also lists ten other prominent vendors that are expected to impact the market during the forecast period.
The research study by Technavio on the global automotive timing belt market for 2017-2021 provides a detailed industry analysis based on the end-users (original equipment manufacturers and aftermarket), vehicle type (passenger vehicles and commercial vehicles), and geography (APAC, EMEA, and the Americas).
“The global automotive timing belt market is projected to reach more than 206 million units by 2021, growing at a CAGR of nearly 3% over the forecast period. The increasing demand for high-performance vehicles is one of the key factors driving the market growth,” says Amey Vikram, a lead analyst at Technavio for automotive components research.
Competitive vendor landscape
In terms of the market share, the global automotive timing belt market is highly fragmented among global and local players. The global players dominate the market due to their relationships with the OEMs, quality of the products they produce, mass production facilities they own, and their established distribution networks. The local players maintain their position in this competitive market because of their keen understanding of their local market and channel distribution in the aftermarket segment.
The global automotive timing belt market is dependent on the aftermarket segment for its growth because the aftermarket segment is growing at a higher pace than the OEM segment. Therefore, the players that have a strong presence in the aftermarket segment will have the upper hand. The competition in this market in the past has been mainly based on quality, availability, customer relationship, and pricing but R&D in this market will play a vital role in future.
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Top five vendors in the global automotive timing belt market
B&B MANUFACTURING operates as a manufacturer, distributor, OEM, and consultant in the power transmission and precision mechanical component industries. The company is involved in the manufacture and distribution of timing pulleys, timing belts, bushings, bar stocks and flanges, roller chain sprockets, spur gears, and v-belt sheaves.
THE CARLSTAR GROUP
THE CARLSTAR GROUP is one of the leading producers of original equipment and aftermarket specialty tires, industrial belts, and wheels and serves various markets, including agriculture, outdoor power equipment, power sports, construction, towable, and trailers.
ContiTech company manufactures and markets rubber and plastic products that are primarily used in the automotive market across the globe. It operates as a subsidiary of Continental.
J.K. Fenner (India) Limited
J.K. Fenner (India) Limited, along with its subsidiaries, provides advanced engineered products and engineered conveyor solutions across the world.
Gates Corporation manufactures and supplies power transmission belts and fluid power products. The company offers premium engineering and services to decrease downtime, increase safety for the oil and gas market, and contribute to risk management. It provides engineering support, expert technical support, maintenance programs, and training programs.
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Technavio is leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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