DUBLIN--(BUSINESS WIRE)--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 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.
The key factors driving the growth of the timing belt market are the rising adoption of direct injection engines and growing vehicle production globally. The rising vehicle parc and increased average miles per vehicle drive the growth of the timing belt aftermarket. The rising demand for Battery Electric Vehicles (BEV), which do not deploy an ICE, may act as a restraint for the timing belt market.
The HEV segment is estimated to be the largest market for timing belt, by hybrid vehicle type. The widespread adoption and higher production of HEVs, as compared to PHEVs, has led to the growth of the timing belt market in this vehicle segment.
Tensioners ensure efficient working order of a timing chain or belt. The timing chain tensioner maintains appropriate tension in the timing chain or belt. Automotive tensioners are used in timing belts as well as timing chain systems. Tensioners are costlier than other components of the timing drive system. Thus, tensioners are estimated to hold the largest share of the timing belt market, by component, in terms of value, during the forecast period.
Asia Oceania is estimated to dominate the global timing belt market. The Asia Oceania timing belt market is projected to grow at the highest rate during the forecast period. Countries such as China, Japan, and India are the leading markets in the region in vehicle production. China alone contributed around 61.2% of the vehicle production in Asia Oceania in 2016. Thus, the increasing vehicle production in Asia Oceania acts as a major growth driver for the timing belt market.
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/jlnh2m/timing_belt