The automotive timing chain or timing belt is a critical component of the internal combustion engine. The timing chain's primary function is to coordinate the rotation of the crankshaft and camshafts so that the engine valves open and close at predetermined intervals during the intake and exhaust strokes. The timing chain prevents the pistons from contacting the engine's valves. Timing belts are often made of rubber and polymers, which are lighter, cheaper, and operate softly. Timing chains, on the other hand, are made of metal and require oiling. They are often used in high-performance autos.
According to SPER Market Research, ‘Global Automotive Timing Chain & Belt Market Size- By Product Type, By Engine Type, By Vehicle Type, By Sales Channel - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Automotive Timing Chain & Belt Market is estimated to reach USD 13.68 billion by 2033 with a CAGR of 4.75%.
Drivers:
Fuel-efficient vehicles are becoming increasingly popular - Rising petrol prices and environmental concerns are increasing demand for fuel-efficient vehicles. This is increasing demand for automotive timing chains and belts, which are vital in improving engine efficiency and cutting fuel consumption. The global automotive timing chain and belt market is expected to grow dramatically over the next several years as more fuel-efficient vehicles are sold.
Advances in Technology - The global automotive timing chain and belt market is growing due to technical advancements in the automotive industry. The development of new materials and manufacturing techniques has resulted in more strong, effective, and dependable timing chains and belts. Because of these advancements, engines now function more efficiently and last longer, which appeals to customers.
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Restraints:
Transformation to Electric Vehicles - The growing popularity of electric vehicles threatens the market for automotive timing chains and belts. Conventional timing systems are unnecessary in electric vehicles since electric motors replace internal combustion engines.
Expensive Maintenance and Replacement - Replacing timing chains and belts is a labour-intensive operation that requires skill and can be costly, especially in engines with complex designs. Some consumers might be deterred from selecting cars with timing chain and belt systems by this feature.
Global vehicle production and sales fell as a result of the pandemic because of supply chain disruptions, lockdowns, and lower consumer spending. This led to a brief decline in the market for timing chains and belts. But the market began to pick up steam as the car sector gradually recovered from the pandemic's initial effects. Demand for automobiles and related parts, such as timing chains and belts, increased as a result of stimulus packages and incentives put in place by governments and central banks to increase sales.
North America is expected to have a large market share because of the region's concentration of major automakers and strong demand for automobiles. Major players in the market are Tsubakimato Chain Co, BG Automotive, Continental AG, BorgWarner Inc, Denso Corporation, Schaeffler Technologies AG & Co. KG, Mitsuboshi Belting Ltd, L.G. Balakrishan & Bros Ltd, and Others.
Key Target Audience:
Automotive OEMs (Original Equipment Manufacturers)
Aftermarket Parts Suppliers
Automotive Component Manufacturers
Automotive Repair and Maintenance Service Providers
Distributors and Wholesalers
Automotive Dealerships
Fleet Operators
Automotive Engineers and Technicians
Investment Firms and Financial Analysts
Research and Development Institutions
Automotive Timing Chain & Belt Market Segments:
By Product Type:
Chain
Belt
By Engine Type:
Gasoline
Diesel
By Vehicle Type:
Passenger Car
LCV
HCV
Off-Highway Vehicles
By Sales Channel:
OEM
Aftermarket
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
+1-347-460-2899
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