Global Automotive Timing Belt Market 2017-2021
About Automotive Timing Belt
The timing belt, also called as timing chain or cam belt synchronizes the rotation of the crankshaft and the camshaft for opening and closing the vales during intake and exhaust strokes. It is one of the most critical components in internal combustion engines (ICEs). This is because it operates and controls the number of revolutions of the camshaft, which defines the power generated by the engine.
Technavio’s analysts forecast the global automotive timing belt market to grow at a CAGR of 2.90% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive timing belt market for 2017-2021. To calculate the market size, the report considers the new shipments and aftermarket sales of the timing belt.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Timing Belt Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive timing belt market: B&B MANUFACTURING, THE CARLSTAR GROUP, ContiTech (Continental), J.K. Fenner (India) Limited, and Gates Corporation.
Other Prominent Vendors in the market are: ACDelco, Bando USA, Federal-Mogul Motorparts Corporation, Dayco, Goodyear, Ningbo Beidi Synchronous Belt, Ningbo Fulong Synchronous Belt, SKF, Tsubaki, and MAHLE Aftermarket.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is use of thermally-stable materials for producing timing belts. Timing belt is one of the crucial components in ICEs as it operates and controls the number of revolutions of the camshaft, which defines the power generated by the engine. As timing belts are placed close to the engine cylinder where the air-fuel mixture combusts, it is exposed to heat temperatures. Corrosion and wear and tear due to high temperatures of the combustion chamber are among the major factors for the failure of timing belts.”
According to the report, one of the major drivers for this market is improvement in aftermarket segment. The OEM segment buys a standard quantity of components of timing belts to produce new automotive products. The requirement is large but the bulk revenue is dependent on the global automobile market. The aftermarket segment, where the timing belt occupies a large after to the automotive wiper system market. This means that the manufacturers are less dependent on car makers for their revenue and sales. In the aftermarket segment, manufacturers have their own distribution channels for both global and local markets.
Further, the report states that one of the major factors hindering the growth of this market is increase in annual wage leading to declining profit margins. In the automotive industry value chain, the OEMs have been absorbing the liability for most of the warranty costs and price pressure from the demand side in the past. However, this situation has changed over the past 5-6 years where the OEMs have pushed liabilities on Tier-1 suppliers who, in turn, push them to component manufacturers. This has led to cost optimization across the industry to maintain profitability.
B&B MANUFACTURING, THE CARLSTAR GROUP, ContiTech (Continental), J.K. Fenner (India) Limited, Gates Corporation, ACDelco, Bando USA, Federal-Mogul Motorparts Corporation, Dayco, Goodyear, Ningbo Beidi Synchronous Belt, Ningbo Fulong Synchronous Belt, SKF, Tsubaki, and MAHLE Aftermarket.
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