Timing belt market opportunity analysis & industry forecast from 2021 to 2027. The global market segmented by type, vehicle, hybrid, component and geography.
PORTLAND, ORAGON, UNITED STATES, November 11, 2021 /EINPresswire.com/ — Timing belt, also referred to as timing chain or cambelt, is a fragment of an internal combustion engine. Timing belt primarily synchronizes the rotation of the camshaft and crankshaft to make sure the engine valves are opened and closed at specific times throughout each cylinder's intake as well as exhaust strokes. It is a toothed belt that has teeth on the inside surface. Allocation of timing belts, such as noiseless operation, lighter, and less expensive, is estimated to boost the growth of the market over the forecast period.
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The key players analyzed in the report include B&B Manufacturing, ContiTech, The Carlstar Group, Gates Corporation, J.K. Fenner Limited, ACDelco, Federal-Mogul Motorparts Corporation, Bando USA, Ningbo Fulong Synchronous Belt, MAHLE Aftermarket, and Tsubaki.
COVID-19 scenario analysis:
The pandemic has hampered the manufacturing sector. Moreover, it is expected to take a long time for every manufacturer to revive.
The shutdown of Original Equipment Manufacturer (OEM) assembly plants had a pronounced ripple effect on the rest of the industry, with thousands of suppliers and sub-suppliers being directly impacted.
A global restrain on the supply chain after the lockdown is expected to be witnessed, after which the companies are expected to relaunch their manufacturing sectors.
A slow restarting of operations is expected, first for the plants and then for suppliers. The plants that support the most profitable vehicles are expected to be the first to come back on track.
After the lockdown gets over, the major challenge faced by the industry is estimated to be serious as restrictions on public life are expected to remain in effect for a long while.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rise in sales of new automobiles along with increase in demand for replacements is expected to propel the global demand for timing belts. Moreover, increase in demand for Battery Electric Vehicles (BEVs) is expected to restrain the growth of the market. Furthermore, data mining and artificial intelligence in the timing belt system and shift from dry belt to belt-in-oil timing system are estimated to provide lucrative opportunities for the timing belt market.
The timing belt market trends are as follows:
Rise in sales of new automobiles
Automobile sale has been increasing positively from the last two decades in developed and developing industries. Moreover, many of the economies around the globe have been facing a slowdown, but the automobile market has been emerging. The massive growth of automobiles has catalyzed the demand for timing belts from the Original Equipment Manufacturer (OEM) segment, which is estimated to further boost the timing belt market over the forecast period.
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Increase in demand from the replacement market
Original Equipment Manufacturer (OEM) sales account for a major share of the global timing belt market as the bulk demand comes from the replacement segment. The size of the replacement market for timing belts is significantly higher than the Original Equipment Manufacturer (OEM) market as most timing belts normally need to be replaced as part of regular maintenance. Therefore, this is expected to boost the growth of the timing belt market.
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Source: EIN Presswire