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The automotive timing chain or timing belt is one of the vital components of the internal combustion engine. The primary function of the timing chain is to synchronize the rotation of crankshaft and camshafts in such a way that the engine valves are opened and closed at specific intervals during each intake and exhaust strokes. The timing chain prevents the pistons from striking the valves in the engine. The timing belts are generally made from rubbers and polymers which are lighter, less expensive and operate silently. Whereas the timing chains are made of metal which require oil lubrication and are widely used in high performance vehicles. Some of the old engines consists of gears for driving the camshaft instead of timing chains. Engines with multiple camshafts have a timing belt or chain that empowers the camshafts to be placed away from each other. The timing chains were very popular in the olden times, however, the timing belts are gaining high popularity in the recent times. The automotive manufacturing companies are constantly working towards improving engine and fuel efficiency by downsizing engines, injecting direct fuel, and enhancing speed and boosting the vehicle. Owing to this, the automotive timing chain and belt are gaining high demand in the automotive sector. The rising craze for car racing, where high performance vehicles with diverse engines are used is also fuelling the growth of the market.
The automotive industry is shifting from BS-IV to BS-VI vehicles which is expected to boost the automotive timing belt market. The new emission standards under BS-VI has compelled the automotive manufacturing companies to work towards developing high performance and fuel efficient engines. Also, the manufacturers are coming up with alternative materials for timing belts which can resist high temperatures and are highly durable. All these factors are driving the growth of automotive timing belt market. On the contrary, the automotive industry is more inclining towards the electrified vehicles. The electric vehicles comprises of an electric motor instead of a fuel combustion engine. Many countries are now adopting the use of electric vehicles owing to increasing fuel emission which is leading to the rise in the global warming. These factors may hamper the growth of the automotive timing belt market.
Key Market Driver -
Shift towards BS-VI is expected to drive the growth of the market during the forecast period
Key Market Restraint -
Increasing adoption of electric vehicles may hinder the growth of the automotive timing chain market during the forecast period.
Globally, the automotive timing chain market is segmented by market type, by vehicle, and by geographic coverage. The market type, is further segmented into original equipment manufacturers (OEM) and aftermarket. The OEM segment holds the largest share of the global automotive timing chain market and is expected to rise during the forecast period. The automotive OEMs are investing heavily to develop high performance engines, and enhance the durability of timing belts. The aftermarket segment is also showing an exponential growth in the market. The aftermarket is also manufacturing high quality material for timing belts mainly for the old vehicles running on road. By vehicle type, the passenger car segment holds the maximum share of the global automotive timing belt market and is expected to maintain its dominance during the forecast period. The rising urbanization, high demographic rate, improved standard of living and rise in the disposable income of people are propelling the sales and production of passenger cars across the globe. Also, the automotive manufacturing companies are spending a high percentage on research to develop advanced technology in engines and other components to boost the performance of vehicles. The growing number of passenger cars is ultimately leveraging the growth of automotive timing chain/ belt market.
Major players operating in the global automotive timing chain market include ContiTech AG, BorgWarner Inc, Schaeffler AG, Aisin, B&B Manufacturing, The Carlstar Group, LLC, Tsubaki Power Transmission, LLC, ACDelco, MAHLE GmbH, and Tenneco Inc., among others.
Geographically, the automotive timing chain market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific holds the largest share of the global automotive timing belt market and is expected to maintain its leading position during the forecast period. Developing economies such as India, China, and Japan are the leading countries to manufacture highest number of vehicles. Also, the increasing urbanization, expansion in the industrialization, improvement in the infrastructure, and rise in the purchasing capacity of people is increasing the volume of vehicles in this region. Moreover, manufacturers are also working towards developing enhanced and high performance engines which is eventually leading the growth of automotive timing belt market in this region.
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