Strengthening of regulatory norms across the globe anticipated to shape the future of the automotive timing chain and belt market
Manufacturers in the global automotive timing chain and belt market are focussing on the introduction of new application specific product offerings to address customer specific requirements. Moreover, market players are channelizing efforts towards strengthening their distribution channels while focussing on direct sales. Enhancing product quality by implementing new technologies and adopting new, tough and long lasting materials with added features at a competitive price while focussing on enhancing the safety of vehicles is a key strategy that is being adopted by the top companies in the market.
End-use industries that are generally OEMs or aftermarket suppliers procure various types of automotive timing chains and belts, primarily from distributors or through direct purchases in the global automotive timing chain and belt market. However, online sales channels are gaining wide prominence, especially in developed regions such as Europe, Japan and North America.
Growing vehicle production rate is estimated to propel the demand for automotive chains and belts in the APEJ region
APEJ is estimated to dominate the global automotive timing chain and belt market with more than 35% market value share, valued at more than US$ 2,500 Mn at the end of 2017. This regional market is expected to expand at a CAGR of 5.3% over the forecast period. Growing economies in the APEJ region such as China, India and ASEAN countries are estimated to contribute significantly to the growth of vehicle production.
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Furthermore, the market for all vehicle types in this region is growing at a good pace and this is likely to propel the sales of automotive timing chains and belts over the forecast period. Western Europe is the second largest regional market after APEJ in terms of revenue share. The Western Europe automotive timing chain and belt market accounted for a value share of over 20% in the global market, and was valued at more than US$ 1,490 Mn in 2017. This regional market is expected to register a growth rate of 4.1% during the forecast period.
Growth of direct injection engines and rise in vehicle production is one of the significant factors that is expected to create a positive impact on the global market for automotive timing chains and belts
Countries such as the U.S and Canada witness the maximum demand for vehicles, and this is expected to ultimately boost revenue growth of the global automotive timing chain and belt market. For instance, in 2016, the U.S. exported almost 1.2 million vehicles all across the world, with additional exports of automotive parts. In the same year, the U.S also produced over 12 Mn light vehicles.
The United States of America has become the world’s second largest market for vehicle production and sales. Asia Pacific countries such as India and China have been witnessing good economic growth for the last few years. This growth includes manufacturing activities and rapid industrialisation in this region. These growing activities are likely to increase the demand for construction equipment and the associated components, which in turn is expected to boost the growth in demand for automotive timing chains and belts.
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