Automotive Timing Belt Market to be Driven by the Increasing Demand for High-performance Vehicles | Technavio

 

The automotive timing belt market, operating under the consumer discretionary industry. The latest report on the automotive timing belt market, 2020-2024 estimates it to register an incremental growth of 33.31 million units, at a CAGR of 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. AB SKF, Aisin Seiki Co. Ltd., B&B Manufacturing, Continental AG, Gates Industrial Corp. Plc, General Motors Co., MAHLE GmbH, Schaeffler AG, The Carlstar Group LLC, and The Goodyear Tire & Rubber Co. are among some of the major market participants.

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Demand for high-performance vehicles has been instrumental in driving the growth of the market. However, the emergence of GDI engines might hamper the market growth.

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Automotive Timing Belt Market 2020-2024: Segmentation

Automotive Timing Belt Market is segmented as below:

• End-user
• OEMs
• Aftermarket
• Type
• Passenger Vehicles
• Commercial Vehicles
• Geographic Landscape
• APAC
• Europe
• MEA
• North America
• South America

Based on geographic segmentation, over 58% of the market growth originated from APAC during the forecast period. In addition, OEMs led the growth under the end-user segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive timing belt market size.

Automotive Timing Belt Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The automotive timing belt market report covers the following areas:

• Automotive Timing Belt Market Size
• Automotive Timing Belt Market Trends
• Automotive Timing Belt Market Industry Analysis

This study identifies the increasing need for replacement of old and damaged timing belts as one of the prime reasons driving the automotive timing belt market growth during the next few years.