Timing Belt Market Trends and Forecast: Insights for 2028 and BeyondPosted by Kumar on July 4th, 2023 Global timing belt market is expected to grow at a steady rate during the forecast period. The global timing belt market is driven by the increasing racing events such as motorbike races, formula one, NASCAR, among others. This has drastically increased the market for high performance vehicles which frequently require timing belts. This in turn is positively impacting the market growth through 2028. Additionally, growing consumer preferences for increasing the life of their vehicles is further expected to fuel the market growth during the forecast period. Furthermore, ongoing technological advancements such as shift towards light weight vehicle components and rising investments by the major OEMs operating in the market is expected to create lucrative opportunities for the market growth over the next few years. However, high cost of timing belt can hamper the market growth. Besides, growing adoption of electric vehicles can further impede the market growth during the forecast period. Browse Full report - https://www.techsciresearch.com/report/global-timing-belt-market/1607.html The global timing belt market is segmented based on vehicle type, component, drive type, demand category, company and region. Based on the vehicle type, the market can be categorized into passenger car, commercial vehicle and others. The passenger car segment is expected to dominate the market on account of the rising income levels and growing demand for passenger cars, especially in the emerging countries. Additionally, growing production of passenger cars with ICE engine due to increasing vehicle ownership further drives the segmental growth. Regionally, the timing belt market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Asia Pacific is expected to register the highest growth in the overall timing belt market owing to the increasing vehicle production especially in China and India. Additionally, increasing manufacturing of automotive components and accessories due to low manufacturing and labor costs in the region is expected to create lucrative opportunities for the market growth. The major players operating in the timing belt market are Continental AG, Toyota Motor Sales U.S.A., Inc., Aisin Europe Aftermarket, The Goodyear Tire & Company, Tsubakimoto Chain Co. (Tsubaki Group), Schaffler Holdings AG, Borgwarner, Inc., NTN Corporation, J.K. Fenner Ltd., SKF Group and others. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In October 2022, Continental AG acquired assets and business of CPR’s Industries’ Continental related belts and bet kits program for bringing all its Continental Branded aftermarket belt products under its North American Business
Report Scope: In this report, global timing belt market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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