Europe Automotive Timing Belt Market Overview
The global Europe Automotive Timing Belt Market is expected to worth USD 5900 Million. During the forecast period of 2022-2030, and it is expected to rise at a CAGR of 5.2%. Different factors that can impact the Europe Automotive Timing Belt Market are discussed in the report, along the COVID 19 analysis of the market. The rise in the application of automotive timing belt is expected to cause the market to thrive at a high CAGR in the analysis period and generate substantial annual turnover for the market across the study period. The rise of automotive industry can significantly impact the Europe Automotive Timing Belt Market. The increase in the popularity of motor sports due to the high demand for diverse and high performing vehicles can support the rise of the automotive timing market across the analysis period. The growing need for fiber-reinforced materials can support the expansion of Europe Automotive Timing Belt Market in the forecast period.
The rapidly rise in investment made by major OEMs can support the expansion of the automotive belt market in the years to come. The increase in awareness about features of automotive belt such as strength and durability can impact the expansion of the Europe Automotive Timing Belt Market through the analysis period. The shift in focus towards lightweight components in the automobile sector can impact the expansion of the market in the years to come. The increase in number of timing belt manufacturers can impel the expansion of the market in the years to come. The quick development and innovations in lighter timing belts for different vehicles can support the rise of the market. In addition, the ingoing trend of direct injection for automobiles can support the growth of the Europe Automotive Timing Belt Market in the analysis period.
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Key Players
Continental (Germany), BorgWarner (US), SKF (Sweden), Canadian Automobile Association (CAA), Tsubakimoto Chain (Japan), Korea Automobile Manufacturers Association (KAMA), European Automobile Manufacturers Association (ACEA), and japan Automobile Manufacturers Association (JAMA) are some reputed names in the Automotive global Timing Belt market as listed by MRFR.
Segment Study
The segment evaluation of the Europe Automotive Timing Belt Market is done by type, vehicle, and component.
The type based segments of the Europe Automotive Timing Belt Market are belt in oil, chain, and dry belts. The belt in oil segment can stir up high revenue in the years to come.
The vehicle type based segments of the Europe Automotive Timing Belt Market are passenger vehicle and commercial vehicle. The commercial vehicle segment can generate high turnover for the Europe Automotive Timing Belt Market in the analysis period.
The component based segments of the Europe Automotive Timing Belt Market are timing shield, sprocket, idler pulley, and tensioner. The increase in the adoption of idler pulley can impel the rise of the Europe Automotive Timing Belt Market across the study period.
Global Europe Automotive Timing Belt Market Regional Study
The automotive timing belt systems market trends are studied across North America, EU, APAC, and MEA. The increase in the demand for automobile across the U.S. can cause rise in the valuation of the market in the years to come. The rise in the demand for commercial vehicles across Mexico and Canada can impel the expansion of the regional market in the years to come.
The established automotive industry can ace Europe Europe Automotive Timing Belt Market across the analysis period. The rise in the demand for vehicle product can drive the expansion of the market in years to come. APAC automobile timing belt market can rise owing to the growth of the automobile industry. The presence of powerful start-up can promote the market in years to come.
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