The Global Timing Gear Market Trends will be worth US$ 10,498.5 Million in 2032 and will grow at a CAGR of 4.70% from 2022 to 2032, predicts Future Market Insights.
In recent past, additional potential gain has been evaluated in the global automotive market, this is due to increased surge in demand for high performance, fuel efficient, low emission and technologically advanced modern vehicles.
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The automotive component market growth goes proportional with the global automotive production trends. Various valve timing technologies today, avail engines to provide fuel efficiency and reduce emissions, making today vehicles more environment friendly. Timing gear is toothed wheel that rotates and transfers motion of crankshaft to camshaft, which in end controls the opening and closing of inlet and exhaust valve.
The timing gear is connected by chain or belt to the crankshaft at one end and camshaft at another end. The proper functioning of an engine requires proper functioning of timing gear, as few degrees’ lag can affect functioning of engine. Thus an engine must be properly timed.
The timing gear are subjected to high customization in design and dimensions as per engine requirements for various applications. Various factors such as implementation of Euro VI emission norm by various international bodies is pushing manufacturers on developing new valve timing related technologies, this makes timing gear market growth opportunistic. Recently, BorgWarner announced to expand its engine timing business in Korea and supply technology to Hyundai and Kia vehicles.
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Timing gear dimension and design vary from engine to engine, for example timing gear construction will be different for an inline engine as compared to a V-cylinder engine. The timing gear market is driven by new vehicle production, replacement and engine customization demands. The replacement and demands from engine customization falls under the aftermarket segment. The demand of timing gear for new vehicles is comparatively higher than replacement demands.
Timing Gear Market: Drivers & Restraints
The growing global automobile production and requirements for modern engines tends to increase demand for timing gears. Further, stringent emission standards implemented across the globe such as recent Euro VI rise demands for fuel efficient engines with low emission levels. Further, replacement demands also drives the global timing gear Market. However, high replacement cost and development of new technologies such as camless engine may act as the restraint to market growth.
Timing Gear Market: Key Players
The key players identified in the Timing Gear Market are:
BorgWarner Inc.
Torqtek Design and Manufacturing, LLC
RACL Geartech Ltd.
W.M. Berg
Bhagat Forge Ltd.
Melling Engine Parts
JBM Industries
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Timing Gear Market: Segmentation
On the basis of product type, the Timing Gear Market is segmented as:
Camshaft Timing Gear
Crankshaft Timing Gear
On the basis of type of engine, the Timing Gear Market is segmented as:
Inline Engines
V – Engines
On the basis of vehicle type, the Timing Gear Market is segmented as:
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial and Off-Highway Vehicles
On the basis of sales channel, the Timing Gear Market is segmented as:
OEM (Original Equipment Manufacturers)
Aftermarket
Timing Gear Market: Region-wise Outlook
The global automotive production has almost doubled in past five years. The increased production of automobiles globally fuels the automotive component OEM and aftermarket sales. Prominent regions such as Europe and China are hub for automotive manufacturing. Presently Europe is the largest market for automotive components by value. North America is estimated to be next big market for automotive components, including timing gears. Prominent countries in the region such as U.S. has automotive industry as the largest manufacturing sector. Asia-Pacific is another growing market for timing gears, recent trend observed in the market is transition of big players to emerging economies for manufacturing such as China, India, and Korea etc.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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