Global Automotive Timing Chain Market: Introduction
- Application of automotive timing chain in high performance vehicles, as it is a vital component, and increasing demand for high performance vehicles are expected to boost the market.
- The automotive timing chain is fitted inside the engine and is covered in engine oil. The timing chain is subjected to constant stress while the engine is running and hence, chances of timing chain failure are high owing to excessive wear and elongation that might occur over time. Irregular engine oil replacements and use of low quality oil and lubricant are major reasons that can lead to failure of the timing chain in a vehicle.
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Key drivers of global automotive timing chain market
- Demand for improved engine performance and fuel economy is driving the demand for automotive timing chain. The timing chain is a vital component that helps improve vehicle performance and speed; hence, it is widely adopted in luxury vehicles, premium vehicles, and sports vehicles.
- Government initiatives and new standards across the globe are prompting vehicle manufacturers to enhance fuel economy, which is achieved by reduction in weight of vehicle and components. For instance, Corporate Average Fuel Economy (CAFÉ) standards in Europe and Asia Pacific are paving the road for vehicles with greater fuel economy. Reduction of vehicle engine weight in order to enhance fuel economy is a key factor driving the automotive chain market.
- Increasing demand for smooth running engines coupled with increasing demand for luxury and sport utility vehicles propel demand for comfort and luxury vehicles. For instance, sport utility vehicle accounted for 36.4%, or 29.22 million units, of the total vehicles sold globally in 2018. In terms of volume, the SUV segment expanded by 6.8% or almost 1.9 million units, as compared to 27.88 million units of SUVs sold the previous year.
- Automotive timing chains reduce friction by 25% as compared to that witnessed when using belt technology. Moreover, timing chains may last the entire life of the vehicle and are more reliable than traditional belt technology in IC-engines. Therefore, automakers are preferring timing chains over belt technology. Research and development in timing chains, which are light weight, low cost, and possess longer life, is boosting the global automotive timing chain market.
Developments in Gasoline Direct Injection (GDI) engines to propel global automotive timing chain market
- Vehicle manufacturers, including Hyundai, BMW, Audi, General Motors, and Mitsubishi, offer gasoline direct injection engines in their vehicles. The GDI engine offers superior fuel economy and enhanced vehicle performance when coupled with turbochargers. In 2018, Russia, U.S., and Canada accounted for approximately 31.5%, or 9.379 million SUVs out of the total 29.77 million SUVs sold globally. Therefore, a rise in preference toward GDI engines along with a surge in sale of luxury vehicles is driving the global automotive timing chain market.
Asia Pacific to hold prominent share of global automotive timing chain market
- Joint ventures between various OEMs to boost production and manufacturing of their production plants in countries, such as China and India, in Asia pacific are driving the automotive timing chain market in the region. For instance, in August 2018, Suzuki and Toyota entered into a joint venture under which Suzuki invested US$ 1 billion in Toyota’s plant at Bengaluru, India. This investment is aimed at expanding vehicle production facilities of both Suzuki and Toyota.
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Key players operating in global automotive timing chain market
The global automotive timing chain market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive timing chain market are:
- Tsubakimoto Europe B.V
- TSUBAKIMOTO CHAIN CO.
- Melling
- MAPCO Autotechnik GmbH
- Schaeffler Automotive Aftermarket GmbH & Co. KG
- Iwis
- SKF
- FAI Automotive plc
- BorgWarner Inc.
- Cloyes
- Ferdinand Bilstein GmbH + Co. KG
- Dayco IP Holdings, LLC
- BG Automotive (British Gaskets Group)
- NTN-SNR
- ContiTech AG (Continental AG)
- Ferdinand Bilstein GmbH + Co. KG
- S.A. Gear, Inc.
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