Automotive Timing Cover Market Segmented By Two Wheelers, Passenger Cars, Commercial Vehicles Type in Metal and Alloys, Polycarbonate, Plexiglass, Carbon Fiber Material Type
Industry: Automotive
Published Date: August-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 215
Report ID: PMRREP32948
Persistence Market Research has forecasted the global automotive timing cover market to progress at a CAGR of 4.2% and reach a value of US$ 28.6 Bn by the end of 2032.
East Asia is expected to dominate the global market for automotive timing covers in terms of revenue. Overall, the Asia Pacific automotive timing cover market is the most attractive market with a projected absolute dollar opportunity of more than US$ 1.9 Bn.
Automotive timing cover sales account for around 19% share of the global engine components market.
| Report Attribute | Details |
|---|---|
|
Automotive Timing Cover Market Size (2021A) |
US$ 18.2 Bn |
|
Estimated Market Size (2022E) |
US$ 18.8 Bn |
|
Projected Market Value (2032F) |
US$ 28.6 Bn |
|
Value CAGR (2022-2032) |
4.2% |
|
Collective Value Share: Top 5 Countries (2022) |
17.5 % |
Automotive timing covers are placed in an engine into a specific configuration at one side to keep the camshafts and crank timed properly. This facilitates the top half of the engine to sync with the lower half.
Rising popularity of direct injection engines and increasing vehicle production are major factors driving the growth of the automotive timing cover market. The global business is anticipated to exhibit a CAGR of 4.2% by value during the period 2022-2032.
Manufacturers of automotive timing chain and belt covers are developing application-specific offerings to meet client needs. Furthermore, industry participants are enhancing their distribution networks while focusing on direct sales.
Improving product quality with the new technologies and the adoption of fresh, robust, and long-lasting materials with extra features at a competitive price to improve vehicle safety is a significant approach used by market players. The use of fiber-strengthened materials in timing belt covers has increased the opportunity in this market.
The quickly growing rate of investments by OEMs to exaggerate the toughness and strength of timing belts is predicted to influence the market for automotive timing covers over the coming years.
Technological progress in the automotive industry has led to more emphasis on lightweight components. This has compelled timing cover manufacturers to develop faster and lighter timing covers for vehicles. Another trend that will drive the demand for automotive timing covers is the high rate of adoption of direct injection technology in automobiles.
“Lightweight Automotive Timing Covers Gaining Traction”
For market participants in the automobile timing cover industry, there are significant prospects for new products. End-user requirements are evolving, and therefore, robust technology must be adopted to meet them.
Europe, North America, and Asia Pacific are all seeing rapid growth in the automobile business. The global automotive timing cover market now offers more opportunities owing to the use of fiber-reinforced materials in the manufacturing of timing covers.
The market for automotive timing covers is expected to be significantly impacted by rapidly increasing expenditure by leading OEMs to exaggerate the toughness and strength of timing covers.
“East Asia Accounts for Major Market Share”
Asia Pacific is the most prominent market for automotive timing cover suppliers due to ever-increasing automobile manufacturing in Asian countries. Rising technical breakthroughs, increasing vehicle sales, and growing demand for improved timing covers are contributing to regional market growth.
East Asia is estimated to dominate the global market for automotive timing covers with more than 24% market share, valued at US$ 3.8 Bn in 2022. This regional market is expected to expand at a CAGR of 4.1% by value over the forecast period.
China, India, and the ASEAN region are expected to substantially contribute to the increase in vehicle manufacturing in Asia Pacific. The market for all types of vehicles in the region is expanding rapidly, which is expected to boost the sales of automotive timing covers over the coming years.
What is the Demand Outlook for Automotive Timing Covers in the U.S.?
Rising sales of vehicles in the U.S. will complement the growth of the North American automotive timing cover market. The region has a well-known presence of vehicle manufacturers such as Ford, Fiat, General Motors, and many others.
The U.S. is estimated to dominate the North American market with more than 75% market share, valued at US$ 3.3 Bn at present. This market is expected to expand at a value CAGR of 3.4% over the forecast period
How is the Automotive Timing Cover Market Faring in Japan?
Japan is a prominent player in the automobile industry. Demand for timing covers is projected to grow due to the implementation of high-quantity vehicle manufacturing and engine assembly companies in Japan. Leading manufacturers are increasing their production capacities by establishing new facilities in the country.
Japan is the world leader in the automotive industry and is broadly known for its cutting-edge technology and invigorating ideas. Japan is the third-largest automobile-producing industry in the world, with 78 factories in 22 prefectures employing over 5.5 million people.
Domestic brands such as Toyota, Nissan, Honda, Suzuki, and Mitsubishi dominate the Japanese automotive market, with foreign vehicles bought more as a status symbol due to the extremely high maintenance cost of cars that are imported.
Japan is estimated to dominate the East Asia automotive timing cover market and progress at a CAGR of 4.6% by value over the forecast period
Why is Germany a Lucrative Market for Producers of Automotive Timing Covers?
Germany is the largest automotive market in Europe as far as the production and sales of vehicles are concerned, accounting for 20% of new vehicle sales and 30% of the passenger vehicle fleet. Germany also enjoyed the highest concentration of OEMs in the European region.
A majority of German-made vehicles are exported to other European countries, with European countries themselves accounting for more than half of all these exports. Also, the United States, followed by Asia, are leading importers of German automobiles.
German automakers make up three-fourths of the global premium car market, with a high number of premium vehicle manufacturers for export purposes. Premium automobiles are particularly in high demand in China and the United States.
The automotive timing cover market in Germany is expected to evolve at a CAGR of 4% through 2032.
Will Passenger Cars Continie to Account for Highest Installation of Automotive Timing Covers?
Based on vehicle type, the global automotive timing cover market is segmented into two wheelers, passenger vehicles, and commercial vehicles.
Owing to rising end-user preference for sophisticated and more efficient timing covers, the passenger vehicles segment is expected to grow at a significant rate. The two wheeler vehicle segment accounts for a large market share of around 34.8%.
The passenger vehicles segment is projected to expand at 3.9% CAGR by volume from 2022 to 2032.
Demand for passenger vehicles is growing at a good pace in the global automotive market. Demand for SUVs has surged in recent years due to increasing leisure and tour activities being carried out across the world.
Which is the Most Preferred Sales Channel for Automotive Timing Covers?
The OEMs segment for automotive timing covers is set to expand at 3.9% CAGR by volume over the forecast period and be valued at US$ 18.1 Bn by the 2032-end.
The largest share is contributed by the European region in the OEM market. Major OEMs are coming together with key automotive component manufacturers to increase their profitability and drive ease of business.
Over the past decade, an increase in acquisitions and expansions has been witnessed to improve the supply of automotive components. Most market players are also focusing on enhancing the efficiency of automotive timing covers.
The emergence of new market players has also been seen in the global business. A few of the prominent players in the market include NITTO PERFORMANCE ENGINEERING PTY LTD, PROFORM, Spectre Performance, Holley Performance Products INC, Cloyes, and Dorman Products.
| Attribute | Details |
|---|---|
|
Forecast Period |
2022-2032 |
|
Historical Data Available for |
2017-2021 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
Automotive Timing Cover Market by Vehicle Type:
Automotive Timing Cover Market by Material Type:
Automotive Timing Cover Market by Sales Channel:
Automotive Timing Cover Market by Region:
To know more about delivery timeline for this report Contact Sales
The automotive timing cover market is valued at US$ 18.8 Bn at present.
Sales of automotive timing covers are estimated to increase at 4.2% CAGR through 2032.
Demand for automotive timing covers in China is expected to increase at 3.8% CAGR between 2022 and 2032, on a volume basis.
Japan, India, China, Germany, the U.S., and U.K. are key demand centers for automotive timing covers.
Increasing focus on capacity expansion and acquisitions are the key focus areas of industry players.
The automotive timing cover market is expected to climb to US$ 28.6 Bn by 2032.
