Pune, India -- (SBWIRE) -- 11/13/2018 -- The Timing Belt Market was worth USD 6165.5 Million in 2017 and is projected to reach around USD 8620.82 Million by 2024. The Timing Belt Market is estimated to grow at a CAGR of 5% during the forecast period 2018-2024. The Asia-Pacific region accounted for the largest market share of approximate 54% in 2017 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at highest CAGR of 5.01% during the forecast period.

For More Details Get FREE Sample Pages of this Research Report@ https://www.infiniumglobalresearch.com/reports/sample-request/1066

OEM's are Exploring Various Research and Development Activities to Promote Growth in the Timing Belts Market

The factors such as increased preference for high mileage vehicles and increased Vehicle Parks are driving the growth of the timing belt market. Increased demand for automobiles from the emerging countries such as BRIC countries is strengthening the growth of the timing belt market. Additionally, growth in direct injection engines is likely to escalate the demand for automotive timing belts. However, demand for pure battery electric vehicles is restraining the growth of the timing belt market. Furthermore, shift from dry belt to belt in oil timing belt is anticipated to create several growth opportunities for the key players in the timing belt market over the years to come. Participation in racing events is on the rise, the market for high performance vehicle is very promising. This in turn is projected to boost the overall demand for timing belt during the forecast period. Automotive timing belt manufacturers as well as OEMs are exploring various research and development activities to intensify the durability and life of automotive timing belts.

Asia Pacific Region to Contribute to Growth in the Global Timing Belts Market

The Asia Pacific Prevailed to be the largest market for the automotive timing belts and chains due to the growing vehicle production in China followed by India. China and India are among the fastest growing markets in the world for automotive manufacturing and accessories manufacturing owing to low production costs. Increasing production of automobiles in the European region region has led to increase in demand for the automotive timing belts. Moreover, the global automobile industry has undergone several structural changes such as technological changes in the engines, electrification of automobiles, emission norms and regulations, safety and security changes, and connectivity among others. Overview of hybrid vehicles has led to substantial changes in the internal structure and functioning of the vehicles. This has resulted in the strategic developments in the global automotive market.

Make an Inquiry for Purchasing this Premium Report @ https://www.infiniumglobalresearch.com/reports/enquiry/1066

Megadyne to Merge With Ammeraal, Creating Belting Juggernaut

In October 2018- Zug, has completed its acquisition of Megadyne Group and intends to merge it with Ammeraal Beltech to create a broad-spectrum service provider for the belting industry. Ammeraal is a manufacturer and distributor of lightweight process and conveyor belts and Megadyne, a manufacturer of polyurethane and rubber belts for power transmission and conveyor systems has a range of other products such as rubber hoses.

Combining was rooted in the idea of going to the marketplace with a new company that offered recognized brands, a broader product line, and an expanded geographic footprint to better serve customer both globally and locally.