New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Global automotive timing cover sales are estimated to be valued at US$ 18.8 Bn in 2022, with steady long-term market projections, according to the latest insights by Persistence Market Research.
The report estimates the market to expand by a value CAGR of 4.2% from 2022 to 2032. During the forecast period, it is projected that the rising disposal income of end users and increased demand for vehicles across the world would drive demand for automotive timing covers.
Manufacturers are using lightweight materials to meet the demand from vehicle manufacturers for lightweight and durable covers. This is done in response to the rising trend of vehicle customization. For instance, the main raw materials used to manufacture car accessories today are lightweight materials such as high-strength steel and polycarbonate.
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Key Takeaways from Market Study
- By vehicle type, the passenger vehicles segment is anticipated to witness demand growth at 3.9% CAGR by volume through 2032.
- Under material type, the metal and alloys segment is projected to expand at a CAGR of 4.2%.
- By region, East Asia is anticipated to witness substantial growth in the automotive timing cover market. Sales of automotive timing covers in China are expected to increase at 3.8% CAGR in terms of volume.
- By sales channel, the OEMs segment is estimated to hold a prominent volume share of 65.6% in 2022.
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“The market for automotive timing covers is being fueled by rising disposable income and shifting customer preferences toward technologically-advanced goods and appliances. Manufacturers are developing lightweight materials to utilize in the production of automotive timing covers in response to the necessity to develop fuel-efficient and lightweight vehicles,” says a Persistence Market Research analyst.
Competitive Landscape
Leading manufacturers of automotive timing covers include NITTO PERFORMANCE ENGINEERING PTY LTD, PROFORM, Spectre Performance, Holley Performance Products INC, Cloyes, Dorman Products, Pioneer Automotive Industries, Aisin Group, KC Auto Products (Kilkenny Castings (Harrop Casting Technologies)), ICT Billet, COMP Cams, Moroso, and Ichiban Engineering.
To gain a competitive advantage in the industry, key manufacturers are developing innovative automotive timing cover products. Market players are also heavily investing in expansion, mergers, acquisitions, and strategic partnerships to expand their global footprint.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global automotive timing cover market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, vehicle type, material type, sales channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
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