Increase in production & sales of automobiles, surge in inclination toward lightweight vehicle, and rise in emission regulations across the globe drive the growth of the global automotive tensioner market.
PORTLAND, Ore., April 23, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Tensioner Market by Type, (Hydraulically Operated System, and Damping Structure), System Type (Dual Arm Tensioner System, Conventional Belt Tensioner System, and Automatic Belt Tensioner System), and Vehicle Type (Passenger Car, and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global automotive tensioner industry generated $2.3 billion in 2022 and is anticipated to generate $4.0 billion by 2032, witnessing a CAGR of 5.6% from 2023 to 2032.
Prime Determinants of Growth
The global automotive tensioner market has experienced significant growth and transformation, driven by a combination of rise in inclination toward lightweight vehicle, increase in emission regulations, and surge in production & sales of automobiles. Moreover, expansion in emerging markets and increase in R&D initiatives are expected to shape the industry’s future.
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$2.3 Billion |
|
Market Size in 2032 |
$4.0 Billion |
|
CAGR |
5.6 % |
|
No. of Pages in Report |
221 |
|
Segments Covered |
Type, System Type, Vehicle Type, and Region. |
|
Drivers |
Increase in production and sales of automobiles Growth in inclination toward lightweight vehicle Rise in emission regulations around the globe |
|
Opportunities |
Expansion in emerging markets Increase in research and development initiatives |
|
Restraints |
Regular maintenance and component failure Surge in inclination toward EV |
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The Hydraulically Operated System Segment to Maintain its Leadership Status Throughout the Forecast Period
By type, the hydraulically operated system segment held the highest market share in 2022, and is estimated to maintain its leadership status with a CAGR of 5.9% throughout the forecast period 2023 to 2032, as hydraulically operated systems offer precise control and are commonly used in modern engines with variable valve timing systems. Moreover, advantages of these systems are that they provide precise and consistent chain tension throughout varying engine operating conditions, and also offer superior wear protection for chains and adapt to chain elongation over time.
The Automatic Belt Tensioner Segment to Maintain its Leadership Status Throughout the Forecast Period
By system type, the conventional belt tensioner system held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period as conventional belt tensioners have a simpler design and require lower maintenance costs apart from regular inspection; this reduces the overall complexity of the system and lowers the possibility of component failure. However, the automatic belt tensioner segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032, owing to the automatic tensioner does not requiring manual adjustment. This enhances their convenience for vehicle owners and technicians. They also ensure constant and ideal belt tension throughout time, automatic tensioners lower the possibility of belt slippage, early wear and tear, and component damage. This increased dependability resulted in better engine longevity and overall improved performance.
The Commercial Vehicle Segment to Maintain its Lead Position During the Forecast Period
By vehicle type, the passenger car segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period owing to the higher production volume of passenger cars. Similarly, the increased demand for fuel-efficient engines with features such as variable valve timing requires proper tensioning, which further creates the demand for automotive tensioners from the passenger car segment. However, the commercial vehicle segment is expected to portray the largest CAGR of 6.3% from 2023 to 2032 due to increasing investments in infrastructure development and the logistics sector, leading to a rise in demand for commercial vehicles. Moreover, strict emission regulations are driving the adoption of advanced engines in commercial vehicles, which often utilize timing chains and require efficient chain tensioners.
Asia-Pacific is Expected to Dominate the Market in 2032
By region, North America held the highest market share in terms of revenue in 2022, owing to rise in environmental concerns and increase in investments in the automobile sector. The Environmental Protection Agency (EPA) is implementing strict pollution restrictions and are pressuring automakers to implement cutting-edge technology that increases fuel economy and lower pollutants. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.3% from 2023 to 2032, owing to the growing population in the region, which is driving the demand for automobiles. In addition, the region’s economic growth has resulted in a growing middle class with more disposable income, which leads to a rise in automobile ownership and maintenance demand, including the replacement of parts such as tensioners.
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Leading Market Players: –
- NTN Corporation
- ALT America Inc
- Litens Automotive Group
- Dayco Incorporated
- Gates Corporation
- KMC Automotive Transmission Co., Ltd
- GMB Corporation
- Zhejiang Renchi Auto Parts Co., Ltd.
- Muhr and Bender KG
- CR product limited.
The report provides a detailed analysis of these key players in the global automotive tensioner market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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