The global automotive tensioner market is experiencing significant growth, as reported by Allied Market Research. According to the research firm, the market is projected to reach $4.0 billion by 2032, showing a compound annual growth rate (CAGR) of 5.6% over the forecast period, after generating $2.3 billion in 2022.
Several factors are driving this growth, including an increase in the production and sales of automobiles, a surge in the inclination toward lightweight vehicles, and the rise in emission regulations around the world. Additionally, the expansion in emerging markets and the increase in research and development initiatives are expected to have a significant impact on the industry’s future.
The report provides a detailed analysis of the market segments, including type, system type, vehicle type, and region. The hydraulically operated system segment is projected to maintain its leadership status throughout the forecast period, with a CAGR of 5.9%. Similarly, the automatic belt tensioner segment is expected to maintain its leadership status, with the highest CAGR of 6.5% from 2023 to 2032. The commercial vehicle segment is also expected to maintain its lead position during the forecast period, with the largest CAGR of 6.3% from 2023 to 2032.
While North America held the highest market share in terms of revenue in 2022, the Asia-Pacific region is expected to witness the fastest CAGR of 7.3% from 2023 to 2032. This is due to the growing population in the region, which is driving the demand for automobiles. The economic growth in the Asia-Pacific region has resulted in a growing middle class with more disposable income, leading to a rise in automobile ownership and maintenance demand.
Key players in the global automotive tensioner market, including NTN Corporation, ALT America Inc, Litens Automotive Group, Dayco Incorporated, Gates Corporation, and others, have adopted different strategies such as new product launches, collaborations, and expansion to increase their market share and maintain dominant positions in different regions.
In addition, AMR introduces its online premium subscription-based library Avenue, which provides cost-effective, one-stop solutions for enterprises, investors, and universities. Subscribers can access a repository of reports on more than 2,000 niche industries and more than 12,000 company profiles, along with quantitative and qualitative data in PDF and Excel formats, analyst support, customization, and updated versions of reports.
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP, providing global enterprises with quality “Market Research Reports Insights” and “Business Intelligence Solutions.” For more information about the report or Allied Market Research, please contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle, Delaware 19801, USA
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]
In conclusion, the report offers a comprehensive analysis of the global automotive tensioner market, making it a valuable resource for consumers, investors, and enterprises seeking insights into the industry and its forecast.