Timing Belt Market

Timing Belt Market Size (2023-2028):

The Global Timing Belt Market was worth US$ 6.68 billion in 2022 and is anticipated to reach a valuation of US$ 8.87 billion by 2028 and is predicted to register a CAGR of 5.10% during 2023-2028.

The rise in the number of races that use diverse vehicles having fluctuating engine sizes is expected to fuel the demand for high-performance cars, including SUVs, monster trucks, dirt bikes, sprint cars, solar cars, and touring cars that consist of interference engines.

Market Drivers

The growing preference for high mileage in vehicles and the surge in vehicle parks around the world are the major factors that drive the global timing belt market. The rising call for automobiles in several emerging nations like BRIC countries reinforces the developments in the global timing belt market. Besides, an increment in direct injection engines is estimated to accelerate the need for automotive timing belts in the future. Furthermore, the shift from dry belt to belt in oil timing belt is anticipated to offer several growth opportunities for the major players in the timing belt market over the years to come.

Market Restraints:

Deepening penetration of Battery Electric Vehicles (BEVs) in emerging and developed countries, due to environmental emission concerns, is a vital factor expected to hinder the target market growth to a certain extent.

Moreover, high maintenance costs and lack of standard technologies that could lead to expensive damage to engine components are among the significant challenging factors expected to restrain the potential market's growth in the coming years.

Market Recent Developments

• In October 2019, Continental completed the purchase of CPR's Industries for bringing all its branded aftermarket belt products under its North American Business
• In April 2017, Gates Corp opened a regional headquarters in Shanghai, China, and Singapore to improve customer experience in these locations.

TIMING BELT MARKET REPORT COVERAGE:

Market Segmentation

Timing Belt Market - By Vehicle Type:

• Passenger Car
• Commercial Vehicle 
• Electric Vehicles 

The passenger car segment is estimated to control the global timing belt market, by volume and value, by vehicle type. According to the OICA publication, passenger car production rose from 59.89 million units in 2011 to 72.10 million units in 2016. This trend is predicted to continue for the next five to seven years, owing to increasing consumer disposable income and vehicle ownership. 

On the other hand, the Hybrid Electric Vehicle (HEV) segment is expected to control the global timing belt market. The increasing production and popularity of HEVs, as compared to PHEVs (Plug-in Hybrid Electric Vehicles), is resulting in the growth of timing belt systems in the vehicle type segment.

Timing Belt Market - By Component:

• Tensioner
• Idler Pulley
• Timing Shield/Cover
• Sprocket

Tensioners are supposed to govern the global timing belt market, by component, in terms of value. The types of tensioners may vary depending upon their application in a timing belt and timing chain. Based on the damping structure, auto tensioners can also be segmented into hydraulically operated and frictional systems. The increasing use of tensioners in timing belts and chains is majorly supporting the boom in the worldwide market.

Timing Belt Market - By Drive Type:

• Dry Belts
• Chain
• Belt in Oil

Based on the drive type, the global timing belt market is separated mainly into dry belts, chains, and belts in oil. Among these, the belt in the oil segment is likely to develop with a considerable compound annual growth rate in the foreseen years.

Market Regional Analysis:

The Global Timing Belt Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Asia Pacific is predicted to be the most prominent and fastest-growing timing belt market during the forecast period. Asia Pacific added around 60.66% of the global passenger car production in 2016 as per OICA. Nations like China, Japan, and India are the principal markets in the region regarding vehicle production. Passenger car production is the highest in the Asia Pacific region and has grown from 40.57 million units in 2011 to 43.85 million units in 2016 as per OICA. The availability of cheap labour is one of the primary reasons for high vehicle production in the region. China, Japan, and India contributed 55.69%, 17.95%, and 8.39% respectively of the total passenger car production in the Asia Pacific in 2016. These factors have helped the area to become the largest market.

The North American automotive timing belt market is supposed to grow with a rise in demand for automobiles, majorly in the U.S. There is an immense demand for commercial vehicles in the U.S. With the surge in demand for commercial vehicles, there has been an increase in demand for automotive timing belt market. The North American region's growth is also propelled by the major automotive system manufacturers, which are primarily concentrating on critical developments such as expansion, mergers & acquisitions, product launches, and others. The existence of major manufacturers, and the availability of sophisticated technology in this region, are expected to boost the demand in the automotive timing belt market during the outlook period in North America.

The established automotive industry in Europe aids the growth and development of the automotive timing belt market. Rising vehicle product is a crucial factor driving the market in Europe, and extensive research and development activities are being carried out to ensure that high-quality product is delivered to the customers.

Impact of COVID-19 on the Timing Belt Market: 

The coronavirus pandemic had an immediate and critical impact on the globally integrated automotive industry. Symptoms include a disruption in Chinese parts exports, large-scale manufacturing interruptions across Europe, and assembly plants' closure in the United States. It is placing intense pressure on an industry already coping with a downshift in global demand, negatively impacting the global timing belt market. Furthermore, transportation restrictions and supply chain disruptions have created a logistical ordeal for market players, leading to severe automotive product shortages globally.

Market Key Players:

1. B&B Manufacturing
2. ContiTech
3. The Carlstar Group
4. Gates Corporation
5. J.K. Fenner Limited
6. ACDelco
7. Federal-Mogul Motor Parts Corporation
8. Bando USA
9. Dayco
10. Ningbo Beidi Synchronous Belt
11. Goodyear SKF
12. Ningbo Fulong Synchronous Belt
13. MAHLE Aftermarket
14. Tsubaki.