In 2021, the global timing belt market was valued at USD 6.5 billion and is predicted to grow at a 3.8% CAGR to reach USD 8.4 billion by 2027
A timing belt also named a timing chain or cambelt, is a component of an internal combustion engine. It mainly synchronizes the camshaft(s)'s and crankshaft's rotations to make sure the engine valves are opened and closed at correct times throughout each cylinder's intake as well as exhaust strokes. The timing belt is crucial for the piston to avoid striking the valves in an engine.
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.
During 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.
The growing preference for high mileage in vehicles and the surge in vehicle parks around the world are the majors 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, increment in direct injection engines is estimated to accelerate the need for automotive timing belts in 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.
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.
By Vehicle Type
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 Vehicle), is resulting in the growth of timing belt systems in the vehicle type segment.
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 worldwide market.
By Drive Type
Based on the drive type, the global timing belt market is separated mainly as dry belts, chain, belt in oil. Among these, the belt in oil segment is likely to develop with a considerable compound annual growth rate in the foreseen years.
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 cars' 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 labor 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 America 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 being carried out to ensure the high-quality product being delivered to the customers.
Some of the major corporations operating in the global timing belt market are B&B Manufacturing, ContiTech, The Carlstar Group, Gates Corporation, J.K. Fenner Limited, ACDelco, Federal-Mogul Motor Parts Corporation, Bando USA, Dayco, Ningbo Beidi Synchronous Belt, Goodyear SKF, Ningbo Fulong Synchronous Belt, MAHLE Aftermarket, and Tsubaki.
Impact of COVID-19 on 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.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Timing Belt Market, By Component
6.1.2 Idler Pulley
6.1.3 Timing Shield/Cover
6.1.5 Market Size Estimations & Forecasts (2019-2024)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Timing Belt Market, By Vehicle Type
6.2.1 Passenger Car
6.2.2 Commercial Vehicle
6.2.3 Electric Vehicles
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Timing Belt Market, By Drive Type
6.3.1 Dry Belts
6.3.3 Belt in Oil
6.3.4 Market Size Estimations & Forecasts (2019-2024)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Component
7.2.3 By Vehicle Type
7.2.4 By Drive Type
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Component
7.3.3 By Vehicle Type
7.3.4 By Drive Type
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Vehicle Type
7.4.4 By Drive Type
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Component
7.5.3 By Vehicle Type
7.5.4 By Drive Type
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Component
7.6.3 By Vehicle Type
7.6.4 By Drive Type
8. Key Player Analysis
8.1 B&B Manufacturing
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 The Carlstar Group
8.4 Gates Corporation
8.5 J.K. Fenner Limited
8.7 Federal-Mogul Motor Parts Corporation
8.8 Bando USA
8.10 Goodyear SKF
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures