Global Timing Belt Market was valued US$ 6.15Bn in 2017 and expected to reach US$ 9.6Bn in 2026, at CAGR of 5.72% during forecast period
Timing belt or else timing chain is very crucial as it prevents the pistons from hitting the valves. Automotive timing belts are essentially either toothed belts or drive belts with teeth on the inside surface. A timing chain is a simple roller chain.
Key drivers of timing belt market are the use of fibre-reinforced materials in timing belts, and rising preference of customers towards longevity of their vehicles. Almost no vibrations are produced and the no-slip problem is generated. Weight of the timing belt is less hence it can be used safely. Some of the restraint factors in the market are costly when compared to ropes. And power transfer capacity is comparatively less. Manufacturers, as well as OEMs, are exploring various research and development activities is the opportunity of the timing belt market.
The passenger car segment is estimated to lead the global timing belt market, by vehicle type. Rising consumer disposable income and increasing vehicle ownership have led to a rise in the production of passenger cars with Internal Combustion Engine (ICE) and propelled the growth of the Timing Belt Market in this segment.
A rapidly increasing rate of investment by major OEMs to intensify the strength and durability of the timing belt is expected to positively impact the market for automotive timing belts. Technological advancements in the automotive industry have resulted in a shift in focus to lightweight components. Nowadays highly sophisticated car engines operate at higher temperatures, higher speeds, and produce more power requiring highly engineered materials to meet high mileage replacement intervals as demanded by OEMâ€™s.
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Region-wise, The Asia Pacific Succeeded to be the largest market for the automotive timing belts due to the growing vehicle production in China followed by India. China and India are among the fastest growing markets in the world for automotive manufacturing and accessories manufacturing due to low production costs. Growing production of automobiles in the European region has led to an increasing demand for the automotive timing belts. However, the global automobile industry has undergone several structural changes such as technological changes in the engines, electrification of automobiles, emission norms and regulations, safety and security changes, and connectivity among others.
Key players operating in the global timing belt market, B&B Manufacturing, ContiTech, The Carlstar Group, Gates Corporation, J.K. Fenner Limited, ACDelco, Federal-Mogul Motorparts Corporation, Bando USA, Dayco, Ningbo Beidi Synchronous Belt, Goodyear SKF, , Ningbo Fulong Synchronous Belt, MAHLE Aftermarket, and Tsubaki.
Scope of Global Timing Belt Market
Global Timing Belt Market, by Product
Global Timing Belt Market, by Sales Channel
Global Timing Belt Market, by Vehicle Type
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Global Timing Belt Market, by Region
Middle East and Africa
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Key players operating in Global Timing Belt Market
The Carlstar Group
J.K. Fenner Limited
Federal-Mogul Motorparts Corporation
Ningbo Beidi Synchronous Belt
Ningbo Fulong Synchronous Belt