ID: MRFR/AM/3498-HCR | 111 Pages | Published By Swapnil Palwe on March 2023
Automotive Timing Belt Market size was valued at a market value worth USD 5.90 billion. During the ongoing forecast period of 2022-2030, the global automotive timing belt market is expected to rise at a CAGR of 5.21%
$5.9 Billion
5.21%
North America
2022-2030
During the historic forecast period that ended in 2019, the automotive timings belt market size was valued at a market value worth USD 5.90 billion. During the ongoing forecast period of 2022-2030, the global automotive timing belt market is expected to rise at a CAGR of 5.21%. There has been a substantial rise in the demand and production of vehicle production followed by an increase in the rising degree of adoption of direct injections. These factors are likely to help the market with a positive impact and expand by the end of the forecast period of 2030.
COVID 19 Analysis
The pandemic has been a major issue that has been prevailing and causing issues for the functioning of the markets in the global scenario. The global markets are facing many problems due to the crunch of skilled labor, resources, and raw materials that are imperative for proper production and manufacturing functions. The market has been facing demand issues too. This is because there has been a loss of employment which is hampering the purchasing power of people. The pandemic is raising questions regarding the lifestyle of people and hence, people are making changes in their lifestyle and opting for healthier means. Also, the pandemic is forcing the global governments to take strict measures like lockdown restrictions and functional and border barriers that are stopping the market from growing.
The global governments are understanding the misery of the players and the need to get back to work and help the economy to revive post suffering of the effects of the novel coronavirus pandemic. The government is entering into collaborations and raising the investment regarding the research and development projects. This will help the market players introduce new product lines that will help in catering to the vibrant needs of the target audience during the forecast period ending in 2030.
Market Dynamics
Drivers
One of the major factors that will drive the growth for the market during the ongoing forecast period and help in improving the recovery speed of the market post the pandemic is that new and variant products are on the way. The market products have features like being weight resistant and free from any kind of corrosion. This has a major role to play in escalating the lifespan of the products offered by the market to the target audience. This is likely to give a higher degree of importance to the production quantum of the automotive timing belts. All these factors are likely to push the market towards positive growth by the end of the forecast period in 2030.Â
Restraints
But, there are restrictions on the way of the global growth of the market as well. One of the major issues that are being faced by the market is the variation in disposable income which hampers the purchasing power of the target audience. The subsequent result of this is that there is a decline in the probable market demand that will impact the ability of the market to maintain equilibrium amongst the demand and supply.
Technology Analysis
The automotive timing belt market trends show that the manufacturers and the OEMs are on the way to exploring various research and development activities. These activities are being undertaken to intensify the degree of durability and life span of these belts since they have been put to use. The new products that are being introduced are made up of fiber-reinforced materials. These materials are inclusive of glass fiber that is known to have a greater strength-to-weight ratio. This fact is likely to target similar needs of the target audience and hence, has positive attributes in store for the market during the forecast period that ends in 2030.
Study Objectives
Segment Overview
The automotive timing belt market value is expected to rise during the forecast period that ends in 2030 is because of the growing productivity of the market segments in the global market scenario. The market has been segmented based on the following factors:
Based on the drive type
The driver-type segment includes dry belts, belt-in-oil, and chains.
Based on the ICE vehicle
The market segment includes commercial and passenger vehicles.
Based on the hybrid vehicle type
The global market deals in functions like hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV).
Based on the market components
The market is inclusive of components like a sprocket, idler pulleys, timing shields and covers, and tensioners amongst others.
Based on the geographical regions
The market has been divided into 4 major mushrooming regions across the globe. The regions are APAC, the North American region, the European nations, and the rest of the world (RoW).
Regional Analysis
The automotive timings belt industry is witnessing huge competition and the APAC region is acing this degree. There has been a huge rise in the population of the APAC region followed by an increase in the rising consumer disposable income followed by vehicle ownership. There has been a high degree of production and adoption of HEVs which is leading the development of this segment in the region.
Also, the North American region is showing signs of great improvement during the forecast period. The high vehicle parc and average miles that have been driven by the vehicles are likely to have positive attributes for the market in the North American region. Mexico and Canada have the highest contributions that amount to 9% and 5.6%.
Competitive Landscape
The rising degree of competition can be understood by having an idea about the prominent market players. The key players for automotive timing belt market are as follows:
Recent Developments
Intended Audience
Report Overview
The report aims to have a basic understanding of the prevailing trends in the market. The report highlights the attractiveness of the multiple market segments in the forecast period that will help in enhancing the demand degree of the market during the period. The report features both a qualitative and quantitative assessment and judgment of the available data for the market that has been put forward by the market leaders and industry analysts. Also, the technical analysis is covered that will help the market focus on its research and development goals.
Report Attribute/Metric | Details |
---|---|
Market Size | 2030 : Significant Value |
CAGR | 2030 : Substantial CAGR |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Drive Type, Component and Vehicle Type |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Continental (Germany), SKF (Sweden), BorgWarner (US), , and Tsubakimoto Chain (Japan), and research institutes such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (ACEA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA) |
Key Market Opportunities | Increasing demand for diverse high performance vehicles |
Key Market Drivers |
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The market is expected to rise at a CAGR of 5.21% during the forecast period and by the end of the period in 2028, the market is expected to reach a final market value worth USD 9.22 billion.
The APAC region market is expected to rule the market operations.
The market is witnessing 3 prominent players namely - Dayco, The Carlstar Group, and Bando USA.
The primary function of an automotive timing belt is synchronizing the rotation of the camshafts, thus ensuring that the engine valves are able to open and close at certain times.