Automotive Timing Belt Market Research Report – Global Forecast to 2030

Automotive Timing Belt Market Information Report Drive Type (Dry Belts, Chain, Belt in Oil), Component (Idler Pulley, Sprocket, Tensioner, Timing Shield), Vehicle Type (Passenger Vehicle and Commercial Vehicle) and by Regions - Global Forecast To 2030

ID: MRFR/AM/3498-HCR | February 2021 | Region: Global | 111 pages

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Automotive Timing Belt Market Overview


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 2021-2028, 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 2028.


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 2028.


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 2028. 


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 2028.


Study Objectives



  • The market report aims to highlight the important factors and scenarios prevailing worldwide that will help in stimulating the market growth during the forecast period. Also, to understand the dynamic market factors like drivers and opportunities that will help the market and the possible restraints that might challenge the market working during the forecast period that will be ending in 2028.

  • The market report helps in gaining meaningful market insights that help in understanding the basis of the global market segmentation that will help in catering to the rising needs of the target audience during the period. Also, the market segments will help in increasing the market’s chances of reaching the predicted market revenue by the end of the period.

  • To understand the reason behind the rising market competition and the efforts of the market like mergers and acquisitions, collaborations, and joint ventures along with the recent developments that will help the market attain excellent growth during both the regional and the international market scale during the forecast period that will end in 2028.


Segment Overview


The automotive timing belt market value is expected to rise during the forecast period that ends in 2028 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:



  • B&B Manufacturing

  • Ningbo Fulong Synchronous Belt

  • ContiTech

  • MAHLE Aftermarket

  • Federal-Mogul Motorparts Corporation

  • Bando USA

  • The Carlstar Group

  • Ningbo Beidi Synchronous Belt

  • Gates Corporation

  • K. Fenner Limited

  • ACDelco

  • Dayco

  • Goodyear SKF

  • Tsubaki


Recent Developments



  • During the historic forecast period, the passenger vehicles sector ruled the market, and similar trends are expected to follow in the current forecast period of 2021-2028. There has been an increase in sales followed by a higher demand growth which will boost the sale in the OEM and aftermath market segment.

  • An expected rise in the disposable income of people followed by the need to own new vehicles is one of the trends that are likely to prevail in the upcoming 5-7 years. There has been an increase in the average miles driven that is being identified as one of the key factors that will influence the global market growth during the period.

  • The hybrid vehicle type (HEV) is one of the prominent market segments that will emerge as a dominant market segment. There has been a higher degree of production followed by the adoption of HEVs in comparison to the PHEVs that will benefit the market in the forecast period ending in 2028.


Intended Audience



  • Automotive associations and organizations

  • Timing belt kit distributors and manufacturers

  • Timing chain manufacturers

  • Tensioner pulley and idler pulley manufacturers

  • OEMs

  • Timing belt kits raw material suppliers

  • OES and independent aftermarket suppliers


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 Scope:
Report Attribute/Metric Details
  Market Size   2030 : Significant Value
  CAGR   2030 : Substantial CAGR
  Base Year   2021
  Forecast Period   2022Β toΒ 2030
  Historical Data   2019Β &Β 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

  • Increasing rate of adoption of direct injection for automobiles
  • Increase in demand for automotive timing belt market


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    Frequently Asked Questions (FAQ) :

    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.