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The automotive timing belt market share is expected to increase to USD 37.62 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.4%.
This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (OEMs and automotive aftermarket), vehicle type (passenger vehicles and commercial vehicles), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The market report also offers information on several market vendors, including AB SKF, ACDelco, Aisin Corp., B and B Manufacturing, Bando Chemical Industries Ltd., Continental AG, Dayco IP Holdings LLC, DuraBelt Inc., Gates Industrial Corp. Plc, J.K. Fenner India Ltd., NCC Inc., Ningbo Beidi Synchronous Belt Co. Ltd., NingBo Fulong Synchronous Belt Co. Ltd., Optibelt GmbH, Schaeffler AG, Tenneco Inc., The Goodyear Tire and Rubber Co., and Tsubakimoto Chain Co. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The improvement in the aftermarket segment is notably driving the market growth, although factors such as the increase in annual wage leading to declining profit margins may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive timing belt industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Timing Belt Market Driver
The improvement in the aftermarket segment is one of the key drivers fueling the market growth. Primarily, the OEM segment purchased timing belt components in a standard quantity to produce new automotive products. Well, the requirement is large but the bulk revenue is dependent on the global automobile market. The timing belt occupies a large market share after the automotive wiper system in the aftermarket segment. However, manufacturers in the aftermarket sector have their own distribution channels for both global and local markets. On the other hand, the growing middle-class population, in conjunction with increasing purchasing power, is driving the sales of vehicles and providing potential opportunities for aftermarket parts, such as automotive timing belts. Thus, such factors will drive market growth during the forecast period.
Key Automotive Timing Belt Market Trend
The use of thermally-stable materials for producing timing belts is one of the key market trends propelling the market growth. Thermally stable materials such as elastomers made of HNBR, which have the properties to maintain physical strength and structure when exposed to constantly increasing heat, can be used to manufacture automotive timing belts. However, HNBR is expensive when compared with conventional fibres used in manufacturing as the compounds have a high tensile strength of 20 MPa 31 MPa at 73.4 degrees F. Furthermore, they are highly heat resistant. For instance, automotive timing belts made of HNBR can operate in temperatures that range from -40 degrees F to 329 degrees F. Such factors are anticipated to propel the market growth during the forecast period.
Key Automotive Timing Belt Market Challenge
The increase in annual wage leading to declining profit margins is one of the factors impeding the market growth. There are many upcoming stringent environmental requirements for operating a production facility, which is posing a challenge and cost pressure on automotive parts manufacturers in emerging countries such as China and India. Meanwhile, as the production cost increases, manufacturers will have to explore other means to maintain the low-cost advantage and their profit margins, where the automotive parts manufacturers, including timing belt manufacturers, will witness additional pressure from OEMs. Such increasing pressure will impede the market growth during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive timing belt market as a part of the global auto parts and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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57% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the automotive timing belt in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
The government will focus on increasing the investments from global vendors operating in the automotive sector, which will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 led to a decline in the growth of the market in APAC. However, the initiation of vaccination drives and the resumption of cross-border trading activities revived the growth of the market in the first half of 2021. Also, the rising demand for EVs, the growing e-commerce industry, and the increasing government investments in the automobile industry are expected to propel the growth of the market in APAC during the forecast period.
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The market share growth by the OEMs segment will be significant during the forecast period. The sales volume of the timing belt in the OEMs segment increases with the increase in the production of the vehicles. The timing belt is a crucial component of ICE, and there is no equivalent substitute for it. Therefore, the sales volume is expected to grow during the forecast period. Furthermore, there is an increase in the sales of EVs, especially in APAC, the major market for the timing belt. These factors will positively impact the timing belt market in the OEMs segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.
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Automotive Timing Belt Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.4% |
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Market growth 2022-2026 |
$ 37.62 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.64 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 57% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB SKF, ACDelco, Aisin Corp., B and B Manufacturing, Bando Chemical Industries Ltd., Continental AG, Dayco IP Holdings LLC, DuraBelt Inc., Gates Industrial Corp. Plc, J.K. Fenner India Ltd., NCC Inc., Ningbo Beidi Synchronous Belt Co. Ltd., NingBo Fulong Synchronous Belt Co. Ltd., Optibelt GmbH, Schaeffler AG, Tenneco Inc., The Goodyear Tire and Rubber Co., and Tsubakimoto Chain Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Vehicle Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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