Automotive Timing Belt Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Automotive Timing Belt Market Forecast 2024-2028 

The automotive timing belt market size is forecast to increase by USD 3.66 billion, at a CAGR of 6.55% between 2023 and 2028.

The market growth hinges on various factors, notably the escalating demand for high-performance vehicles that drive innovation and technological advancements. Another pivotal driver is the ongoing improvement in the aftermarket sector, catering to diverse customer needs and enhancing the overall automotive experience. Additionally, the market benefits from the pressing need to replace old and damaged timing belts, emphasizing safety and reliability in vehicle operations. These factors collectively contribute to a robust market landscape characterized by evolving customer preferences, enhanced product offerings, and a focus on quality and durability across the automotive industry. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

The market is driven by factors such as the demand for reliable and efficient engine performance, advancements in nylon-reinforced cords technology, and the need for durable timing components in internal combustion engines. Trends include the adoption of advanced rubber materials for enhanced durability, the integration of timing belts in hybrid vehicle engines, and the development of lightweight timing components for improved fuel efficiency. Challenges in the market include increased competition from timing chains, ensuring compatibility with modern engine designs, and addressing potential issues with belt tension and wear over time. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Improvement in the aftermarket sector is notably driving the market. Timing belt components are purchased in a standard quantity by the OEM segment to manufacture new automotive products. In addition, the requirement is large, but the bulk revenue is dependent on the global automobile industry. Furthermore, this indicates that the manufacturer's reliance on automakers for revenue and sales has decreased.

Moreover, companies such as Gates Industrial Corp. Plc, a market leader in timing belts, have taken advantage of this by expanding their aftermarket offerings. In addition, they maintain a streamlined supply chain by providing a diverse range of high-quality timing belts through various channels, such as distributors, retailers, and online marketplaces. Furthermore, Gates Industrial Corp. Plc provides robust technical support and expertise, assisting customers with installation guidance and troubleshooting resources. Hence, such factors are driving the market during the forecast period.

Significant Market Trends

The use of fiber-reinforced materials in automotive timing belts to increase lifespan is an emerging trend in the market. Fiber-reinforced materials, including fiberglass or carbon fiber, provide significantly higher tensile strength and wear resistance than traditional rubber-based timing belts. Therefore, this results in timing belts that can withstand higher loads and operate under harsher conditions, leading to increased durability and reliability. In addition, fiber-reinforced materials are lightweight but strong, allowing for the manufacture of timing belts with lower mass while maintaining strength and performance. 

Moreover, although conventional metal or steel-based automotive timing chains pose challenges, such as heavyweight, frictional wear and tear, and noise, they are most stable and durable due to their strong stiffness and creep resistance properties. In addition, OEMs and automotive timing belt manufacturers are exploring various means to increase the durability and life of rubber-based automotive timing belts. Furthermore, fiber-reinforced materials, such as glass fibers, have superior strength-to-weight ratio, corrosion resistance, and weight resistance properties, which increase the lifespan of these materials. Hence, such factors are driving the market during the forecast period.

Major Market Challenge

The emergence of GDI engines is a major challenge hindering the market. The demand for vehicles with GDI engines is on the increase. In addition, in such vehicles, the camshaft is absent, and the function of a camshaft is performed by the sensors. Furthermore, there is a rapid increase in the demand for vehicles with GDI systems, which has increased the adoption of GDI systems by automakers.

Moreover, OEMs are introducing this technology in upcoming models owing to the enhanced power and fuel efficiency. In addition, the high demand for vehicles with GDI systems comes especially from the LCV segment. Furthermore, the high demand for LCVs with improved performance and driving experience is motivating passenger car OEMs to increasingly adopt GDI systems and develop vehicles with enhanced fuel efficiency.  Hence, such factors are hindering the market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

B and B Manufacturing Inc: The company offers automotive timing belt that have a single-sided belt type with neoprene construction and fiberglass reinforcement.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 22 market companies, including:

• AISIN CORP.
• Bando Chemical Industries Ltd.
• BorgWarner Inc.
• BRECOflex Co L.L.C.
• Continental AG
• Dayco IP Holdings LLC
• DuraBelt Inc.
• Gates Industrial Corp. Plc
• General Motors Co.
• MAHLE GmbH
• MEGADYNE S.P.A
• Mitsuboshi Belting Ltd.
• Ningbo Fulong Synchronous Belt Co., Ltd
• Optibelt GmbH
• Robert Bosch GmbH
• Schaeffler AG
• SKF
• The Goodyear Tire and Rubber Co.
• Tsubakimoto Chain Co.
• Hyundai Motor Co.
• JK Fenner

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segments in the Market?

The market is segmented based on critical components such as Cambelts, Timing belts, Timing chains, Crankshafts, Camshafts, Engine valves, Intake, Exhaust strokes, Rubber, Nylon-reinforced cords, Water pumps, Oil pumps, Balance shafts, and Cylinders. These components are essential for the efficient functioning of Internal combustion engines in automobiles by synchronizing the movement of the vehicle's pistons with the combustion chamber and controlling the opening and closing of valves during the intake and exhaust strokes. The use of Nylon reinforced cords and rubber materials in timing belts ensures durability and reliability, contributing to the overall performance and longevity of internal combustion engines.

The passenger vehicles segment is estimated to witness significant growth during the forecast period. The passenger vehicles segment is expected to be the largest segment of the global owing to the rising demand for passenger vehicles across the world. In addition, APAC is a major contributor to the passenger cars segment, as the sales of passenger vehicles from this region have been the highest in recent years. Furthermore, this will boost the sales of timing belts in both the OEM segment and the aftermarket segment in the region.

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The passenger vehicles segment was the largest segment and was valued at USD 5.17 billion in 2018. Moreover, most of the sales of timing belts are expected to be generated from the hatchback variant, which is dominating the passenger vehicles segment. In addition, many manufacturers of passenger cars are focusing on expanding their product portfolios by launching new variants. For example, Hyundai Motor Co. (Hyundai Motors) launched various passenger cars during the period 2022-2023, which include Hyundai Nexo, Hyundai Santa Fe 2022, and Hyundai Ioniq. Furthermore, companies are also focusing on increasing their sales by opening new sales outlets. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

Which are the Key Regions for the Market?

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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is fuelled by the growing sales volume of automobiles in countries such as China, Japan, South Korea, and India.  This is due to these economies registering significant demand for both passenger and commercial vehicles owing to the improving socio-economic conditions and purchasing power parity. As a result, these economies dominate APAC in terms of the sales volume of automobiles.

Moreover,  APAC includes countries such as China, India, South Korea, Thailand, and Indonesia, which have abundant resources in the form of land, labor, and raw materials. Furthermore, with cheaper resources available and funding from other countries, these countries provide products that are good and economical when compared with those offered in other countries in Europe and North America. Hence, such factors are driving the market in APAC during the forecast period.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Vehicle Type Outlook 
  • Passenger vehicles
  • Commercial vehicles
• End-user Outlook 
  • OEMs
  • Aftermarket
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is a crucial segment within the automotive industry, encompassing various components essential for the smooth operation of internal combustion engines (ICEs). Key components like the Crankshaft and Engine Valves rely on the precise timing provided by timing belts. These belts, often made with Nylon-Reinforced Cords, play a critical role in synchronizing engine parts such as the Water Pump and Oil Pump, ensuring efficient combustion and optimal engine performance. In high-performance vehicles like Monster Trucks, Dirt Bikes, and Sprint Cars, timing belts are subjected to rigorous conditions, emphasizing the need for durability and reliability. The market also caters to emerging segments such as Lighter, Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), where timing belts contribute to the efficient operation of internal combustion and electric systems.

Moreover, as Auto Manufacturers focus on developing advanced technologies, components like Balance Shafts and Timing Covers are integrated with innovative features such as Belt-in-Oil Timing Systems for noiseless operation and improved longevity. Artificial Intelligence and Data Mining further enhance manufacturing processes, ensuring the production of high-quality, Profitable Vehicles with minimal downtime. The Original Equipment Manufacturer (OEM) segment is crucial in ensuring the reliability and performance of Interference engines in Hybrid Electric Vehicles (HEV) and Battery Electric Vehicles (BEVs), especially during racing events where engine components like the cambelt and toothed belt play a significant role in managing intake and exhaust strokes efficiently to enhance automobile sale and maintain the vehicle parc.

Market Scope
Report Coverage	Details
Page number	174
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 6.55%
Market Growth 2024-2028	USD 3.66 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.69
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 44%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	AISIN CORP., B and B Manufacturing Inc., Bando Chemical Industries Ltd., BorgWarner Inc., BRECOflex Co L.L.C., Continental AG, Dayco IP Holdings LLC, DuraBelt Inc., Gates Industrial Corp. Plc, General Motors Co., MAHLE GmbH, MEGADYNE S.P.A, Mitsuboshi Belting Ltd., Ningbo Fulong Synchronous Belt Co., Ltd, Optibelt GmbH, Robert Bosch GmbH, Schaeffler AG, SKF, The Goodyear Tire and Rubber Co., Tsubakimoto Chain Co., Hyundai Motor Co., and JK Fenner
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, and Market condition analysis for the forecast period.
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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2028
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market growth trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, South America, and the Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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