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

Timing Gear Market Forecast 2024-2028 

The timing gear market size is projected to increase by USD 1.83 billion, at a CAGR of 5.05% between 2023 and 2028. Market growth is contingent upon several factors, notably the rising demand for high-performance vehicles, the advancement of lightweight, cost-effective, and durable timing gear, and increased regulatory initiatives by governing authorities. These elements collectively shape market dynamics, reflecting the evolving needs and preferences of consumers and industry regulations. With a growing market for high-performance vehicles and ongoing advancements in technology, coupled with regulatory actions, the market anticipates continued growth opportunities.

Moreover, the market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including, Bhagat Forge Ltd., BorgWarner Inc., Cummins Inc., Fortune-Cross Co. Ltd., FUJIMAK Corp., Hitachi Ltd., Hyundai Wia Corp., Indutrade AB, JTEKT Corp., Melling, Nexteer Automotive Group Ltd., NTN Corp., RACL Geartech Ltd., Regal Rexnord Corp., The Timken Co., Trelleborg AB, Mohit Engineers Pvt. Ltd, and Wanxiang America Corp. Additionally, ACPT Inc. company offers timing gear such as ACPT carbon fiber drive shafts which produce rear wheel horsepower gains and cut NVH.

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

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Market Dynamics 

In the automotive sector, the market plays a pivotal role in enhancing engine performance and fuel efficiency. By synchronizing the opening and closing of intake valves and exhaust valves, timing gears contribute to improved engine performance and optimized fuel economy. Manufacturers prioritize lightweight and low-cost timing gear solutions to achieve weight reduction and enhance overall fuel efficiency. The Automotive Component Market relies on Import/Export Analysis and Pricing Analysis to maintain competitiveness. Pestle Analysis helps in assessing market dynamics, while addressing lag is crucial for optimizing engine performance. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

The increasing demand for high-performance vehicles is the key factor driving the market. Competitive automotive racing was initially focused on popular racing series, such as Formula One, NASCAR, WorldSBK, and Isle of Man TT, which attracted many sponsorships and promotional activities. However, there has been an increase in the variety of races with different vehicles having varying engine sizes, such as SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars that have interference engines.

Moreover, timing gears in high-performance vehicles are engineered to withstand extreme conditions and ensure accurate and minimal power loss due to friction or backlash. Further, non-interference engines do not have direct contact between the piston head and the engine valve. As the interference engine is used for better vehicle performance, the timely replacement of such gear is important. Therefore, such factors will drive market growth market during the forecast period

Significant Market Trends

The use of advanced yet rigid materials and technology is the primary trend shaping the market. Iron casting or forging has a low cost of production with less complex geometric requirements and has the capacity for high vibration absorption. However, they are less efficient and heavy. The increasing government norms and regulations on vehicular emissions and fuel economy are forcing OEMs to produce lightweight vehicles with low fuel consumption and high durability and performance.

Consequently, automotive timing gear manufacturers are shifting their focus toward altering the structure of timing gear to integrate them with the cylinder heads to achieve higher fuel efficiency and durability. Moreover, the development of such timing gear designs, which integrate light yet rigid materials while incorporating the latest technologies, is not only aiding in improving the performance of vehicles but also helping in reducing hydrocarbon emissions, thereby making automobiles more energy efficient. Thus, these factors are expected to drive market growth during the forecast period.

Major Market Restrain

High costs and complexities associated with replacement are the major challenge that affects the market expansion. With the addition of electronic sensors, the engine can perform more efficiently and effectively. When the camshaft rotates, the sensor can magnetically detect its position of rotation continuously. The information is sent to the engine computer for data comparison with the position. Therefore, the two signals should match with each other to eliminate any sort of error. If the engine senses that the combustion timing is out of time and proportion, the engine may fail to work and can completely come to a halt and seize. 

Further, the replacement cost of a timing gear is not that high, but the repair is very time-consuming and involves a high cost of labor. If the timing gear is not repaired, it can seriously damage the engine and lead to an even more expensive operation of engine rebuilding. For the replacement of timing gear in the aftermarket, most garages would charge around USD 1,200- USD 1,600 for vehicles that are fitted with overhead cams. The labor costs are estimated to be between USD 650 and USD 800. The replacement of timing gear requires disassembly of the timing components of the engine, such as belts and pulleys, which is an extremely labor-intensive operation. Thus, such factors may impede market growth during the forecast period.

Market Segmentation 

Automakers prioritize light, low-cost, and long-life timing gear solutions to meet corporate average fuel economy (CAFÉ) standards. This market segment is integral to the broader automotive market, driving innovation in fuel-efficient technologies and automotive components such as belt technology. In the automotive industry, timing gear technology addresses critical concerns like emissions and fuel efficiency.

By Mention Segment

The market share by the passenger vehicles segment will be significant during the forecast period.  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. This will boost the sales of timing gears in both the OEM segment and the aftermarket segment in the region. Most of the sales of timing gears are expected to be generated from the hatchback variant, which is dominating the passenger vehicles segment.

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The passenger vehicles segment showed a gradual increase in the market share of USD 3.52 billion in 2018. Many manufacturers of passenger cars are focusing on expanding their product portfolios by launching new variants. Further, with the increasing number of passenger car users and rising environmental concerns, energy recovery systems aid in maximizing the efficiency of conventional internal combustion engines by reducing energy losses and optimizing power utilization in these cars. Thus, these factors are expected to contribute towards the growth of the passenger cars segment in the market during the forecast period.

Market Segmentation By End-user

The OEM?segment will account for the largest share of this segment.?The timing gear 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 has been an increase in the sales of electric vehicles (EVs), especially in APAC, the major market for timing gear. These factors will impact the global timing gear market in the OEMs segment. Thus, the high sales of passenger and commercial vehicles, coupled with the increasing disposable income of people, are expected to drive the growth of the OEM vehicles segment in the market during the forecast period.

Regional Overview

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North America is estimated to contribute 46% to the growth of the global market during the forecast period. 
Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. North America is a significant contributor to the market, with expected substantial growth driven by increased demand for commercial vehicles. The US and Canada are poised to lead this growth, fueled by automotive production, particularly as manufacturers relocate facilities to Mexico for cost advantages. In the US, utility vehicles like SUVs and heavy trucks, alongside autonomous vehicles, are in high demand. However, market share may fluctuate due to economic uncertainties and factors like input costs and consumption patterns from low-cost countries. The rising popularity of SUVs and crossovers further drives demand for timing gears in the passenger cars segment.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, 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 and trends strategies.

Global Market Customer Landscape

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.

• American Axle and Manufacturing Holdings Inc.: The company offers timing gear such as Actuator rings, Apply plates, Axle shafts, PTU shafts and gears, Relay rods, Ring gears, Rubber overmold, and Scissor gears.

Market analysis and report of 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.

Segment Overview

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

• Vehicle Type Outlook
  • Passenger vehicles
  • Commercial vehicles

• End-user Outlook
  • OEM vehicles
  • 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 plays a pivotal role in engine operation, ensuring precise camshaft and crankshaft rotation to maintain optimal performance. With the advent of modern engines and the push towards meeting stringent emission standards such as Euro VI, demand for timing belts and timing chains has surged. Manufacturers are focusing on developing fuel-efficient engines with low emission levels, driving innovations like timing chain friction reduction. Moreover, the introduction of Camless Engines and advancements in timing gear size is reshaping the automotive sector, attracting attention from OEM (original equipment manufacturer) and the aftermarket industry alike.

Further, in the realm of timing gear technology, precision is paramount, with degree lag meticulously managed to optimize engine performance. Compliance with Euro VI emission norms enforced by international bodies underscores the demand for fuel-efficient engines in automotive manufacturing. Manufacturers are investing in advanced engines and lightweight timing gear solutions to enhance fuel efficiency and reduce emissions. This trend is mirrored in both vehicle production by automobile manufacturers and the aftermarket sales segment, driving growth and innovation in the automotive timing gear industry.

Market Scope
Report Coverage	Details
Page number	154
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 5.05%
Market Growth 2024-2028	USD 1.83 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	4.02
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 46%
Key countries	US, Canada, China, UK, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	ACPT Inc., American Axle and Manufacturing Holdings Inc., Bhagat Forge Ltd., BorgWarner Inc., Cummins Inc., Fortune-Cross Co. Ltd., FUJIMAK Corp., Hitachi Ltd., Hyundai Wia Corp., Indutrade AB, JTEKT Corp., Melling, Nexteer Automotive Group Ltd., NTN Corp., RACL Geartech Ltd., Regal Rexnord Corp., The Timken Co., Trelleborg AB, Mohit Engineers Pvt. Ltd, and Wanxiang America Corp.
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 report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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