Timing Belt Market – Competitive Intelligence Report with Key Players and Strategies

Global timing belt market is expected to grow at a steady rate during the forecast period. The global timing belt market is driven by the increasing racing events such as motorbike races, formula one, NASCAR, among others. This has drastically increased the market for high performance vehicles which frequently require timing belts. This in turn is positively impacting the market growth through 2028. Additionally, growing consumer preferences for increasing the life of their vehicles is further expected to fuel the market growth during the forecast period. Furthermore, ongoing technological advancements such as shift towards light weight vehicle components and rising investments by the major OEMs operating in the market is expected to create lucrative opportunities for the market growth over the next few years. However, high cost of timing belt can hamper the market growth. Besides, growing adoption of electric vehicles can further impede the market growth during the forecast period.

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The global timing belt market is segmented based on vehicle type, component, drive type, demand category, company and region. Based on the vehicle type, the market can be categorized into passenger car, commercial vehicle and others. The passenger car segment is expected to dominate the market on account of the rising income levels and growing demand for passenger cars, especially in the emerging countries. Additionally, growing production of passenger cars with ICE engine due to increasing vehicle ownership further drives the segmental growth.

Regionally, the timing belt market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Asia Pacific is expected to register the highest growth in the overall timing belt market owing to the increasing vehicle production especially in China and India. Additionally, increasing manufacturing of automotive components and accessories due to low manufacturing and labor costs in the region is expected to create lucrative opportunities for the market growth.

The major players operating in the timing belt market are Continental AG, Toyota Motor Sales U.S.A., Inc., Aisin Europe Aftermarket, The Goodyear Tire & Company, Tsubakimoto Chain Co. (Tsubaki Group), Schaffler Holdings AG, Borgwarner, Inc., NTN Corporation, J.K. Fenner Ltd., SKF Group and others. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In October 2022, Continental AG acquired assets and business of CPR’s Industries’ Continental related belts and bet kits program for bringing all its Continental Branded aftermarket belt products under its North American Business

Objective of the Study:

• To analyze and estimate the market size of global timing belt market from 2018 to 2021.
• To estimate and forecast the market size of global timing belt market from 2022 to 2028 and growth rate until 2028.
• To classify and forecast global timing belt market based on vehicle type, component, drive type, demand category, company, and regional distribution.
• To identify dominant region or segment in the global timing belt market.
• To identify drivers and challenges for global timing belt market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global timing belt market.
• To identify and analyze the profile of leading players operating in global timing belt market.
• To identify key sustainable strategies adopted by market players in global timing belt market.

 

Report Scope:

In this report, global timing belt market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Global Timing belt Market, By Vehicle Type:
  • Passenger Car
  • Commercial Vehicle
  • Others
• Global Timing belt Market, By Component:
  • Tensioner
  • Timing Shield/Cover
  • Sprocket
  • Idler Pulley
  • Others
• Global Timing belt Market, By Drive Type:
  • Dry Belts
  • Chain
  • Belt in Oil
  • Others
• Global Timing belt Market, By Demand Category:
  • OEM
  • Aftermarket
• Global Timing belt Market, By Region:
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Kuwait
  • South America
    • Brazil
    • Argentina
    • Colombia

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