The global timing belt market was worth US$ 6.3 Billion in 2018. A timing belt is a ribbed belt that is used to create a synchronisation between the crankshaft’s rotation and the engine valves so that the valves will open and close at an appropriate time. A timing belt is fixed under a timing cover situated in front of the engine. It is commonly manufactured out of high-quality rubber with nylon-reinforced cords inside to extend the life of the belt. A timing belt is also used to drive some additional components like water pump, oil pump, balance shaft, etc. which are also required to be synchronised with the crankshaft.
Rising sales of new automobiles along with an increasing demand from the replacement market is expected to catalyse the global demand of timing belts. Automobile sales have been strong in both developed and emerging markets after a period of sluggish growth in many regions as a result of the global economic slowdown. This has catalysed the demand of timing belts from the OEM segment. Although OEM sales account for a major share of the global timing belt market, the bulk of the demand comes from the replacement segment. The size of the replacemet market for timing belts is significantly higher than the OEM market as most timing belts normally need to be replaced as part of regular maintenance every 60,000 to 100,000 miles. Europe and North America currently account for the bulk of the global timing belt market. The Asia pacific region, however, represents the fastest growing market catalysed by a strong growth in automobile sales in China, India, South Korea, Thailand, etc. Looking forward, we expect the global timing belt market to reach a value of US$ 8.8 Billion by 2024, exhibiting a CAGR of 5.6% during 2019-2024.
Based on the drive type, the market has been segmented into dry belts, chains and belt in oil.
Based on the component, the market has been segmented into tensioner, idler pulleys, timing shield/cover and sprocket.
Based on the vehicle type, the market has been segmented into passenger vehicle and commercial vehicle.
Based on the distribution channel, the market has been segmented into OEM and aftermarket.
Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being B&B Manufacturing, ContiTech, The Carlstar Group, Gates Corporation, J.K. Fenner Limited, ACDelco, Federal-Mogul Motorparts Corporation, Bando USA, Dayco, Ningbo Beidi Synchronous Belt, Goodyear SKF, Ningbo Fulong Synchronous Belt, MAHLE Aftermarket and Tsubaki.
Key questions answered in this report:
How has the global timing belt market performed so far and how will it perform in the coming years?
What are the key regional markets in the global timing belt industry?
What is the breakup of the global timing belt market on the basis of drive type?
What is the breakup of the global timing belt market on the basis of component?
What is the breakup of the global timing belt market on the basis of distribution channel?
What is the breakup of the global timing belt market on the basis of vehicle type?
What are the various stages in the value chain of the global timing belt market?
What are the key driving factors and challenges in the global timing belt market?
What is the structure of the global timing belt market and who are the key players?
What is the degree of competition in the global timing belt market?
How are timing belts manufactured?