Timing belt is a non-slipping mechanical drive belt used to drive the camshaft within an internal combustion engine. There are different types of timing belt belt-in-oil, chains, and dry belts
Increasing passenger vehicle sales in developing countries and rising demand from after sales market are major factors expected to drive the growth of global timing belt market. Demand for vehicles with advanced features is increasing. Manufacturers are focused on delivering more enhanced product of high strength and low cost. Their approach towards providing vehicle with good engine life and lower the cost to economy due to vehicle breakdown is gaining importance. According to Consumer Expenditures in 2019 by the U.S. Department of Labor's U.S. Bureau of Labor Statistics, the average costs was US$ 9,576 per year to own and operate a vehicle and the vehicle breakdown costs was US$ 4,054. Each year 69 million vehicle breakdowns occur in the U.S. Rapid product development activities by major players are approach towards introduction of new advanced products are factors expected to impact the growth of timing belt market. In 2020, Continental AG, a global automotive part manufacturer launched a “CT1228” timing belt with improved material properties especially for Citroen and Peugeot Engines. This product launch is expected to help the company to enhance the business and increase the revenue share. In addition, major players focus on acquisition in order to enhance the business and increase the product portfolio is expected to augment the target market growth.
In 2020, Michelin, a global automotive parts manufacturing company launched new line of quality automotive belts, tensioners and idlers in North America market. The products are available on Amazon for DIY customers. This is expected to help the company to increase the customer base and enhance the product portfolio.
In 2019, Continental AG, a global automotive part manufacturer acquired assets and business of CRP Industries’ Continental-related belt and belt kits program. The acquisition consist of import and domestic Continental-branded multi-V belts, accessory drive kits, V-belts, timing belts, Pro Series kits, Pro Series Plus kits and Black Series kits. This acquisition helped the company to enhance the product portfolio and enhance the customer base.
In 2019, Habasit, a global conveyor and processing belting solutions provider acquired Namil Belt Industrial Co., Ltd. (NBI) and Korea Belt Services (KBS) in South Korea. This acquisition helped the company to strengthen its position in South Korea market and increase the revenue share in the global market.
Factors such as flourishing electric vehicle segment across the globe and availability of low quality products in aftermarket are expected to hamper the growth of global timing belt market. In addition, lowering vehicle sale across the globe is expected to challenge the growth of target market. However, increasing investment by major players for R&D activities, integration of AI in timing belt system, and inclination towards belt-in-oil timing system from dry belt are factors expected to create new opportunities for players operating in the timing belt market over the forecast period. In addition, increasing partnership and agreements between regional and international players is expected to support the revenue transaction of target market.
Segment Analysis by Region
The market in Asia Pacific is expected to account for major revenue share in the global timing belt market due to high passenger vehicle sales in developing countries. Presence of major automotive manufactures operating in the country and introduction of new products are factors expected to support the revenue growth of regional market. In addition, increasing merger & acquisition activities among players in order to enhance the business is expected to boost the market growth.
The market in North America is expected to account for a moderate revenue share in the timing belt market due to low preference for diesel vehicles. Government is imposing various regulations related to environment safety which is resulting in consumer inclination towards adoption of electric vehicles.
The global timing belt market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Global Timing Belt Market
2016 – 2030
2021 – 2030
Product Type, Vehicle Type, Components and Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling,
Timing Belt Market Segment Analysis, 2019
The global timing belt market is segmented into product type, vehicle type, and components. The product type segment is bifurcated into belt-in-oil, chains, and dry belts. Among product type, the belt-in-oil segment is expected to witness faster growth in the timing belt market. The vehicle segment is divided into passenger vehicle and commercial vehicle. Among vehicle type the passenger vehicle segment is expected to account for major revenue share in the global market.
The players profiled in the report are B&B Manufacturing, ContiTech, The Carlstar Group, Gates Corporation, J.K. Fenner Limited, ACDelco, Federal-Mogul Motorparts Corporation, Bando USA, Ningbo Fulong Synchronous Belt, MAHLE Aftermarket, and Tsubaki..
Market By Product Type
Market By Vehicle Type
Market By Component
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Increasing passenger vehicle sale in the developing countries and rising demand from after sales market are major factors expected to drive the growth of global timing belt market.
In product type the belt-in-oil segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are B&B Manufacturing, ContiTech, The Carlstar Group, Gates Corporation, J.K. Fenner Limited, and ACDelco.
The Asia Pacific is expected to account for major revenue share in the global market.
In vehicle type the passenger vehicle segment is growing at faster pace.
Factors such as flourishing electric vehicle segment across the globe and availability of low quality products in aftermarket are expected to hamper the growth of global timing belt market.