New York, United States , Aug. 14, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Timing Belt Market Size is to Grow from USD 7.01 Billion in 2023 to USD 10.61 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.23% during the projected period.
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A belt that connects a vehicle's crankshaft and camshaft to drive the opening and closing of an engine's valves. The automotive timing belt, often known as the cambelt, is essential to the operation of internal combustion engines. Timing belts are comprised of high-quality rubber with nylon-reinforced strands to increase their durability. The timing belt's role is to synchronize the rotation of the crankshaft and camshaft; if this is accomplished, the car's pistons and valves will function properly. In some cases, the timing belt travels straight through the oil. Manufacturers use this design to reduce friction in the engine, resulting in lower emissions. At the same time, this ensures low-noise operation and precise timing. Timing belts are a key component of internal combustion engines; therefore, growth in the automotive industry has a direct impact on product demand. The automotive timing belt industry is being driven by increased vehicle production and sales around the world. Due to the market growth being limited by the desire for pure battery electric vehicles, there may be a decline in demand for timing belts and other classic engines and parts.
Browse key industry insights spread across 253 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Timing Belt Market Size, Share, and COVID-19 Impact Analysis, By Type (Belt-In-Oil, Chains, and Dry Belts), By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) By Distribution Channel (OEM and Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The belt-in-oil segment accounted for the largest revenue share of the automotive timing belt market during the projected timeframe.
Based on the type, the automotive timing belt market is divided into belt-in-oil, chains, and dry belts. Among these, the belt-in-oil accounted for the largest revenue share of the automotive timing belt market during the projected timeframe. The oil timing belt is more resistant to oil and heat than standard rubber belts and operates inside the engine block oil environment, wherever oil sticks and rubber belts used to be accessible.
The passenger vehicles segment is anticipated to grow at the highest CAGR of the automotive timing belt market during the projected timeframe.
Based on the vehicle type, the automotive timing belt market is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger vehicles segment is anticipated to grow at the highest CAGR of the automotive timing belt market during the projected timeframe. Passenger vehicles include sedans, hatchbacks, SUVs, and minivans. Timing belts in passenger vehicles are critical for ensuring precise synchronization of engine components, resulting in improved performance, fuel efficiency, and emissions regulation.
The OEM segment dominates the market with the highest market share of the automotive timing belt market during the projected timeframe.
Based on the distribution channel, the automotive timing belt market is divided into OEM and aftermarket. Among these, the OEM segment dominates the market with the highest market share of the automotive timing belt market during the projected timeframe. OEMs play an essential part in driving demand for timing belts since they determine the specifications, standards, and sourcing decisions for the components used in their vehicles. The OEMs market is significant because of the enormous volume of new vehicle production internationally, where timing chains and belts are essential elements for engine performance and durability.
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North America is expected to hold the largest share of the automotive timing belt market over the forecast period.
North America is expected to hold the largest share of the automotive timing belt market over the forecast period. This is due to a well-established automotive sector, higher rates of vehicle ownership, and strong demand for spare parts. The region's market share expanded, thanks in large part to the extensive number of vehicles in North America that needed timing belt replacement and maintenance, as well as the robust aftermarket ecosystem that supported the sale of automotive components. North America benefited from the presence of major automakers and suppliers, which helped to foster a competitive market for timing belts as well as associated products.
Europe is predicted to grow at the fastest pace in the automotive timing belt market during the projected timeframe. This is due to its large automobile market, high-quality standards, and emphasis on automotive maintenance and repair. European consumers continually place a high priority on vehicle performance and dependability, fueling demand for high-quality timing belts and related components. Furthermore, Europe's promotion of sustainability and environmental consciousness has increased the need for timing belt systems that enable fuel-saving methods while adhering to emissions laws.
The automobile timing belt market in Asia Pacific is growing rapidly. Asia Pacific is the most important market for automotive timing cover providers due to the region's growing automobile manufacturing. Increased technological advancements, increased vehicle sales, and demands for quicker covers are all contributing to regional market progress. Timing belts were in great demand in China, India, and Japan, due to increased production and sales of passenger automobiles, commercial vehicles, and light trucks. Furthermore, Asia-Pacific's market share was enhanced by the presence of a big consumer base, acceptable government regulations, and investments in car manufacturing infrastructure.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the automotive timing belt market are AISIN CORP., Bando Chemical Industries Ltd., BorgWarner Inc., BRECOflex Co L.L.C., Continental AG, Dayco IP Holdings LLC, Daido Kogyo Co. Ltd, SKF AB, Iwis Group, Gates Corporation, B&B Manufacturing, Carlstar Group, Mitsuboshi Belting Ltd., Ningbo Fulong Synchronous Belt Co., Ltd and others.
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Recent Developments
- In February 2024, Cloyes Gear & Products, Inc., a worldwide producer and builder of mission-critical timing drive systems and components for the automotive aftermarket, announced the acquisition of Automotive Tensioners, Inc., a market leader in front-end accessory drive driving chains and tensioners.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive timing belt market based on the below-mentioned segments:
Global Automotive Timing Belt Market, By Type
- Belt-In-Oil
- Chains
- Dry Belts
Global Automotive Timing Belt Market, By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Automotive Timing Belt Market, By Distribution Channel
- OEM
- Aftermarket
Global Automotive Timing Belt Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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