The global automotive timing chain and belt market is projected to grow at a CAGR of 4.5% over the forecast period, according to FMI’s analysis. The market value is expected to rise from USD 8.6 billion in 2023 to USD 13.2 billion by 2033.
This market is set to capitalize on significant opportunities as manufacturers begin to integrate Artificial Intelligence (AI) and data mining into their production processes. The increasing adoption of automotive timing chains and belts is largely influenced by stricter emission regulations and other driving factors.
Moreover, the growing number of racing events featuring a variety of vehicles with varying engine sizes is anticipated to boost demand for high-performance vehicles. This includes SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars that utilize interference engines.
The rise in sales of high-performance vehicles is likely to elevate the demand for timing belts, which are crucial for the operation of interference engines. With increased participation in racing events, the automotive timing chain and belt market is expected to see a positive growth trajectory.
Original Equipment Manufacturers (OEMs) and timing belt manufacturers are actively engaging in research and development initiatives aimed at improving the durability and longevity of these components. The rising importance of fiber-reinforced materials, known for their ability to enhance component lifespan, is driving market growth. These materials provide advantages such as a higher strength-to-weight ratio, corrosion resistance, and weight resistance, further promoting their use in the industry.
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Key Takeaways from the Automotive Timing Chain & Belt Market Report:
- China is projected to assume a high speed of market growth in the next ten years. The country is expected to register a 6.1% CAGR from 2023 to 2033 to attain US$ 4.3 billion by 2033.
- The United Kingdom automotive chain & belt market is slated to achieve market revenue of US$ 229.8 million by 2033. The industry is likely to exhibit a CAGR of 2.6% over the forecast period. Increasing research and innovations in the market are projected to boost market development in the country.
- The United States market is pegged to attain market revenue of US$ 1.5 billion by 2033. Over the course of the next ten years, the market is projected to demonstrate a 3.3% CAGR. Expanding the automotive sector and increasing the adoption of fiber-reinforced materials in the manufacturing process are projected to boost the market growth.
- The chain segment is anticipated to represent a CAGR of 4% over the forecast period. New innovations and establishments to advance the chains segment is projected to boost market expansion.
- The gasoline-powered engine segment is anticipated to exhibit an improved CAGR of 4.4% over the forthcoming years, higher than the 3.9% witnessed in the historical period. Increasing preference for these engines, in addition to growing sales of automotive, is expected to boost the market growth.
Leading Key Players:
- Tsubakimato Chain Co.
- BG Automotive
- Continental AG
- BorgWarner Inc.
- Denso Corporation
- Schaeffler Technologies AG & Co. KG
- Mitsuboshi Belting Ltd.
- L.G. Balakrishan & Bros Ltd
- Daido Kogyo Co. Ltd.
- SKF AB
- Iwis Group
- Gates Corporation
- Dayco Products LLC
- Qingdao Choho Industrial Co. Ltd.
- Rockman Industries Ltd.
- Sumax Industry Limited
- CIC USA Corp
- KCM Automobile Transmission Co. Ltd
- Mahle GmbH
Recent Developments:
In September 2022, BorgWarner, a Michigan-based company, inaugurated a new Variable Camshaft Timing (VCT) manufacturing unit in Tamil Nadu. This new facility will have centralized assembly of VCT systems and high-performance engine control. Along with this, the factory will also have space for shipping and warehousing. The motive behind the company’s expansion is a heightened order book and a rise in localized sourcing.
In June 2020, Continental AG launched a new timing belt, the CT1228 timing belt, for Peugeot engines and special Citroen. The new CT1228 timing belt has better material properties, which supersedes that of CT1188. These are developed for engines, which permits timing belt to run directly in oils. Additionally, these belts offer greater smoothness and efficiency even in older, high-mileage engines.
Automotive Timing Chain & Belt Market Segmentation:
By Product Type:
- Chain
- Roller Chain
- Non-Roller Chain
- Belt
- Dry Belt
- Belt In Oil
By Engine Type:
- Gasoline
- Inline Engine
- V-Engine
- Diesel
- Inline Engine
- V-Engine
By Vehicle Type:
- Passenger Car
- LCV
- HCV
- Off-Highway Vehicles
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Japan
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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