Timing Belt Market is forecast to reach $9.5 billion by 2025, growing at CAGR 4.2% during 2020-2025 owing to the increase in the sales of crossover utility vehicles and light commercial vehicles. Timing belt in IC engines, synchronizes the crankshaft’s rotation with the cam shaft, which opens and closes the engine valves. Some of the components used along with the timing belt include tensioner, idler pulleys, shield/cover and the sprocket. The timing belt is mounted over idler pulley, along with the crankshaft and camshaft pulleys to route the timing belt in its correct position. The growing adoption of hybrid light and heavy commercial electric vehicles during 2020-2025 is set to play a major role in driving the Timing belt market size.
- Light Commercial Vehicles segment for timing belt market is set to witness the highest growth majorly attributed to increase in demand for LCVs during the forecast periods
- Timing belt market for Plug in Hybrid Electric Vehicle (PHEV) is set to grow at the highest rate owing to the lower GHG emission from hybrid vehicles as compared to pure electric vehicles in economies with fossil dominated power generation mix
- APAC dominated the global timing belt market in terms of share as well as growth rates owing to the blooming demand of automobiles in South East Asia in 2019.
- Timing belt top 10 companies include Continental AG, BorgWarner, Schaeffler, SKF, NTN Corporation, Aisin, Tsubakimoto, B&B Manufacturing, ERIKS, Gates Corporation among others.
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Geography – Segment Analysis
APAC acquired the major market share of 42.2% of the timing belt market in 2019 and it is also estimated to witness the highest growth rate during 2020-2025, owing to growing demand of automobiles in the South East Asian region along with India and China. As per The Organization International des Constructers d’Automobiles (OICA), the production of vehicles in South East Asian countries including Indonesia, Malaysia, and Thailand increased by 10%, 12.6% and 9% respectively in 2018 as compared to that of 2017.
Drivers – Timing Belt Market
- Paradigm Shift to EURO VI Emissions Standards
Market Landscape: Timing belt top 10 companies include Continental AG, BorgWarner, Schaeffler, SKF, NTN Corporation, Aisin, Tsubakimoto, B&B Manufacturing, ERIKS, Gates Corporation among others.
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