Global Timing Belt Market to Reach US$ 10.7 Billion by 2032, Catalyzed by Significant Growth in the Automotive Industry

May 31, 2023 | Transportation and Logistics

According to the latest report by IMARC Group, titled “Timing Belt Market Report by Drive Type (Dry Belts, Chain, Belt in Oil), Component (Tensioner, Idler Pulleys, Timing Shield/Cover, Sprocket), Vehicle Type (Passenger Vehicle, Commercial Vehicle), Distribution Channel (OEM, Aftermarket), and Region 2024-2032," the global timing belt market size reached US$ 7.2 Billion in 2023. A timing belt refers to a mechanical component used in internal combustion engines (ICEs) and other systems to synchronize the rotation of the crankshaft and camshaft. It is comprised of several components, such as a tensioner, idler pulleys, gears, belt body, notches, and protective cover. A timing belt is manufactured using various elastic, high-strength, and durable materials, such as rubber, aramid, fiberglass, and carbon fiber. It is widely used in passenger and commercial vehicles, industrial machinery, conveyor systems, robotics, medical devices, and farming equipment, such as harvesters, tractors, and irrigation pumps. A timing belt is a cost-effective, lightweight, and compact product that requires low maintenance and exhibits excellent resistance to corrosion, moisture, and chemical degradation. It also enables accurate and precise synchronization, which reduces noise and vibration, allows efficient operations, ensures optimal performance, and improves equipment service life.

Global Timing Belt Market Trends:

The significant growth in the automotive industry is one of the primary factors propelling the market growth. A timing belt is widely used in the engines of passenger cars, motorcycles, recreational vehicles (RVs), minivans, trucks, and other commercial vehicles to ensure precise timing and synchronization, which aids in maintaining optimal engine performance. In addition to this, the implementation of strict government regulations to reduce pollution levels and improve the fuel efficiency of vehicles is acting as another growth-inducing factor. Furthermore, the widespread product application in various industrial machinery, such as conveyor systems, manufacturing equipment, printing presses, escalators, and packaging equipment, are providing an impetus to the market growth. Additionally, the adoption of high-performance materials in product manufacturing, such as Kevlar and carbon fiber, which offer higher strength, extend service life, and increase resistance to wear and fatigue, is positively influencing the market growth. Besides this, the introduction of timing belt manufactured using various coating materials, such as polyurethane (PU), fabrics, chrome leather, and polyvinyl chloride (PVC), to increase friction, reduce noise, and enhance grip on pulleys is strengthening the market growth. Moreover, the increasing product demand in the healthcare industry to enable precise and accurate movement in diagnostic equipment, surgical robots, imaging devices, and patient handling systems is supporting the market growth. Other factors, including rising inclination toward factory automation, extensive research and development (R&D) activities, and the growing demand for aftermarket products, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 10.7 Billion by 2032, exhibiting a CAGR of 4.4% during 2024-2032.

Market Summary:

  • On the basis of the drive type, the market has been divided into dry belts, chains and belt in oil.
  • Based on the component, the market has been classified into tensioner, idler pulleys, timing shield/cover and sprocket.
  • On the basis of the vehicle type, the market has been bifurcated into passenger and commercial vehicles.
  • Based on the distribution channel, the market has been divided into OEM and aftermarket.
  • On a regional basis, the market has been categorized into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the industry 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Drive Type, Component, Vehicle Type, Distribution Channel, Region
Region Covered Europe, North America, Asia Pacific, Latin America, Middle East and Africa
Companies Covered 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
Customization Scope 10% Free Customization
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Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
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Global Timing Belt Market to Reach US$ 10.7 Billion by 2032, Catalyzed by Significant Growth in the Automotive Industry
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