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Global Timing Belt Market Projected to Reach US$ 8.8 Billion by 2024

According to the latest report by IMARC Group titled, “Timing Belt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 6.3 Billion in 2018. Looking forward, the global timing belt market is expected to reach a value of US$ 8.8 Billion by 2024, exhibiting a CAGR of around 5.6% during 2019-2024.

A timing belt, also known as cam belt, is a rubber belt that plays a vital role in internal combustion engines. It is placed below the timing cover which is present in front of the engine. The primary function of timing belts is to connect and synchronize the rotations of crankshaft and camshaft. The absence of a timing belt leads to the collision of pistons and valves which can cause severe damage to the engine. The timing belt also acts as a water pump, balance shaft and oil pump which need to be synchronized with the crankshaft.

Over the past few years, the rising sales of automobiles along with a noticeable increase in the demand for timing belts from the replacement industry have positively influenced the growth of the market. Besides this, there has been a rise in the number of recreational races with vehicles having different engine sizes such as SUVs, monster trucks, dirt bikes, and sprint cars. As timing belts sustain frequent damages in these races, manufacturers are introducing high-quality products for individuals participating in these events.

Market Segmentation:

Breakup by Drive Type:

  •  Dry Belt
  •  Chain
  •  Belt in Oil

Breakup by Component:

  •  Tensioner 
  •  Idler Pulleys 
  •  Timing Shield/Cover
  •  Sprocket
  • Breakup by Distribution Channel:
  •  Construction and Infrastructure
  •  Mining
  •  Oil and Gas
  •  Others

Breakup by Vehicle Type:

  •  Passenger Vehicle
  •  Commercial vehicle

Regional Insights:

  •  North America
  •  Europe
  •  Asia Pacific
  •  Middle East and Africa
  •  Latin America

Competitive Landscape

The report has also examined the competitive landscape of global timing belt market. Some of the major players in the market are 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.

Key highlights of the report:

  • Market Performance
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Competitive Structure
  • Profiles of Key Players