The timing belt market was valued US $6,594.0 Mn in the year 2018 and is expected to reach US $10,100.7 Mn by 2026, growing with a CAGR of 5.6% during the forecast period.
A timing belt is a ribbed belt that is placed between the crankshaft and the engine valves to create synchronization so that the valves are opened and closed at a suitable time for the smooth operation of the machine. A timing belt is mainly used in the automotive and textile industry. It is also used in some additional components like oil pumps, water pumps, balance shaft, and others, which are required to be synchronized with the crankshaft.
Timing Belt Market Segmentation |
|
| Reinforcement Type | Rubber |
| Polyurethane (PU) | |
| Kevlar | |
| Steel | |
| Polyester | |
| Fiberglass | |
| Others | |
| Component Type | Tensioner |
| Idler Pulleys | |
| Timing Shield/Cover | |
| Sprocket | |
| Industry Vertical | Automotive |
| Textile | |
| Machine Tools | |
| Pumps | |
| Others | |
| Distribution Channel | OEM |
| Aftermarket | |
| By Region | North America (US and Canada) |
| Europe (UK, Germany, France and Rest of Europe) | |
| Asia Pacific (China, Japan, India and Rest of Asia Pacific) | |
| Latin America (Brazil, Mexico, and Rest of Latin America) | |
| Middle East & Africa (GCC and Rest of Middle East & Africa) | |
Growth in the automotive sector in developing regions is resulting in a rise in demand for timing belts. Further, the preference for high mileage vehicles among consumers is also resulting in the rise in demand for timing belts over the years. However, the presence of substitute products such as timing chain is restraining the overall timing belt market.
Further, replacement cost complexity of timing belts is also a major factor that is restraining the timing belt market. Recent years have witnessed preference towards high mileage and vehicle performance compared to the interior and exterior styling. Mileage is an important indicator of the condition of a vehicle. Earlier, 100,000 miles covered by a vehicle was considered a long life for the vehicle. However, new technological integration has resulted in the introduction of models that can roll through 200,000 to 300,000 miles.
Therefore, while purchasing a high mileage vehicle, proper timing belts also come into consideration. Timing belts play an important role in the proper functioning of the car engine. Most modern vehicles are equipped with timing belts, which are a critical component in vehicles. A failure of timing belts results in vehicle shut down while driving.
Rubber timing belt dominated the global timing belt market in the year 2018
Rubber timing belts are preferred more than other belts, owing to their high tensile strength, temperature resistance, and oil resistance. In the automotive sector, rubber timing belts are adopted more than the timing chains. Moreover, rubber as a material is considered to be affordable compared to other materials. Rubber timing belts accounted for the largest market share of 30.4% in terms of volume in the global timing belt market in 2018.
The tensioner segment was valued at US$ 2062.4 Mn in 2018 and is expected to hold the largest market share during the forecast period.
The main function of a tensioner is to maintain the tension on the timing belt. The timing belt is made of rubber and it runs over and through a structure of gears and pulleys. Over a period of time, due to heat and age, the belt loses its elasticity and stretches out. As the belt stretches, it becomes loose and so, a tensioner is required to adjust the belt as and when needed, in order to keep it tight. There are mainly two types of belt tensioners - hydraulic tensioners and mechanical tensioners.
The Asia Pacific dominated the timing belt market in 2018, with a market share of 31.5% in terms of value.
The demand for timing belts in Asia-Pacific is derived from the rising demand for passenger vehicles. The production of passenger vehicles in this region is nearly 44 million (as per the record of OICA), which is approximately 60% of the global passenger car production. The availability of cheap labor and adoption of emerging technologies for motor vehicle production are driving the demand for timing belts in the Asia-Pacific region.
The demand for timing belt has been supported by the OEMs in this region. According to IBEF, the Indian textile industry was valued at around US$ 108 billion in 2017 and is expected to grow at a CAGR of 20% during the forecast period. Moreover, India stands 12th in the production and 8th in the consumption of machine tools in the world. The textiles & machine tools industry is contributing towards increasing the demand for timing belts in Asia Pacific, which will fuel the growth of the Asia-Pacific timing belt market.
Company Profiles and Competitive Intelligence:
The major players in the timing belt market are Continental AG, J.K Fenner Ltd., B&B Manufacturing, SKF, Gates Corporation, ACDelco, Bando USA, Inc., NingBo Fulong Synchronous Belt Co., Ltd., Dayco IP Holdings, LLC, and AISIN SEIKI Co., Ltd. Among others.
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Table of Content
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Approach Adopted
1.3.4.1 Top-Down Approach
1.3.4.2 Bottom-Up Approach
1.3.5 Assumptions
1.4 Market Segmentation Scope
Chapter 2 Executive Summary
2.1 Market Summary
2.1.1 Global Timing Belt Market, 2016-2026, (Mn Units) (US$ Mn)
2.1 Market Snapshot: Global Timing Belt Market
2.2 Market Dynamics
2.3 Global Timing Belt Market, by Segment, 2018
2.3.1 Global Timing Belt Market, by Reinforcement Type, 2018, (Mn Units) (US$ Mn)
2.3.2 Global Timing Belt Market, by Component Type, 2018 (Mn Units) (US$ Mn)
2.3.3 Global Timing Belt Market, by Industry Vertical, 2018 (Mn Units) (US$ Mn)
2.3.4 Global Timing Belt Market, by Distribution Channel, 2018 (Mn Units) (US$ Mn)
2.3.5 Global Timing Belt Market, by Region, 2018 (Mn Units) (US$ Mn)
2.4 Premium Insights
2.4.1 Timing Belt Market in Developed Vs. Developing Economies, 2018 vs 2023
2.4.2 Global Timing Belt Market: Regional Life Cycle Analysis
Chapter 3 Market Dynamics
3.1 Market Overview
3.2 Market Drivers
3.2.1 Increasing preference towards high mileage vehicles
3.2.2 Growth in the automotive sector in developing economies
3.2.3 Driver 3
3.3 Market Restraints
3.3.1 Replacement cost complexities associated with timing belt
3.3.2 Restraint 2
3.4 Market Opportunities
3.4.1 New product developments by manufacturers
3.5 Industry SWOT Analysis
3.6 Value chain Analysis
3.7 Global demand and supply scenario
Chapter 4 Global Timing Belt Market, by Reinforcement Type
4.1 Market Overview, by Reinforcement Type
4.1.1 Global Timing Belt Market, by Reinforcement Type, 2016-2026 (Mn Units) (US$ Mn)
4.1.2 Incremental Opportunity, by Reinforcement Type, From 2018-2026
4.2 Rubber
4.2.1 Global Timing Belt Market, by Rubber, 2016-2026, (Mn Units) (US$ Mn)
4.3 Polyurethane (PU)
4.3.1 Global Timing Belt Market, by Polyurethane (PU), 2016-2026, (Mn Units) (US$ Mn)
4.4 Kevlar
4.4.1 Global Timing Belt Market, by Kevlar, 2016-2026, (Mn Units) (US$ Mn)
4.5 Steel
4.5.1 Global Timing Belt Market, by Steel, 2016-2026, (Mn Units) (US$ Mn)
4.1 Polyester
4.1.1 Global Timing Belt Market, by Polyester, 2016-2026, (Mn Units) (US$ Mn)
4.2 Fiberglass
4.2.1 Global Timing Belt Market, by Fiberglass, 2016-2026, (Mn Units) (US$ Mn)
4.3 Others
4.3.1 Global Timing Belt Market, by Others, 2016-2026, (Mn Units) (US$ Mn)
Chapter 5 Global Timing Belt Market, by Component Type
5.1 Market Overview, by Component Type
5.1.1 Global Timing Belt Market, by Component Type, 2016-2026 (Mn Units) (US$ Mn)
5.1.2 Incremental Opportunity, by Component Type, From 2018-2026
5.2 Tensioner
5.2.1 Global Timing Belt Market, by Tensioner, 2016-2026, (Mn Units) (US$ Mn)
5.3 Idler Pulleys
5.3.1 Global Timing Belt Market, by Idler Pulleys, 2016-2026, (Mn Units) (US$ Mn)
5.4 Timing Shield/Cover
5.4.1 Global Timing Belt Market, by Timing Shield/Cover, 2016-2026, (Mn Units) (US$ Mn)
5.5 Sprocket
5.5.1 Global Timing Belt Market, by Sprocket, 2016-2026, (Mn Units) (US$ Mn)
Chapter 6 Global Timing Belt Market, by Industry Vertical
6.1 Market Overview, by Industry Vertical
6.1.1 Global Timing Belt Market, by Industry Vertical, 2016-2026 (Mn Units) (US$ Mn)
6.1.2 Incremental Opportunity, by Industry Vertical, From 2018-2026
6.2 Automotive
6.2.1 Global Timing Belt Market, by Automotive, 2016-2026, (Mn Units) (US$ Mn)
6.3 Textile
6.3.1 Global Timing Belt Market, by Textile, 2016-2026, (Mn Units) (US$ Mn)
6.4 Machine Tools
6.4.1 Global Timing Belt Market, by Machine Tools, 2016-2026, (Mn Units) (US$ Mn)
6.5 Pumps
6.5.1 Global Timing Belt Market, by Pumps, 2016-2026, (Mn Units) (US$ Mn)
6.6 Others
6.6.1 Global Timing Belt Market, by Others, 2016-2026, (Mn Units) (US$ Mn)
Chapter 7 Global Timing Belt Market, by Distribution Channel
7.1 Market Overview, by Distribution Channel
7.1.1 Global Timing Belt Market, by Distribution Channel, 2016-2026 (Mn Units) (US$ Mn)
7.1.2 Incremental Opportunity, by Distribution Channel, From 2018-2026
7.2 OEM
7.2.1 Global Timing Belt Market, by OEM, 2016-2026, (Mn Units) (US$ Mn)
7.3 Aftermarket
7.3.1 Global Timing Belt Market, by Aftermarket, 2016-2026, (Mn Units) (US$ Mn)
Chapter 8 Global Timing Belt Market, by Region
8.1 Market Overview, by Region
8.1.1 Global Timing Belt Market, by Region, 2016-2026, (Mn Units) (US$ Mn)
8.2 Attractive Investment Opportunity, by Region, 2018
8.3 North America Timing Belt Market
8.3.1 North America Timing Belt Market, by Reinforcement Type, 2016-2026 (Mn Units) (US$ Mn)
8.3.2 North America Timing Belt Market, by Component Type, 2016-2026 (Mn Units) (US$ Mn)
8.3.3 North America Timing Belt Market, by Industry Vertical, 2016-2026 (Mn Units) (US$ Mn)
8.3.4 North America Timing Belt Market, by Distribution Channel, 2016-2026 (Mn Units) (US$ Mn)
8.3.5 United States
8.3.5.1 United States Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.3.6 Canada
8.3.6.1 Canada Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.4 Europe Timing Belt Market
8.4.1 Europe Timing Belt Market, by Reinforcement Type, 2016-2026 (Mn Units) (US$ Mn)
8.4.2 Europe Timing Belt Market, by Component Type, 2016-2026 (Mn Units) (US$ Mn)
8.4.3 Europe Timing Belt Market, by Industry Vertical, 2016-2026 (Mn Units) (US$ Mn)
8.4.4 Europe Timing Belt Market, by Distribution Channel, 2016-2026 (Mn Units) (US$ Mn)
8.4.5 United Kingdom
8.4.5.1 United Kingdom Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.4.6 Germany
8.4.6.1 Germany Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.4.7 France
8.4.7.1 France Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.4.8 Rest of Europe
8.4.8.1 Rest of Europe Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.5 Asia Pacific Timing Belt Market
8.5.1 Asia Pacific Timing Belt Market, by Reinforcement Type, 2016-2026 (Mn Units) (US$ Mn)
8.5.2 Asia Pacific Timing Belt Market, by Component Type, 2016-2026 (Mn Units) (US$ Mn)
8.5.3 Asia Pacific Timing Belt Market, by Industry Vertical, 2016-2026 (Mn Units) (US$ Mn)
8.5.4 Asia Pacific Timing Belt Market, by Distribution Channel, 2016-2026 (Mn Units) (US$ Mn)
8.5.5 China
8.5.5.1 China Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.5.6 Japan
8.5.6.1 Japan Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.5.7 India
8.5.7.1 India Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.5.8 Rest of Asia Pacific
8.5.8.1 Rest of Asia Pacific Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.6 Latin America Timing Belt Market
8.6.1 Latin America Timing Belt Market, by Reinforcement Type, 2016-2026 (Mn Units) (US$ Mn)
8.6.2 Latin America Timing Belt Market, by Component Type, 2016-2026 (Mn Units) (US$ Mn)
8.6.3 Latin America Timing Belt Market, by Industry Vertical, 2016-2026 (Mn Units) (US$ Mn)
8.6.4 Latin America Timing Belt Market, by Distribution Channel, 2016-2026 (Mn Units) (US$ Mn)
8.6.5 Brazil
8.6.5.1 Brazil Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.6.6 Mexico
8.6.6.1 Mexico Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.6.7 Rest of Latin America
8.6.7.1 Rest of Latin America Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.7 Middle East & Africa Timing Belt Market
8.7.1 Middle East & Africa Timing Belt Market, by Reinforcement Type, 2016-2026 (Mn Units) (US$ Mn)
8.7.2 Middle East & Africa Timing Belt Market, by Component Type, 2016-2026 (Mn Units) (US$ Mn)
8.7.3 Middle East & Africa Timing Belt Market, by Industry Vertical, 2016-2026 (Mn Units) (US$ Mn)
8.7.4 Middle East & Africa Timing Belt Market, by Distribution Channel, 2016-2026 (Mn Units) (US$ Mn)
8.7.5 GCC
8.7.5.1 GCC Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
8.7.6 Rest of Middle East & Africa
8.7.6.1 Rest of Middle East & Africa Timing Belt Market, 2016-2026 (Mn Units) (US$ Mn)
Chapter 9 Competitive Intelligence
9.1 Market Players Present in Market Life Cycle
9.2 Top 5 Players Comparison
9.3 Market Positioning of Key Players, 2018
9.4 Market Players Mapping
9.4.1 By Reinforcement Type
9.4.1 By Component Type
9.4.2 By Region
9.5 Strategies Adopted by Key Market Players
9.6 Recent Developments in the Market
9.6.1 Mergers & Acquisitions, Partnership, New Material Developments
Chapter 10 Company Profiles
10.1 Continental AG
10.1.1 Continental AG Overview
10.1.2 Continental AG Products Portfolio
10.1.3 Continental AG Financial Overview
10.1.4 Continental AG News/Recent Developments
10.2 J.K Fenner Ltd.
10.2.1 J.K Fenner Ltd. Overview
10.2.2 J.K Fenner Ltd. Products Portfolio
10.2.3 J.K Fenner Ltd. Financial Overview
10.2.4 J.K Fenner Ltd. News/Recent Developments
10.3 B&B Manufacturing
10.3.1 B&B Manufacturing Overview
10.3.2 B&B Manufacturing Products Portfolio
10.3.3 B&B Manufacturing Financial Overview
10.3.4 B&B Manufacturing News/Recent Developments
10.4 SKF
10.4.1 SKF Overview
10.4.2 SKF Products Portfolio
10.4.3 SKF Financial Overview
10.4.4 SKF News/Recent Developments
10.5 Gates Corporation
10.5.1 Gates Corporation Overview
10.5.2 Gates Corporation Products Portfolio
10.5.3 Gates Corporation Financial Overview
10.5.4 Gates Corporation News/Recent Developments
10.6 ACDelco
10.6.1 ACDelco Overview
10.6.2 ACDelco Products Portfolio
10.6.3 ACDelco Financial Overview
10.6.4 ACDelco News/Recent Developments
10.7 Bando USA, Inc.
10.7.1 Bando USA, Inc. Overview
10.7.2 Bando USA, Inc. Products Portfolio
10.7.3 Bando USA, Inc. Financial Overview
10.7.4 Bando USA, Inc. News/Recent Developments
10.8 NingBo Fulong Synchronous Belt Co., Ltd.
10.8.1 NingBo Fulong Synchronous Belt Co., Ltd. Overview
10.8.2 NingBo Fulong Synchronous Belt Co., Ltd. Products Portfolio
10.8.3 NingBo Fulong Synchronous Belt Co., Ltd. Financial Overview
10.8.4 NingBo Fulong Synchronous Belt Co., Ltd. News/Recent Developments
10.9 Dayco IP Holdings, LLC
10.9.1 Dayco IP Holdings, LLC Overview
10.9.2 Dayco IP Holdings, LLC Products Portfolio
10.9.3 Dayco IP Holdings, LLC Financial Overview
10.9.4 Dayco IP Holdings, LLC News/Recent Developments
10.10 AISIN SEIKI Co., Ltd.
10.10.1 AISIN SEIKI Co., Ltd. Overview
10.10.2 AISIN SEIKI Co., Ltd. Products Portfolio
10.10.3 AISIN SEIKI Co., Ltd. Financial Overview
10.10.4 AISIN SEIKI Co., Ltd. News/Recent Developments
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