The global automotive timing chain & belt market share is predicted to register a CAGR of 4.5% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 8.6 billion in 2023 to US$ 13.2 billion by 2033 end.
The Automotive Timing Chain & Belt Market is integral to the functioning of internal combustion engines, as timing chains and belts are critical components responsible for synchronizing the rotation of the engine’s crankshaft and camshaft(s). This synchronization ensures that the engine’s valves open and close at the correct time during the combustion cycle, optimizing engine performance and efficiency.
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The market for automotive timing chains and belts is influenced by factors such as vehicle production trends, engine design preferences, and advancements in materials and manufacturing processes. Automakers continuously seek to improve engine efficiency, reliability, and durability, driving demand for timing chains and belts that offer precise timing control, reduced noise and vibration, and extended service life.
Furthermore, advancements in timing chain and belt materials, such as the use of high-strength steel alloys, reinforced rubber compounds, and synthetic materials, are enhancing durability and resistance to wear and fatigue. Additionally, innovations in manufacturing techniques, including precision machining and automated assembly processes, enable the production of timing chains and belts with tighter tolerances and improved performance characteristics.
Moreover, the transition towards electric vehicles (EVs) and hybrid vehicles is impacting the timing chain and belt market, as these vehicles may utilize different propulsion systems or eliminate the need for traditional timing components altogether. However, internal combustion engines are expected to remain prevalent in the automotive industry for the foreseeable future, sustaining demand for timing chains and belts in traditional powertrains.
Key Takeaways from the Automotive Timing Chain & Belt Market:
- 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.
News Featuring Market Developments by Key Players of Automotive Timing Chain & Belt:
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.
List encompassing key players operating in automotive timing chain & belt market
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,
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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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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