Automotive Timing Chain & Belt Market Set to Surge with a 4.5% CAGR, Reaching US$ 13.2 Billion by 2033: Future Market Insights Analysis

The global automotive timing chain & belt market 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 poised to witness an upsurge in opportunities as the manufacturers integrate Artificial Intelligence (AI) and data mining in the manufacturing process. Further, the proliferation of automotive timing chains and belts the world over is a result of rising emission guidelines, among several other factors.

Additionally, the increasing number of racing events that employ diverse vehicles with fluctuating engine sizes is expected to boost the demand for high-performance vehicles. These include SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars that deploy interference engines.

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Upsurge in the sale of high-performance vehicles is expected to boost the demand for timing belts, which plays a critical role in the interference engine. Due to the rising participation observed for racing events, the overall automotive timing chain & belt market is projected to exhibit an upward trajectory.

The OEMs, as well as automotive timing belt makers, are implementing several research and development activities to enhance the durability and lifespan of automotive timing belts and chains. Going forward, the growing significance of fiber-reinforced material, due to its capability to enhance the life of the material, is pushing the market forward. Fiber-reinforced material has many benefits, such as a higher strength-to-weight ratio, corrosion resistance, and weight-resistant properties.

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.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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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.

This release was published on openPR.