The Automotive Timing Chain & Belt Market is projected to exceed the market valuation of USD 13.2 billion by the end of 2033.
Automotive timing chains and belts are placed into an engine into a specific configuration at one side of the engine to keep the camshafts and crank timed properly. This helps the top half of the engine (valves, cylinder head) to synchronize with the bottom half of the engine (crankcase, pistons). The growth of direct injection engines and increasing vehicle production are the major driving factors propelling the global market.
As per Future Market Insights (FMI), the global automotive timing chain & belt market is anticipated to register a CAGR of 4.5% between 2023 to 2033. Regionally, Asia Pacific excluding Japan is expected to dominate the global automotive timing chain & belt market in terms of revenue.
| Attribute | Details |
|---|---|
| Automotive Timing Chain & Belt Market Value (2023) | USD 8.6 billion |
| Automotive Timing Chain & Belt Market Forecast Value (2033) | USD 13.2 billion |
| Automotive Timing Chain & Belt Market CAGR (2023 to 2033) | 4.5% |
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Manufacturers in the automotive timing chain & belt market are focusing on developing new application-specific product offerings to meet the client requirements. Furthermore, industry participants are concentrating their efforts on improving their distribution networks while focusing on direct sales.
For instance, in 2017, BG Automotive introduced a new range of products for the automotive market, such as timing chain kits. These kits were supplied to different OEMs, such as Citroen, Peugeot, Land Rover, Jaguar, and others.
Enhancing product quality through the implementation of new technologies and the adoption of fresh, robust, and long-lasting materials at a competitive price is projected to create lucrative revenues for the key players.
Key players are also focusing on improving vehicle safety in order to gain a competitive edge in the industry. For example, Sumax industry limited took part in Automec Sao Paulo Expo 2017 to showcase their new product offering for the customers.
Online sales channels, on the other hand, are gaining popularity, particularly in developed regions, such as Europe and North America.
A slew of such developments and product launches is projected to aid the market growth. As per Future Market Insights, the global automotive timing chain & belt market is expected to expand at a CAGR of 4.5% in terms of value from 2023 to 2033.
| Attribute | Valuation |
|---|---|
| 2025 | USD 9.39 billion |
| 2028 | USD 10.72 billion |
| 2032 | USD 11.22 billion |
Short Term (2023 to 2026): The market is projected to demonstrate an upward trajectory within this time period. This can be attributed to the increasing shift of component manufacturers towards the opportunities already present in Eastern Europe. The domestic production base is projected to increase within the region in the next few years, leading to a subsequent improvement of the overall market.
Medium Term (2026 to 2029): The ongoing advancements in the market to upgrade timing technology are predicted to foster market growth. These advancements provide a low-risk changeover from quartz devices to silicon solutions so as to enhance the overall system reliability.
Long Term (2029 to 2033): Research and development of advanced automotive timing solutions is a key growth driver for the market over the forecast period. Excessive improvement in the overall quality of timing components is projected to increase the automotive customers and growth prospects for market players.
| Historical CAGR (2017 to 2022) | 3.9% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.5% |
Asia Pacific excluding Japan is considered to be the prominent region for the automotive timing chain & belt market. Growth is attributable to the expansion of automobile manufacturing in the region.
Factors such as increasing technological breakthroughs, rising vehicle sales, and surging demand for improved timing chains and belts are contributing to the region's growth in the market.
China and India are expected to lead the regional growth, owing to the expansion of vehicle manufacturing in the region. Furthermore, sales of automotive vehicles in Asia Pacific excluding Japan are increasing, which is expected to boost sales of automotive timing chains and belts throughout the assessment period.
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Key market participants in the automobile timing chain & belt market are focusing on end-user requirements. In order to capitalize on the growing demand for innovation, they are adopting advanced technologies such as artificial intelligence and the internet of things.
The rapid expansion of the automobile industry is being experienced across Western Europe, North America, and Asia Pacific. The automotive timing chain & belt industry is expected to witness robust growth on account of a rising trend in innovation, and this trend is projected to continue during the projection period.
For instance, in August 2017, BorgWarner started producing timing chains for the Renault Kadjar 2.0L sport utility vehicle, and Dongfeng Renault Automotive Company’s (DRAC’s) first vehicle was built in its new plant in Wuhan, China.
| Country | United States |
|---|---|
| CAGR (2023 to 2033) | 3.3% |
| Market Size (2033) | USD 1.5 billion |
| Country | United Kingdom |
|---|---|
| CAGR (2023 to 2033) | 2.6% |
| Market Size (2033) | USD 229.8 million |
| Country | China |
|---|---|
| CAGR (2023 to 2033) | 6.1% |
| Market Size (2033) | USD 4.3 billion |
| Country | Japan |
|---|---|
| CAGR (2023 to 2033) | 2.9% |
| Market Size (2033) | USD 899.1 million |
| Country | India |
|---|---|
| CAGR (2023 to 2033) | 5.6% |
| Market Size (2033) | USD 646.3 million |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 4.3 billion |
| Market Absolute Dollar Growth (USD million/billion) | USD 1.9 billion |
China is likely to lead the global market in terms of CAGR as well as market value. The country is projected to register a CAGR of 6.1% from 2023 to 2033 and attain a market valuation of USD 4.3 billion by 2033.
A significant number of vehicles being manufactured in the country is propelling the demand for automotive timing chains and belts. Furthermore, factors such as rising urbanization, industrialization, inflating purchasing parity of the population, and enhancement in infrastructure, are propelling the demand for vehicles.
The intensifying efforts of manufacturers to develop enhanced and high-performance engines are projected to boost market growth. In the forecast period, the market is projected to witness increasing utilization of fiber-reinforced matter in timing belts. The growing demand for fiber-reinforced material can be attributed to its ability to enhance the lifespan of a timing belt.
| Historical CAGR (2017 to 2022) | 5.3% |
|---|---|
| Forecast CAGR (2023 to 2033) | 6.1% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 1.5 billion |
| Market Absolute Dollar Growth (USD million/billion) | USD 427.7 million |
Increasing demand for vehicles in the United States is projected to support the growth in the North American automotive timing chain & belt market. The strong presence of automotive manufacturing companies, such as Ford, Fiat, General Motors, and many others is projected to facilitate market growth.
The United States is estimated to dominate the North American automotive timing chain & belt market over the forecast period. As per FMI, the United States market is predicted to surpass USD 1.5 billion by the end of 2033. The United States automotive timing chain & belt market is projected to expand at a CAGR of 3.3% over the forecast period.
| Historical CAGR (2017 to 2022) | 2.7% |
|---|---|
| Forecast CAGR (2023 to 2033) | 3.3% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 899.1 million |
| Market Absolute Dollar Growth (USD million/billion) | USD 225.7 million |
Japan is anticipated to be the lucrative pocket in East Asia automotive timing chain & belt market, as per FMI. Demand in the market is projected to rise on the back of the implementation of new fuel-saving technologies such as cylinder deactivation, valve timing & lift technologies, and gasoline direct injection (GDI).
Leading manufacturers are aiming to increase their production in Japan by establishing new facilities in the country. For example, Denso Corporation expanded its production capacity by establishing an additional manufacturing facility at its DENSO Fukushima location in Tamura city, Japan in 2017.
On the back of these aforementioned factors, Japan’s automotive timing chain & belt market is projected to expand at a CAGR of 2.9% over the forecast period.
| Historical CAGR (2017 to 2022) | 2.4% |
|---|---|
| Forecast CAGR (2023 to 2033) | 2.9% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 646.3 million |
| Market Absolute Dollar Growth (USD million/billion) | USD 272 million |
The Indian automotive timing chain & belt market is anticipated to witness healthy growth in the next 10 years. By 2033, the Indian market is projected to attain USD 646.3 million, exhibiting a CAGR of 5.6% in the meantime. The market growth in the country can be credited to the rise in urban logistic control, which is propelling the demand for automotive chains and belts.
Furthermore, the extended lifecycle of used automobiles to enhance automotive aftermarket sales of timing systems is also projected to brighten the market prospects.
| Historical CAGR (2017 to 2022) | 5.1% |
|---|---|
| Forecast CAGR (2023 to 2033) | 5.6% |
Germany is Europe's largest automotive market in terms of production and sales of all types of vehicles. Germany has Europe's substantial concentration of OEM factories, with a significant number of new registrations and passenger cars. The majority of German automobiles are exported to other European nations, with neighboring countries accounting for more than half of all exports.
German automakers accounted for about three-quarters of the worldwide premium car market, with a comparable proportion of premium vehicles built for export. Hence, with the rapid expansion of the automobile industry, demand for automotive timing chains and belts is projected to soar over the forecast period.
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| Taxonomy | Product Type |
|---|---|
| Top Segment | Chain |
| Forecast CAGR | 4% |
| Taxonomy | Engine Type |
|---|---|
| Top Segment | Gasoline |
| Forecast CAGR | 4.4% |
The chain segment is projected to be the leading product type in the next decade, estimated to register a 4% CAGR from 2023 to 2033. Various product innovations and the initiation of research studies to propel advancements in automotive timing chains are projected to accelerate segment growth. For instance, in June 2021, NTN Corporation revealed a new series of timing chain kits. The company widened the range of automotive products with the introduction of 22 timing chain kits.
| Historical CAGR (2017 to 2022) | 4.6% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4% |
The gasoline segment is projected to be the dominating engine type over the forecast period. The segment is assessed to account for 4.4% CAGR from 2023 to 2033, higher than the 3.9% CAGR registered in the historical period. The gasoline-powered engines are expected to flourish on account of expanding automotive sector.
Further, the rising preference of consumers for high-mileage automobiles is projected to boost segment growth over the stipulated time frame.
| Historical CAGR (2017 to 2022) | 3.9% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.4% |
On the basis of vehicle type, the market is segmented into passenger cars, LCVs, HCV, and off-highway vehicles. With an increasing preference for sophisticated and more efficient timing chains and belts, the passenger car segment is expected to grow at a significant rate. Increasing demand for passenger vehicles coupled with rising disposable income is projected to create a conducive environment for the automotive timing chain & belt market.
The growth prospects of passenger cars are expected to enhance as automakers expend a large sum of money on research. As a result, prominent manufacturers are releasing new and upgraded products in the market, such as advanced engines or other components.
The escalating production and sale of passenger cars are eventually leveraging market growth. In the year 2020, the global sale of passenger vehicles was more than 68 million, as per the International Organization of Motor Vehicle Manufacturers (OICA).
The original equipment manufacturers (OEMs) segment is anticipated to witness significant growth over the forthcoming years. Major OEMs are aiming for partnerships with prominent automotive component manufacturers to achieve significant profitability and ease of business.
Additionally, automotive OEMs are making huge investments to manufacture high-performance engines and boost the durability of timing belts. These factors are predicted to foster advancements in OEMs in the forecast period.
In order to strengthen their global presence and improve the supply of automotive components, key players are aiming for strategic acquisitions and expansion activities. Several key players are also focusing on improving the efficiency of automotive timing chains and belts.
For Instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD million/billion for Value |
| Key Regions Covered | North America; Latin America; Eastern Europe; Western Europe; Asia Pacific Excluding Japan; Japan; Middle East; and Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain Italy, BENELUX, Russia, Poland, China, India, ASEAN, Australia, and New Zealand, South Africa |
| Key Segments Covered | Product Type, Engine Type, Vehicle Type, Sales Channel, and Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global automotive timing chain & belt market is projected to reach a valuation of USD 13.2 billion by 2033.
Tsubakimato Chain Co. and BG Automotive are the top players in the automotive timing chain & belt market.
China is expected to dominate the automotive timing chain & belt market throughout the forecast period.
The global market of automotive timing chain & belt is projected to register a CAGR of 4.5%.
1. Executive Summary | Automotive Timing Chain & Belt Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Chain 5.1.1. Roller Chain 5.1.2. Non-Roller Chain 5.2. Belt 5.2.1. Dry Belt 5.2.2. Belt In Oil 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Engine Type 6.1. Gasoline 6.1.1. Inline Engine 6.1.2. V-Engine 6.2. Diesel 6.2.1. Inline Engine 6.2.2. V-Engine 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vehicle Type 7.1. Passenger Car 7.2. LCV 7.3. HCV 7.4. Off-Highway Vehicles 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. OEM 8.2. Aftermarket 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. Asia Pacific excluding Japan 9.6. Japan 9.7. Middle East & Africa (MEA) 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Asia Pacific excluding Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Tsubakimato Chain Co. 19.2. BG Automotive 19.3. Continental AG 19.4. BorgWarner Inc. 19.5. Denso Corporation 19.6. Schaeffler Technologies AG & Co. KG 19.7. Mitsuboshi Belting Ltd. 19.8. L.G. Balakrishan & Bros Ltd 19.9. Daido Kogyo Co. Ltd. 19.10. SKF AB 19.11. Iwis Group 19.12. Gates Corporation 19.13. Dayco Products LLC 19.14. Qingdao Choho Industrial Co. Ltd. 19.15. Rockman Industries Ltd. 19.16. Sumax Industry Limited 19.17. CIC USA Corp 19.18. KCM Automobile Transmission Co. Ltd 19.19. Mahle GmbH 20. Assumptions & Acronyms Used 21. Research Methodology
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Automotive Timing Chain & Belt Market
