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Automotive Timing Chain & Belt Market

Automotive Timing Chain and Belt Market by Product Type (Chain, Belt), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Cars, LCV, HCV, Off Highway Vehicles), Engine Type (Gasoline, Diesel) & Region – Forecast 2022 - 2027

Automotive Timing Chain and Belt Market by Product Type (Chain, Belt), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Cars, LCV, HCV, Off Highway Vehicles), Engine Type (Gasoline, Diesel) & Region – Forecast 2022 - 2027

Automotive Timing Chain and Belt Market - Analysis, Outlook, Growth, Trends, Forecasts

Automotive Timing Chain And Belt Market Outlook – 2022-2027

[337 Pages] The automotive timing chain and belt market is projected to surpass a valuation of US$ 13.09 Bn by the end of 2021. Automotive timing chain and belts are placed into an engine into a specific configuration at one side of engine to keep the camshafts and crank timed properly.

Automotive Timing Chain and Belt Market Base Year Value (2021A)

US$ 7.8 Bn

Automotive Timing Chain and Belt Market Estimated Year Value (2022E)

US$ 8.2 Bn

Automotive Timing Chain and Belt Market Projected Year Value (2027F)

US$ 10.20 Bn

Value CAGR (2022-2027)

4.5%

Collective Value Share: Top 3 Countries (2022E)

48.7%

This helps the top half of the engine (valves, cylinder head) to synchronise with bottom half of the engine (crankcase, Pistons). Growth of direct injection engines and increasing vehicle production are the major factors driving the growth in the automotive timing chain and belt market.

As per Future Market Insights (FMI), the global automotive timing chain and belt market is anticipated to witness a growth at a CAGR of 4.5% during the period of 2022 and 2027. Regionally, Asia Pacific excluding Japan (APEJ) is expected to dominate global automotive timing chain and belt market in terms of revenue, exhibiting growth at 5.1% CAGR in 2022.

2012-2021 Automotive Timing Chain And Belt Market Outlook Compared To 2022-2027 Forecast

Manufacturers in the automotive timing chain and 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 new range of products for the automotive market, such as timing chain kits. The company will supply its kits to different OEMs, such as Citroen, Peugeot, Land Rover, Jaguar and many others

Enhancing product quality through implementation of new technologies and adoption of fresh, robust, and long-lasting materials at a competitive price will create lucrative revenues for the key players.

 They 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 Automechanika Shanghai 2016, Appex Las Vegas 2016, Automec Sao Paulo Expo 2017 to showcase their new product offering for the customer

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 will aid the growth in the market. As per Future Market Insights, the global automotive timing chain and belt market is expected to expand at a CAGR of around 4.1% in terms of volume from 2022 to 2027

Will APEJ Automotive Timing Chain And Belt Market Retain Its Dominance?

APEJ is considered to be the most prominent region for automotive timing chain and belt market. Growth is attributable to the expansion of automobile manufacturing in APEJ.

Factors such as increasing technological breakthroughs, rising vehicle sales, and surging demand for improved timing chain and belt are contributing to the region's growth in the market.

Sales of automotive timing chain and belt in APEJ are expected to account for more than 39% market share, exceeding US$ 3.22 Bn by the end of 2022. Demand in APEJ market is expected to rise at a CAGR of 5.6% in terms of value over the forecast period.

China, India, and ASEAN countries are expected to lead the growth, owing to the expansion of vehicle manufacturing in the region. Furthermore, sales of automotive vehicles in APEJ are increasing, which is expected to boost sales of automotive timing chains and belts throughout the assessment period.

Will Innovation And Expansion In Automobiles Propel The Automotive Timing Chain And Belt Market Growth?

Key market participants in the automobile timing chain and belt market are focusing on end user requirements. In order to capitalize on growing demand for innovation, they are adopting advanced technologies such as artificial intelligence and internet of things.

Rapid expansion of automobile industry is being experienced across Western Europe, North America, and APAC. The automotive timing chain and belt market is expected to witness robust growth on account of rising trend in innovation, and this trend is projected to continue during the projection period.

For instance, Tsubakimoto Chain Co. recently introduced automotive timing chain products in the European region, named Zerotech series chains, which are eco-products that contribute to significant energy savings and CO2 emissions reductions.

This Zerotech series chain has advantageous properties, such as friction reduction between mating parts, lighter and smaller chains while maintaining the same levels of performance and less chain stretching and therefore, longer durability & operational life.

Also, BorgWarner started producing timing chains for the Renault Kadjar 2.0L sport utility vehicle and Dongfen Renault Automotive Company’s (DRAC’s) first vehicle was built in its new plant in Wuhan, China.

Country-Wise Insights

What is the Demand Outlook for the U.S. Automotive Timing Chain and Belt Market?

Increasing demand for vehicles in the U.S. will support the growth in North America automotive timing/chain market. Strong presence of automotive manufacturing companies, such as Ford, Fiat, General Motors and many others will facilitate the growth in the market.

The U.S. is estimated to dominate the North America automotive timing chain and belt market. As per FMI, the U.S. market will contribute for more than 84% market value share and surpass US$ 1,071.0 Mn by the end of 2022.

North America automotive timing chain and belt market is projected to expand at a CAGR of 3.2% over the forecast period

How will Demand for Automotive Timing Chain and Belt Increase in Japan?

Japan is anticipated to be the most lucrative pocket in East Asia automobile timing chain and belt market, finds FMI.

Demand in the market is projected to rise on the back of implementation of new fuel saving technologies such as cylinder deactivation, valve timing & lift technologies and gasoline direct injection (GDI).

Further, 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.

Likewise, Tsubakimato Chain Co. opened a new automotive plant in japan. This plant manufacturer’s automotive engine-use timing chain drive systems. The products are supplied to European automakers and primary parts makers.

On the back of these aforementioned factors, Japan automotive timing chain and belt market is projected to expand at a CAGR of 2.8% over the forecast period

How will the Germany Automotive Timing Chain and Belt Market Fare?

Germany is the Europe's largest automotive market in terms of production and sales of all types of vehicles. With over 20% new registrations and over 30% of passenger cars, Germany has Europe's highest concentration of OEM factories.

Majority of German automobiles are exported to other European nations, with neighbouring countries accounting for more than half of all exports. Also, the U.S. is the leading importer of German automobiles, followed by Asia.

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 rapid expansion of automobile industry, demand for automotive timing chain and belts will spur over the forecast period.

Category-Wise Insights

Will Increasing Passenger Car Sales Spur Automotive Timing Chain and Belt Demand?

On the basis of vehicle type, the global automotive timing chain and belt market is segmented into passenger car, LCV, HCV, and off highway vehicle. With increasing preference for sophisticated and more efficient timing chains and belts, the passenger vehicle segment is expected to grow at significant rate.

 As per the study, the passenger car segment is projected to grow at 4.4% CAGR by volume during the period of 2022 to 2027.

Increasing demand for passenger car coupled with rising disposable income will create a conducive environment for automotive timing chain and belt market.

Why are OEMs Most Preferred in Automotive Timing Chain and Belt Market?

The original equipment manufacturers (OEMs) segment is anticipated to grow at 4.1% CAGR by volume, reaching US$ 9,651.2 Mn by the end of 2027.  Major OEMs are aiming for partnership with prominent automotive component manufacturers to achieve significant profitability and ease of business.

Competitive Landscape

In order to strengthen their global presence and to improve the supply of automotive components, key players are aiming for strategic acquisitions and expansion activities. Several key players are also focusing on improving efficiency of automotive timing chain and belt.

For Instance:

  • In July 2019, Schaeffler Technologies AG & Co. KG has launched new INA timing chain kit for 1.4l TSI engines of the VW Group
  • In July 2019, Continental has announced the official opening of its new Powertrain plant in Wuhu, China. Representing an investment of almost EUR 28 million for land and building.

Scope Of Report

Attribute

Details

Forecast Period

2022-2027

Historical Data Available for

2012-2021

Market Analysis

USD Million for Value and Units for Volume

Key Regions Covered

North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA)

Key Countries Covered

US, Canada, Brazil, Mexico, Germany, U.K., France, Spain Italy, BENELUX, Russia, Poland, China, India, ASEAN, Australia and New Zealand, Turkey, South Africa

Key Segments Covered

Product Type, Sales Channel, Vehicle Type, Engine Type 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

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Automotive Timing Chain and Belt Market by Category

By Product Type:

  • Belt
  • Chain

By Sales Channel:

  • Original Equipment Manufacturer (OEM)
  • Aftermarket 

By Vehicle Type:

  • Passenger Cars
  • LCV
  • HCV
  • Off Highway Vehicles

By Engine Type:

  • Gasoline
  • Diesel

By Region:

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Japan
  • Middle East and Africa (MEA)

Key Questions Answered in the Report

What is the current size of global automotive timing chain and belt market?

The automotive timing chain and belt market is expected to grow at a value US$ 8.2 Bn in 2022.
The automotive timing chain and belt market is expected to register 4.5% CAGR by value between 2022 and 2027.
As per FMI, Schaeffler Technologies AG & Co. KG., Denso Corporation, Mitsuboshi Belting Ltd., L.G. Balakrishan & Bros Ltd., Continental AG. are the leading market players. They are, collectively, anticipated to account for 30% to 40% of the global market share.
Demand in the U.S. is expected to increase at 2.5% CAGR between 2022 and 2027 in terms of volume.
Germany, U.S. and Japan, are the key consumers of automotive timing chain and belt.
Increasing focus on capacity expansion and acquisitions undertaken by leading players is expected to shape the market in the coming years. Emergence of new players, especially in Germany, is also expected to impact the market dynamics.

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