Automotive Timing Chain & Belt Market Future Trends, Industry Size
The global automotive timing chain & belt market size 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.
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.
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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.
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.
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.
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,