Increased Vehicle Parc & Average Miles Traveled drives Timing Belt Market

According to the market research report Timing Belt Market by Drive Type (Dry Belts, Chain, Belt in Oil), Component (Idler Pulley, Sprocket, Tensioner, Timing Shield/Cover), ICE & Hybrid (Passenger Car, Commercial Vehicle, HEV, PHEV), Aftermarket, and Region - Global Forecast to 2025. With global increase in vehicle production, especially in the passenger car segment, the demand for timing belts has grown globally. Also, owing to multiple benefits offered by timing chains as compared with belt system, several OEMs have started replacing belts with chains in many of their passenger car models. The timing belt market is projected to grow at a CAGR of 5.21% during the forecast period, to reach a market size of USD 9.22 billion by 2025 from USD 6.14 billion in 2017.

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The passenger car segment is estimated to be the largest market, by volume as well as value, for the timing belt OE market, by ICE vehicle type. According to OICA publication, the passenger car production has increased from 59.89 million units in 2011 to 72.10 million units in 2016. This trend is projected to continue for the next five to seven years, owing to reasons such as rising consumer disposable income and vehicle ownership. Alternatively, the Hybrid Electric Vehicle (HEV) segment is expected to dominate the timing belt market, by hybrid vehicle type. The higher production and adoption of HEVs, as compared to PHEVs (Plug-in Hybrid Electric Vehicle), is leading to the growth of timing belt systems in HEV segment.

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Tensioners are expected to lead the timing belt market, by component, in terms of value. The types of tensioners may vary depending upon their application in a timing belt and timing chain. On the basis of damping structure, auto tensioners can also be segmented into hydraulically operated and frictional systems. The usage of tensioners in timing belts and chains and relatively higher pricing have led to the growth of the timing belt market.

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Asia Oceania is estimated to be the largest and fastest growing timing belt market during the forecast period. Countries such as China, Japan, and India are the leading markets in the region in terms of vehicle production. The production of passenger cars is the highest in the Asia Oceania region and has grown from 40.57 million units in 2011 to 43.85 million units in 2016 as per OICA. Asia Oceania contributed around 60.66% of the global passenger car production in 2016 as per OICA. The availability of cheap labor is one of the primary reasons for the high vehicle production in the region. China contributed 55.69% of the total passenger car production in Asia Oceania in 2016. Japan and India contributed 17.95% and 8.39% of the passenger car production, respectively in 2016. These factors have helped Asia Oceania to become the largest timing belt market.

The increasing adoption of direct injection engines by automotive OEMs and rise in global vehicle production shall lead to the growth of the timing belt OE market. Also, rising vehicle population and increase in average miles driven per vehicle would lead to higher replacement and growth of the timing belt aftermarket. The timing belt market is dominated by key players such as Continental (Germany), iwis motorsysteme (Germany), SKF (Sweden), BorgWarner (US), Tsubakimoto Chain (Japan), and others.

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