Timing Belt Market is forecast to reach $9.5 billion by 2025, growing at CAGR 4.2% during 2020-2025 owing to the increase in the sales of crossover utility vehicles and light commercial vehicles. Timing belt in IC engines, synchronizes the crankshaft’s rotation with the cam shaft, which opens and closes the engine valves. Some of the components used along with the timing belt include tensioner, idler pulleys, shield/cover and the sprocket. The timing belt is mounted over idler pulley, along with the crankshaft and camshaft pulleys to route the timing belt in its correct position. The growing adoption of hybrid light and heavy commercial electric vehicles during 2020-2025 is set to play a major role in driving the Timing belt market size. The stringent government regulations towards moving to EURO VI emission norms and the growing investment by the OEMs towards development of the EURO VI engine is set to open up new opportunities for Internal Combustion Engine (ICE) vehicles in the forecast period 2020-2025 which will drive the timing belt market. 

Key Takeaways

Light Commercial Vehicles segment for timing belt market is set to witness the highest growth majorly attributed to increase in demand for LCVs during the forecast periods
Timing belt market for Plug in Hybrid Electric Vehicle (PHEV) is set to grow at the highest rate owing to the lower GHG emission from hybrid vehicles as compared to pure electric vehicles in economies with fossil dominated power generation mix
APAC dominated the global timing belt market in terms of share as well as growth rates owing to the blooming demand of automobiles in South East Asia in 2019. 
Timing belt top 10 companies include Continental AG, BorgWarner, Schaeffler, SKF, NTN Corporation, Aisin, Tsubakimoto, B&B Manufacturing, ERIKS, Gates Corporation among others.

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Geography - Segment Analysis

APAC acquired the major market share of 42.2% of the timing belt market in 2019 and it is also estimated to witness the highest growth rate during 2020-2025, owing to growing demand of automobiles in the South East Asian region along with India and China. As per The Organization International des Constructers d'Automobiles (OICA), the production of vehicles in South East Asian countries including Indonesia, Malaysia, and Thailand increased by 10%, 12.6% and 9% respectively in 2018 as compared to that of 2017. However the turmoil of the auto industry caused timing belt demand to dip slightly in 2019. Various Japanese automakers have sought to open new assembling plants in Thailand to avoid growing labor pay in the domestic market. Mahindra and Mahindra, the Indian auto giant is planning to set up additional plants in North Africa, South East Asia to grow its footprint across these regions. Hence these benefits are analyzed to drive the market in the forecast period 2020-2025.

Drivers – Timing Belt Market

Paradigm Shift to EURO VI Emissions Standards

Market Landscape: Timing belt top 10 companies include Continental AG, BorgWarner, Schaeffler, SKF, NTN Corporation, Aisin, Tsubakimoto, B&B Manufacturing, ERIKS, Gates Corporation among others.

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