The market is expanding primarily due to rising sales of heavy commercial vehicles (HCVs), rising production of cars and light commercial vehicles (LCVs), rising demand for luxury cars, rising need for fuel-efficient engines, and improved vehicle performance. To lessen engine noise and vibration, the automotive industry is constantly attempting to develop and apply technologically superior timing chains and belts, which is predicted to propel market expansion. One of the key factors propelling the market for automobile timing chain & belt is the rising car manufacturing in many nations, including India, China, the U.S., Mexico, Japan, as well as Germany.
The automotive timing chain and belt market are necessary because it transfers torque from the crankshaft to the camshaft, assisting in maintaining the accuracy of engine timing. To lessen engine noise and vibration, the automotive industry is increasingly attempting to develop and apply technologically sophisticated timing chains and belts, which is predicted to propel market expansion. Additionally, increased consumer preference for fuel-efficient automobiles together with the rising market for luxury vehicles is anticipated to boost market expansion.
To keep the accuracy of engine timing, an automobile timing chain and belt is a mechanical device that delivers torque from the crankshaft to the camshaft. The automobile timing chain and belt are used in gasoline engines to transfer drive among rotating elements. Timing belts are less durable than timing chains and belts, which are comprised of rubber or metal with fiber reinforcement.
A CAGR of 4.4% is anticipated for the projected period of 2021 to 2031, with the global automotive timing chain and belt market growing from USD 7.09 billion in 2021 to USD 11.65 billion by 2031. The market's expansion can be ascribed to increased sales of heavy commercial vehicles (HCVs), rising production of cars and light commercial vehicles (LCVs), rising luxury car demand, expanding need for fuel-efficient engines, and improved vehicle performance.
The increased cost of installation is the main barrier to growth in the automotive timing chain and belt market. Timing chain and belt installation are more expensive because it calls for skilled labor and expensive equipment. Furthermore, the market's expansion is being hampered by the rising number of recalls brought on by timing chain or belt problems failing. Nonetheless, the market expansion is anticipated to be facilitated by technological developments like the adoption of silent timing chains, which need less upkeep and have a longer lifespan than conventional timing chains.
The Roller Chain Segment emerged as the Most Lucrative Type
The market is split into two categories based on type: roller chain and silent chain. Until 2031, the Roller Chain category is anticipated to have the highest market share, exceeding 70.0%. This is explained by the fact that it is frequently used in high-speed applications, that it is very inexpensive when compared to other kinds, and that it has outstanding strength, longevity, and dimensional tolerances.
The Most Prominent Application is the PC (Passenger Car)
The Application sector includes the categories of Passenger Cars, Light Commercial Vehicles, and Heavy Commercial vehicles. The largest component of these, at more than 75%, is the PC (Passenger Car) market. Due to growing consumer demand for luxury vehicles and rising disposable incomes, this segment of the global automotive timing chain and belt market is booming.
The Asia Pacific Region to render Ample Financing Opportunities
The automotive timing chain and belt market regional analysis is broken down into North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Due to the rising demand for automobiles in nations like India, China, and Korea, the Asia Pacific region is predicted to have the greatest market share among these, accounting for more than 40% of total sales.
COVID-19 Impact and Market Status
The COVID-19 pandemic's expansion has hurt the automotive timing chain and belt market. The virus outbreak has had a big influence on the availability of raw materials and parts for automobile timing chains and belts, which has led to price instability and lowered production. Because of this, demand from automakers has decreased, which has caused the market to slow down. On the plus side, government programs like stimulus packages have raised the demand for cars among consumers. The emergence of less expensive substitutes, like roller chains and quiet chains, has also fueled the market expansion. Additionally, it is anticipated that greater use of cutting-edge technology in automobile timing belts and chains will boost demand prospects during the course of the projection year.
The leading companies in the world's automotive timing chain and belt market are Fenner PLC (UK), Dayco Products LLC (U.S.), Gates Corporation (U.S.), HKK Chains Ltd ContiTech AG (Germany), Tsubakimoto Chain Co. Ltd. (Japan), and Renold Plc (UK). As a result, this study offers a thorough analysis of the industry, taking into account its current trends, the potential for growth, and market-restraining factors.
Recent Developments in the Automotive Timing Chain & Belt Market
• A global engineering company called GKN Driveline will introduce its new line of belt-driven actuators for hybrid and electric vehicles in 2020. With a variety of specialized solutions catered to OEMs' and customers' needs, this device offers exceptional performance in the electrification market. A few other competitors, including Continental AG and Gates Corporation, are also introducing cutting-edge products that take advantage of the most recent technological advancements to offer benefits over rival products in terms of price, weight, and performance.
• Gates Corporation announced the availability of their new EZ-ON timing belt installation tool in 2021, making the process simpler and quicker. With the help of this automated instrument, professionals can swiftly, precisely, and safely install timing belts with little effort.
• Contitech created a new belt system in 2021 that uses two belts as opposed to one. This technique enhances fuel efficiency by allowing the engine to produce more torque and power while lowering emissions.
• Nissan unveiled the X-Trail vehicle in 2021, which is powered by a 2.5L variable compression turbocharged engine that does not require timing belts or chains.
• The world's first beltless timing system for light commercial vehicles was introduced by NEXTEER Automotive in 2022. This new kind of engine is 40% smaller and lighter than conventional ones thanks to the elimination of numerous parts like tensioners and timing chains.
Automotive Timing Chain & Belt Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 11.65 billion|
|Growth Rate||CAGR of 4.4 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Fenner PLC (UK), Dayco Products LLC (U.S.), Gates Corporation (U.S.), HKK Chains Ltd ContiTech AG (Germany), Tsubakimoto Chain Co. Ltd. (Japan), and Renold Plc (UK).|
Key Segments of the Global Automotive Timing Chain & Belt Market
Type Overview, 2021-2031 (USD Billion)
- Roller Chain
- Silent Chain
Application Overview, 2021-2031 (USD Billion)
- PC (Passenger Car)
- LCV (Light Commercial Vehicle)
- HCV (Heavy Commercial Vehicle
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa