USD 37.62 Million Growth in Automotive Timing Belt Market Size with 57% of the Contribution from APAC - 17,000+ Technavio Research Reports

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Key Market Dynamics:

• Market Driver: The improvement in the aftermarket segment is one of the key drivers fueling the automotive timing belt market growth. Primarily, the OEM segment purchased timing belt components in a standard quantity to produce new automotive products. Well, the requirement is large but the bulk revenue is dependent on the global automobile market. The timing belt occupies a large market share after the automotive wiper system in the aftermarket segment. 
• Market Challenge: The increase in annual wage leading to declining profit margins is one of the factors impeding the automotive timing belt market growth. There are many upcoming stringent environmental requirements for operating a production facility, which is posing a challenge and cost pressure on automotive parts manufacturers in emerging countries such as China and India. Meanwhile, as the production cost increases, manufacturers will have to explore other means to maintain the low-cost advantage and their profit margins, where the automotive parts manufacturers, including timing belt manufacturers, will witness additional pressure from OEMs. Such increasing pressure will impede the market growth during the forecast period.

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Key Market Segmentation Highlights:

The automotive timing belt market report is segmented by End-user (OEMs and Aftermarket) and Geography (APAC, Europe, North America, South America, and Middle East and Africa).  

• Regional Opportunities: 57% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the automotive timing belt market in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America. The government will focus on increasing the investments from global vendors operating in the automotive sector, which will facilitate the automotive timing belt market growth in APAC over the forecast period.
• Revenue-generating Segment Highlights: The automotive timing belt market share growth by the OEMs segment will be significant during the forecast period. The sales volume of the timing belt in the OEMs segment increases with the increase in the production of the vehicles. The timing belt is a crucial component of ICE, and there is no equivalent substitute for it. Therefore, the sales volume is expected to grow during the forecast period. Furthermore, there is an increase in the sales of EVs, especially in APAC, the major market for the timing belt. These factors will positively impact the timing belt market in the OEMs segment in the coming years.

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Companies Mentioned

The automotive timing belt market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. This statistical study of the automotive timing belt market encompasses successful business strategies deployed by the key vendors. The automotive timing belt market is fragmented and the vendors are deploying growth strategies such as innovation to compete in the market.

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• AB SKF
• ACDelco
• Aisin Corp.
• B and B Manufacturing
• Bando Chemical Industries Ltd.
• Continental AG
• Dayco IP Holdings LLC
• DuraBelt Inc.
• Gates Industrial Corp. Plc
• J.K. Fenner India Ltd.
• NCC Inc.
• Ningbo Beidi Synchronous Belt Co. Ltd.
• NingBo Fulong Synchronous Belt Co. Ltd.
• Optibelt GmbH
• Schaeffler AG
• Tenneco Inc.
• The Goodyear Tire and Rubber Co.
• Tsubakimoto Chain Co.
• Access extensive vendor profiles with product offerings and their strategic initiatives as you Download this Sample Report

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Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation by End-user
• Market Segmentation by Vehicle Type
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

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