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

NEW YORK, Sept. 7, 2022 /PRNewswire/ — The “Automotive Timing Belt Market Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the automotive timing belt market between 2021 and 2026 is USD 37.62 million, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 3.4%. The analysts at Technavio have categorized the global automotive timing belt market as a part of the global auto parts and equipment market. Our report provides extensive information on the value chain analysis for the automotive timing belt market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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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With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning  50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio