“Rising focus on improved engine efficiency and fuel economy worldwide will boost market growth”
The global automotive timing belt market is increasing significantly, anticipated to grow at a CAGR of 5.9% during the estimated period from 2026 to 2034, starting from US$ 7.58 Bn in 2021.
The global automotive timing belt market is majorly driven by the increasing manufacturers focus on improved fuel economy and engine efficiency across the globe. The increased use of thermally-stable materials for the manufacturing of timing belts coupled with increased aftermarket are some major factors driving the market growth over the forecast period. The growing vehicle-in-operation and increased average miles traveled are some key factors expected to enhance the market growth over the forecast period. As per the U.S. Department of Transportation Federal Highway Administration report published in 2021, the average miles driven were 13,476 miles per year, which is most in history.
The integration of AI (Artificial Intelligence) and data mining in the timing belt systems are prominent factors projected to further drive the market growth over the forecast period. The increased emission guidelines across the globe is one of the key factors estimated to propel the market growth in years to come. The introduction of new products by major players coupled with growing research & development activities are expected to drive the market demand during the forecast period. For instance, in June 2022, NTN Corporation introduced a new range of timing chain kits. NTN Corporation expanded its automotive products range with the launch of 22 timing chain kits. The newly launched timing chain kits range is majorly for Asian as well as European vehicles. With the launch, NTN Corporation is projected to enhance its market share in Europe and Asia Pacific region. However, increased demand for battery electric vehicles (BEVs) and the presence of a large number of unorganized aftermarket players worldwide are anticipated to hinder market growth during the forecast period.
“Growing demand for passenger cars to spur the segment growth”
The passenger car segment had a major share in the global automotive timing belt market in 2022. The segment had more than 65% of the market revenue share in the same year. The segment had a major share due to the growing demand for passenger cars across the globe. According to OICA, in 2021, more than 68 Mn passenger vehicles had been sold worldwide.
“Surge in sales for commercial vehicles worldwide to spur the segment growth”
The commercial vehicle segment is projected to expand at a rapid pace in the global automotive timing belt market over the forecast period. Growing sales of commercial vehicles across the globe is the key factor for segment growth. According to OICA, in 2021, 26,365,470 vehicles had been sold or newly registered as compared to 24, 965,772 in 2019, which is around 5.6% year-on-year growth. The surge in commercial vehicles use for mining, transportation, and other industries is the major growth factor for the segment.
“The growing demand for automotive vehicles to enhance Asia Pacific growth”
In 2022, Asia Pacific dominated the global automotive timing belt market. Asia Pacific accounted for more than 40% of the global market revenue share in the same year. Asia Pacific had a major share due to the growing demand for automotive vehicles coupled with the increasing aftermarket for automobiles in the region. The surge in emission rules in the region is another major factor for regional growth over the forecast period. In 2021, more than 45 Mn vehicles had been sold and registered in Asia Pacific. China was the largest contributor in the global automotive vehicle market with more than 26% market share.
“The rising automotive vehicles market to enhance RoW growth”
The RoW region is projected to expand with a CAGR of more than 6.5% over the forecast period due to rising automotive vehicles market and expansion by major players in the region. For instance, in June 2022, Aisin Seiki Co., Ltd., established a new aftermarket company in Panama with a joint venture with Leon Import, S.A and named the new company Aisin Sales Latin America, S.A. (ASLA). With the joint venture and launch of new company Aisin Seiki Co., Ltd. is projected to enhance its sales in South and Central American and Caribbean markets.
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Historical & Forecast Period
This study report represents analysis of each segment from 2024 to 2034 considering 2025 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2026 to 2034.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Timing Belt market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2024-2034 |
| Base Year | 2025 |
| Forecast Period | 2026-2034 |
| Historical Year | 2024 |
| Unit | USD Million |
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Region Segment (2024-2034; US$ Million)
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Key questions answered in this report
