With the spread of Covid-19 pandemic, the demand for timing belt kits starting falling as lockdown was implented by the government to protect the people from the deadly virus. The manufacturers suffered accute decline in their sales in the first and second quarter of 2020, however after that it started witnessing gradual progress. In 2021, the leading players are recovering their losses by undertaking continuous research and developments to develop better products and services for attracting and retaining the customers.
Recognized players such as ContiTech Corporation, Gates Corporation, Tsubaki Incorporation, ACDelco Limited, B&B Manufacturing Company, The Carlstar Group, J.K Fenner Limited, Federal Mogul Motorparts Corporation, Bando USA, Ningbo Fulong Synchronous Belt Corporation and Dayco Corporation are actively indulged in the incorporation of various market tactics including joint ventures, collaborations, partnership agreements, technological advancements, sales agreements, product approvals, research and developments, capacity utilizations, innovations, diversifications, geographical expansions, digital marketing, strategic alliances, mergers and acquisitions, innovative launches, product portfolio expansions etc to maintain and strengthen their presence and market share throughout the world.
For instance, Continental Corporation launched ‘New Timing Belt for Special Citroen and Peugeot Engines’ on 25th June, 2020. The new CT1228 timing belt comes with improved material properties superseding CT1188. It is specially developed for engines where the timing belt runs directly in oil. It has greater efficiency and smoother running even in older and high mileage engines. It ensures low noise operation with very precise timing. This has even higher acrylonitrile content than before. The higher the content, the better the material’s resistance to certain carbon compounds that can occur as a result of friction between crystallized impurities in the oil. The aramid fabric on the inside face of the belt is also equipped with a multi-layer wear protection system. The old CT1188 itself was extremely tough and hard wearing. In the newly developed CT1228, the company has improved the properties further. The older engines with particularly high mileage can also enjoy the efficiency and environmental benefits provided by a design featuring a timing belt running in oil.
In addition to that, ContiTech acquired CRP’s timing belt kits program on 6th December, 2019. This was a gaint step in the direction of acquiring the assetsand the business of CRP Industries’ Continental connected belt and belt kits program in effect to bringing all of its Continental brand automotive aftermarket belt products in-house as part of its North American operation. The acquisition specifically comprised import and domestic Continental branded multi-V belts, accessory drive kits, V-belts, timing belts, pro series kits, pro series plus kits and black series kits. The company will continue its strong presence in the aftermarket selling other non continental brands that includes Rein Automotive Parts, Pentosin Technical Fluids, Ajusa Gaskets and AAE Steerig products. The combination of strengths of each business will ensure that customers are provided with a stop shopping experience. The take over has proved beneficial for the company as it is meeting the expectations of its customers globally.
Timing belt kits, comprising a part of internal combustion engine, are popularly used to maintain engine’s efficiency and promote safe engine running. Significant attributes including wide speed range with minimal vibration and reduced noise, high mechanical efficiency, clean operation, rust resistant, and more are driving the demand for timing belt kits. Further, wide range of application in automobiles, treadmills, water pump, and sewing machines are directly influencing the growth of timing belt kits market. In addition, the timing belt kits come with increased drive design options which save both weight and energy, thereby enhance the life cycle of the vehicle. This is the key factor favoring the global timing belt kits market.
Asia Pacific to Register Significant Growth in Timing Belt Kits Market
With large scale vehicle production in emerging economies such as China and India, the timing belt kits market is expected to witness steady growth in the Asia Pacific region. According to International Organization of Motor Vehicle Manufacturers, Asia Pacific accounts over 50% of the global vehicle production and is estimated to increase in the coming years with growing population. This is likely to be a major growth driver of the timing belt kits market in Asia Pacific.
Replacement of Timing Belt System and Growth in Automotive Aftermarket to Auger Well for the Global Market
Automotive aftermarket has been consistently growing since past several years with increasing production of vehicles, both commercial and passenger vehicles worldwide. This has given potential opportunities for the aftermarket with increasing number of maintenance services and replacement of automotive parts, timing belt kits being one of them. Timing belt kits, that cover timing chains, timing belts and tensioners, are an integrated system in a vehicle that ensure efficient running of the vehicle under severe drive conditions. According to manufacturers of automotive timing belt kits, the entire system needs to be changed in case of wear and tear of one or more components of the kits in order to ensure optimum performance maintenance. For example, in case of belt elongation, the timing belt needs to be replaced along with the tensioner associated with it. This is essential as the tensioner specifications match with the belt length and strength, failing which the vehicle engine might face increased vibrations. This has called for frequent maintenance check and in case of defects, replacement of entire timing belt kit. Thus, aftermarket is expected to present significant opportunities for participants in the timing belt kits manufacturing during the forecast period.
New Innovations to Drive Adoption of Timing Belt Kits in Vehicles – Key Factor Supporting Market’s Growth
Market participants are focusing on innovations in timing belt kits to meet growing demand from customers. Potential opportunities exist for timing belt market participants from an innovation standpoint, especially in Asia Pacific, Europe and North America. For instance, Tsubakimoto recently introduced automotive timing belt chain in European countries. Zerotech – the company’s innovation in this space – offers improved energy savings along with reduced carbon dioxide emissions. In addition, it also offers reduction in friction between mating parts and at the same time maintaining high level of performance and reduced belt stretching, thus offering longer operational life and durability. Such innovations are expected to support the proliferation of timing belt kits, especially in the automotive aftermarket in the coming years, thereby supporting the growth of the global timing belt kits market.
Adoption of Fiber Reinforced Material, Typically Glass Fibers, to Gain High Traction
Adoption of fiber reinforced materials in timing belts used in automotive can enhance the life span of the belt, thus reducing the replacement frequency and costs. OEMs are focusing on exploring high quality composite material for increasing the durability of the belt and life of the rubber used in timing belts. This triggered the adoption of glass fiber composite along with rubber that enhances lifespan, improves strength, and provides high weight and corrosion resistance. Use of glass fiber, owing to its superior weight to strength ratio, is expected to gain high traction in this space in the coming years, which is expected to fuel the sale of timing belt kits during the forecast period.
Key Company Developments
With aftermarket for automotive gaining high traction, participants involved in power transmission drive belts are focusing on enlarging their product portfolios, timing belt kit product range and belts with advanced material to serve the increasing aftermarket demands. Keeping this in focus, automotive companies are developing high quality belt kits with high maintenance ranges suitable for high drives.
- Continental AG has introduced timing chains to its current product portfolio for automotive aftermarket. In its new timing chain product range, Continental AG offers 43 various timing chain kits, which is a complete solution set to reduce frequent failures of timing chains or its components
- Exo Automotive, a reference company for the automotive aftermarket, has introduced new timing belt kit that is being branded under the name Open Parts. This timing belt kit integrates the spare parts that have an increased maintenance range from 0 to 100,000 kilometers and beyond and consists of high quality kit components
- ContiTech has introduced SILENTSYNC, a self-tracking timing belt that is ozone resistant, aging resistant, produced less vibrations, maintenance free and electrically conductive (ISO 9563 approved). Additionally, ContiTech has also come up with FALCON PD, in which timing belt is made of reinforced rubber for extremely demanding drives. It has less maintenance and is suitable for reverse tensioning idlers or reverse flexing
- Dayco has introduced HT (High Tenacity) and HK timing belt to improve individual component performance and consequently the entire drive system for the automotive aftermarket
Key participants involved in the timing belt kits market include SKF (Svenska Kullagerfabriken AB), Continental AG, Exo Automotive, Dayco, Ningbo Beidi Synchronous Belt, Tsubakimoto and Tsubaki, to name a few.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
- Market Dynamics
- Market Size
- Market Segments
- Demand & Supply Trends
- Current Issues and Challenges
- Companies and Competitor Landscape
- Value Chain
Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
Highlights from the Report
- Elaborated scenario of the parent market
- Transformations in the market dynamics
- Detailed segmentation of the target market
- Historical, current and forecast market size based on value and volume
- Latest industry developments and trends
- Competition landscape
- Strategies adopted by the market players and product developments made
- Potential and niche segments, along with their regional analysis
- Unbiased analysis on performance of the market
- Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Fact.MR
Fact.MR offers custom research services that help clients to get specific research solutions
We are committed towards customer satisfaction and quality service.