Analysis of Timing Belt Kits market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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
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.
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.
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 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.
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.
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.
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How much is the Timing Belt Kits Market likely to register during the forecast period?
The timing belt kits market is likely to record a CAGR of 5.21% during the forecast period.
Why Timing Belt Kits Market has High Growth potential?
The timing belt kits market has high growth potential due to rising sales of new automobiles in emerging markets.
Where will Manufacturers find the Most Opportunities in the Timing Belt Kits Industry?
The manufacturers of the timing belt kits industry are likely to find the most opportunities in the European region.
Timing Belt Kits Market