Global Automotive Timing Belt Market set to grow to USD 10.61 Billion by 2033

From GlobeNewswire: 2024-08-14 03:00:00

The Global Automotive Timing Belt Market is set to grow from USD 7.01 Billion in 2023 to USD 10.61 Billion by 2033, with a CAGR of 4.23% during the projected period. Timing belts are crucial components in internal combustion engines, synchronizing the crankshaft and camshaft for proper engine function, reduced emissions, and noise. The market growth is being driven by increased vehicle production and sales worldwide, although demand may decline with the shift towards pure electric vehicles. The belt-in-oil segment holds the largest revenue share in the automotive timing belt market. Passenger vehicles are expected to see the highest growth in this market during the projected timeframe, with OEMs dominating distribution channels. North America holds the largest market share, benefiting from a well-established automotive sector and robust aftermarket ecosystem. Europe is expected to grow rapidly due to high automotive standards and focus on maintenance. In Asia Pacific, timing belts are in high demand due to increased automobile manufacturing. Major vendors in this market include AISIN CORP., Continental AG, and Gates Corporation. Recent developments include Cloyes Gear & Products acquiring Automotive Tensioners, Inc. Market segments include type, vehicle type, and distribution channel. Regional analysis covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Related reports cover the global automotive coil spring, shock absorber, and tubeless tire markets.



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