Continental (Germany) and SKF (Sweden) are the Leading Players in the Timing Belt Market
The timing belt market is projected to grow to USD 9.22 Billion by 2025, at a CAGR of 5.21% during the forecast period. The rise in demand for direct injection engines and growing global vehicle production are the two key factors driving the demand for the timing belt.
The timing belt market is dominated by a few global players and comprises of several regional players. Some of the leading players in the timing belt market are Continental (Germany), SKF (Sweden), BorgWarner (US), and Tsubakimoto Chain (Japan). The key strategy adopted by these players to gain traction in the timing belt market is new product development. In April 2017, ContiTech, a business division of Continental, developed a rubber timing belt for heavy duty drive solutions with a hybrid tension member made of a glass carbon compound. Further, in June 2017, NTN developed a bearing for pulleys, which can rotate at up to 20,000 min in outer ring rotating by optimizing the internal bearing design and structural components. Bearings for pulleys are used in automotive engine belts. The product offers features such as high-speed rotation and low torque.
Continental (Germany) operates under five business segments, namely, tires, chassis & safety, interior, powertrain, and ContiTech. The company offers timing belt in its ContiTech segment. The company adopted the strategies of acquisition, expansion, and new product development to retain its top position in the timing belt market. In November 2015, the company expanded its product line-up of timing belt kits for OE solution technology under Elite brand to offer customized solutions for the warehouse distributors, professional repair technicians, and consumers. According to a Continental (Germany) publication, the organization offers more than 550 belt kits for different vehicle models. In February 2014, Continental acquired the power transmission belt business of Taizhou Fuju Rubber Belt Manufacture (China), enabling the company to expand its drive belt business in China. In September 2014, Continental expanded its range of timing belt kits with water pumps. The company offered complete package with timing belt, tensioner & deflection roller, accessory parts, and water pump for auto repair to replace belt drive components.
SKF (Sweden) is one of the leading players in the timing belt market. The company, which has operations in more than 400 locations across the globe, operates in two business segments-industrial and automotive. The company offers timing belts and timing chains in the automotive segment. SKF (Sweden) has adopted new product development as the primary strategy to retain its position in the timing belt market. In 2015, SKF developed engine timing chain kits for the auto repair market. With this product, the company catered to the demand for auto repair solutions in Europe and Asia. In 2014 SKF signed a partnership agreement with Bosch. Under this partnership, the company provided repair solutions to eighteen hundred Bosch service centers located throughout Brazil.
Related Reports:
Timing Belt Market by Drive Type (Dry Belts, Chain, Belt in Oil), Component (Idler Pulley, Sprocket, Tensioner, Timing Shield/Cover), Ice & Hybrid (Passenger Car, Commercial Vehicle, HEV, PHEV), Aftermarket, and Region - Global Forecast to 2025
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