PUBLISHER: Grand View Research | PRODUCT CODE: 1554166
PUBLISHER: Grand View Research | PRODUCT CODE: 1554166
The global automotive timing belt market size was estimated at USD 7.1 billion in 2023 and is projected to grow at a CAGR of 4.4% from 2024 to 2030. The global automotive timing belt industry is experiencing growth primarily due to the increasing production of vehicles and the rising adoption of direct injection engines. As automotive manufacturers strive to enhance engine performance and efficiency, timing belts play a crucial role in synchronizing engine components, which is essential for optimal functionality.
Moreover, the aftermarket segment is also contributing to market growth, as an expanding vehicle population and increased average miles driven per vehicle lead to a higher frequency of timing belt replacements. This trend underscores the importance of timing belts in vehicle maintenance and repair, solidifying their role in the automotive ecosystem.
Global Automotive Timing Belt Market Report Segmentation
This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global automotive timing belt market report based on type, distribution channel, vehicle type, and region: