Global Timing Belts Market to Reach $9.7 Billion by 2030
The global market for Timing Belts estimated at US$6.9 Billion in the year 2023, is expected to reach US$9.7 Billion by 2030, growing at a CAGR of 5.1% over the analysis period 2023-2030. Dry Belts, one of the segments analyzed in the report, is expected to record a 5.4% CAGR and reach US$4.8 Billion by the end of the analysis period. Growth in the Chains segment is estimated at 5.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.8 Billion, While China is Forecast to Grow at 8% CAGR
The Timing Belts market in the U.S. is estimated at US$1.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.1 Billion by the year 2030 trailing a CAGR of 8% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 4.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2030.
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