Research Nester published a report titled “North America Automotive Belts Market: Demand Analysis & Opportunity Outlook 2024” which delivers detailed overview of the North America automotive belts market in terms of market segmentation by belt type, vehicle type, fuel, and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The North America automotive belts market is segmented by belt type into timing belts, v-belts, and serpentine belts, out of which, the serpentine belts segment is anticipated to hold the largest market share in the year 2021 and further attain a market revenue of USD 1576.44 Million in 2024. The growth of the segment can be attributed to the numerous benefits associated with the belt type. The segment is further projected to grow with the highest CAGR of 6.26% during the forecast period, i.e., 2020-2024.
The North America automotive belts market is anticipated to attain a CAGR of 6.01% during the forecast period, owing to the increasing stringent government regulations for lowering vehicular emissions, rise in production of commercial vehicles, increasing technical advancements in the quality of automotive belts, and the rise in the adoption of turbocharger in vehicles. The market registered a market revenue of USD 1436.06 Million in 2019 and is further projected to attain USD 1922.68 Million by 2024.
The market is segmented based on geography into the United States and Canada, out of which, the market in the United States registered the largest market share in 2021 and is further projected to attain a market revenue of USD 1656.95 Million by 2024 owing to the presence of several key commercial vehicle manufacturers, and for the growing availability of commercial vehicles in the nation.
Growing Production of Commercial Vehicles
Owing to the wide utilization of commercial vehicles across different end user industries, there has been an increase in the production of these vehicles. In the United States, production of heavy trucks grew by 6% in 2019 from 2018. Additionally, between 2000 and 2019, production of commercial vehicles grew from 7 Million to 8 Million. Moreover, in Canada, the production of light commercial vehicles increased nearly by 2% in 2019. The automotive belts are susceptible to wear and tear due to their continuous usage and hence with the growing number of vehicles on road, the demand for these products is anticipated to increase significantly, and in turn drive the market growth.
However, with the growing awareness amongst individuals for electric vehicles and its rising adoption, the demand for automotive belts is anticipated to drop drastically and in turn hamper the growth of the market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the North America automotive belts market which includes company profiling of Gates Corporation, ContiTech AG (ETR: CON), Mitsuboshi Belting Ltd. (TYO: 5192), Dayco IP Holdings, LLC, Schaeffler AG (ETR: SHA), ACDelco (General Motors) (NYSE: GM), Bando USA, Robert Bosch GmbH, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America automotive belts market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.