In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Automotive belts are used in vehicles for power transmission purposes. Some of the applications of automotive belts are to provide power to the air conditioning compressor, power steering pump, cooling fan, air injection pump, and more.
Global automotive belts market is expected to thrive at are used 6.5% over the forecast period i.e. 2017-2024. The global automotive belts market is anticipated to ride on the back of rising demand to replace automotive belts in old vehicles. Further, limited replacement interval of automotive belts is a key reason which is expected to drive the growth of global automotive belts market over the forecast period.
Regionally, the global automotive belt market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, Asia Pacific automotive belt market is expected to grab major market share of global automotive belt market by the end of forecast period. Rising vehicle production in Asian countries and increasing sales of passenger cars are key factors which are environed to strengthen the market of automotive belts in this region. Additionally, India, China and Japan are some of the major vehicle producer countries and are expected to contribute significantly in the growth of Asia Pacific automotive belts market during the in Asia Pacific region.
Apart from this, North America region is also accepted to witness robust growth over the forecast period. Increasing production of vehicles in U.S. and high spending by consumers on vehicle maintenance are expected to enhance the demand for automotive belts market in this region. Apart from this, U.S. is likely to contribute significantly in the growth of automotive belts market in North America region during the forecast period.
Global automotive belts market is further segmented by product type into timing belt, serpentine belt and V-belts. Further, serpentine belt segment is expected to grow at considerable pace over the forecast period. Serpentine belts are a newer form of automotive belts which are long belts and run every engine accessories including water pump, alternator, a/c compressor and power steering pump. Advantages offered buy serpentine belt such as less maintenance, higher reliability and better friction are key factor which are augmenting the demand for serpentine belts globally.
Apart from product type, automotive belts market is further segmented by distribution channel into OEM & aftermarket. Furthermore, aftermarket segment is likely to grow at significant pace over the forecast period owing to growing auto aftermarket across the globe. Automobile companies are looking forward to sale their products through aftermarket sales channel instead of relying only on OEM channel. Additionally, rising consumer preferences for aftermarket parts over OEM parts is also driving the growth of this segment.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global automotive belt market into the following segments:
Global automotive belt market is further classified on the basis of region as follows:
Demand for automotive belts is mainly fuelled by increasing number of vehicles across the globe. Further, rising concerns amongst the consumers regarding preventive maintenance is escalating the replacement rate of automotive belts globally.
Increasing sales of vehicles on the back of rise in per capita income of the consumers is believed to be the dynamic factor behind the rapid growth of automotive belt market. Moreover, the production of commercial vehicles is increasing globally, for instance, commercial vehicle production in China reached 3,698,050 as compared to 3,423,899 in 2015 (International Organization of Motor Vehicle Manufacturers). This factor is envisioned to propel the growth of automotive belts market in upcoming years.
Average lifespan of automotive belts is also a major factor which is fuelling the market of automotive belts. Further, growing replacement of automotive belts in old vehicles is augmenting the demand for automotive belts globally.
Enhancements of automotive belts in order to offer smooth engine operation and less pollution are likely to intensify the market of automotive belts across all regions.
However, increasing adoption of electric vehicles and inclination towards beltless engines are likely to obstruct the growth of automotive belts market in upcoming years.
Overview of the Parent Market
Analyst View
Segmentation
The global automotive belt market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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