Automotive Belt Market Overview
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.
Market Size and Forecast
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.
Market Segmentation
Our in-depth analysis has segmented global automotive belt market into the following segments:
By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Product Type
- Timing Belt
- Serpentine Belt
- V-Belts
- Single V-Belts
- Multi V-Belts
By Distribution Channel
- Original Equipment Manufacturer
- Aftermarket
By Region
Global automotive belt market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers & Challenges
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.
Top Featured Companies Dominating The Market
- Mitsuboshi Belting Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Gates Corporation
- Dayco Products, LLC
- Helicord Transmissions Private Limited
- ContiTech AG
- B&B MANUFACTURING
- Bearings & Power Transmission
- Other Notable Players
Author Credits: Saima Khursheed
- Report ID: 571
- Published Date: Feb 13, 2023
- Report Format: PDF, PPT
