Dayco IP Holdings, LLC a top producer of engines and drive systems for the automotive, heavy-duty, and industrial markets, introduced a new belt manufacturing facility in Mexico, to manufacture the original equipment-grade drive belts that are its trademark worldwide.
Optibelt GmbH launched a brand-new, incredibly powerful wedge belt called the Optibelt BLUE POWER 2, which provides exceptional performance in terms of dependability and efficiency owing to its high-quality raw materials and optimized manufacturing process. Further, in comparison to its predecessor or other wrapped V-belts from Optibelt, the BLUE POWER 2 model performs better.
Author Credits: Abhishek Verma, Hetal Singh
Report ID: 4039
Published Date: Apr 26, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing industrial production and the rise in technological advancements in industrial belt drives are the major factors driving market growth.
The market size of industrial belt drives is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2035.
Robotics and AI adoption in industry and the exorbitant cost of belt drives are estimated to be the growth hindering factors for the market expansion.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
The major players in the market are Dayco IP Holdings, LLC, Optibelt GmbH, Hutchinson Group, Continental AG, Daifuku Co., Ltd., Interroll Group, Honeywell Intelligrated, TGW Logistics Group GmbH, and Swisslog Holding AG.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, end-user, and by region.
The industrial synchronous belt drives segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.