North America Automotive Belts Market Highlights 2019-2024
The North America automotive belts market is anticipated to attain a CAGR of 6.01% during the forecast period, i.e., 2020-2024. The market, which registered a market revenue of USD 1436.06 Million in 2019, is further projected to attain USD 1922.68 Million by 2024. The growth of the market can be attributed to the increase in production of commercial vehicles where automotive belts are deployed widely, along with the increasing stringent government regulations for lowering vehicular emissions. In Canada, the production of light commercial vehicles increased nearly by 2% in 2019 when compared to 2018. Additionally, in the United States, production of heavy trucks grew by 6% in 2019 from its previous year. Automotive belts are widely used in commercial vehicles, especially to drive air compressors, vacuum pumps, cooling systems, and others. On the other hand, regulatory bodies, such as the Environmental Protection Agency (EPA), and the National Highway Traffic Safety Administration, has set stringent regulations, such as the Corporate Average Fuel Economy (CAFÉ) standards, which aims to lower vehicular emissions. The belts help to boost the fuel economy of the engines, which is anticipated to raise the demand for the product, and in turn drive the market growth. Moreover, rise in the adoption of turbocharger in vehicles, along with the growing technical advancements in the quality of automotive belts, are some of the additional factors anticipated to drive the market growth during the forecast period.
North America Automotive Belts Market Segmentation Geographical Synopsis
Geographically, the North America automotive belts market comprises of the United States and Canada. Among the market in these nations, 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. The production of commercial vehicles in the United States grew from about 7 million in 2000 to around 8 million in 2019. Additionally, presence of several key commercial vehicle manufacturers in the nation is also anticipated to contribute to the growth of the market during the forecast period. The automotive belts work through friction between the belt and pulley. As a result, these belts are susceptible to wear and tear due to continuous usage. The market in Canada, on the other hand, is anticipated to grow with a CAGR of 4.23% during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers and Challenges Impacting the Growth of the North America Automotive Belts Market
Growth Drivers
- Rising Production of Commercial Vehicles
- Stringent Norms by the Government to Curb Emissions from Vehicle
- Rising Adoption of Turbocharger in Vehicles
Challenges
- Increasing Adoption of electric Vehicles
North America Automotive Belts Market Segmentation Synopsis
The North America automotive belts market is segmented by belt type into timing belts, v-belts, and serpentine belts. Among these segments, 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 segment is also anticipated to grow with the highest CAGR of 6.26% during the forecast period. Serpentine belts possess numerous benefits over other belt types. They require low maintenance, produce less noise, and are more reliable. These belts can be easily replaced too in case if the belts are damaged due to wear and tear. These belts are also single, continuous belts that drives and transmits power between multiple engine components, such as the alternator, air conditioning compressor, and others.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the North America automotive belts market that are included in our report are Gates Corporation, ContiTech AG, Mitsuboshi Belting Ltd., Dayco IP Holdings, LLC, Schaeffler AG, ACDelco (General Motors), Bando USA, Robert Bosch GmbH, and others.
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