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North America Automotive Belts Market Segmentation by Belt Type (Timing Belt, V-Belt, and Serpentine Belt); by Vehicle Type (Passenger Vehicle, and Commercial Vehicle); by Fuel (Gasoline, and Diesel); by End-User (OEM, and Aftermarket) – Demand Analysis & Opportunity Outlook 2019-2024

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Extensive insights into the Growth of Automotive Belts Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • March 9, 2021: Gates Corporation announced that it has introduced the new synchronous drive belt Carbon Drive Moto X9 for two wheelers.

  • February 8, 2021: Continental AG announced that it has invested around USD 1.92 Million in a new drive belt manufacturing technology at its Dannenberg site in Germany.

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 Graph

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.

Key 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.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
  • The report includes detailed company profiles of the major players dominating the market.
  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

FREQUENTLY ASKED QUESTIONS

  1. Market Definition and Research Methodology
    1. Market Definition
    2. Research Objective
    3. Research Methodology
  2. Executive Summary
  3. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
    4. Trends
  4. Industry Analysis
    1. Regulatory Landscape
    2. Material Analysis
    3. Vehicle Mile Analysis
    4. Vehicle Age Analysis
    5. Fuel Analysis
    6. Impact of COVID-19 on the market
    7. Vendor Analysis
  5. North America Automotive Belts Market
    1. Market Overview – Market Size (2019–2024)
    2. Market segmentation by:
      1. Belt Type
      2. Vehicle Type
      3. Fuel Type
      4. End User
  6. U.S Automotive Belts Market
    1. Market Overview – Market Size (2019–2024)
    2. Market segmentation by:
      1. Belt Type
      2. Vehicle Type
      3. Fuel Type
      4. End User
  7. Canada Automotive Belts Market
    1. Market Overview – Market Size (2019–2024)
    2. Market segmentation by:
      1. Belt Type
      2. Vehicle Type
      3. Fuel Type
      4. End User
  8. Competitive Landscape
    1. Market Share
    2. Company Profile
  9. Analyst Review

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