Automotive Belt: Introduction
- Automotive belts are belts transmit power and provide a connective link between two parallel rotating shafts that have pulleys fixed on them over which the belt is looped. Hence, power transmission occurs by friction from the driving shaft to the driven shaft, smoothly, through these belts. Automotive belts are also utilized as timing belts to synchronize the functions of engine valve via a camshaft.
- Automotive belts used in vehicles are designed as endless belts. They are commonly manufactured from materials such as neoprene, chloroprene, and ethylene propylene diene monomer rubber. The inner surface and cross section of the automotive belt differs according to the function the belt needs to perform. Automotive function such as air-conditioning, power steering function, and drive alternator are performed by the V-belt, while valve timings to camshaft is usually performed by the toothed belt. The design, shape, and size of the automotive belts depends on the application of belt and the type of the vehicle.
Key Drivers of Global Automotive Belt Market:
- Rise in demand for vehicles is consistently fueling the production of vehicles worldwide on a yearly basis owing to the demand witnessed in several developing countries. This is a key factor boosting the automotive belt market across the globe.
- Influence of the Environmental Protection Agency to reduce greenhouse gases emission and control of pollution has prompted automotive vehicles manufacturers to produce highly efficient less polluting engines that require very precise and long-lasting automotive belts. This factor has also fueled the automotive belts market as an increasing number of vehicle manufacturer prefer belts that are efficient and environment-friendly.
- Automotive belt manufacturers are focused on upgrading their product portfolio by introducing new products to strengthen their position in the market across the globe. Thus, most of the key players are investing in developed countries. This, in turn, is likely to boost the automotive belt market across the globe.
- The trend of urbanization is rising at an exponential rate, which is fueling the average income of the urban population, enabling them to enhance their lifestyles. Moreover, rise in demand for passenger cars is prompting automakers to increase production of vehicles, which in turn is propelling the automotive belt market across the globe.
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Passenger vehicle segment to offer attractive opportunities:
- The passenger vehicle segment is likely to hold a significant share of the market by the end of the forecast period. This is attributed to a rise in the demand for utility vehicles in highly populated countries such as China, India, and Brazil.
- High demand for e-class, crossovers, SUVs, and hatchbacks is driving the passenger vehicle segment, which in turn is likely to boost the automotive belt market. Rise in preference for private transport and increase in buying power of consumers are driving the passenger vehicle segment of the market.
- Automotive belts primarily function through friction between the pulley and the belt, which is susceptible to wear and tear due to continuous usage leading to decreased performance, engine efficiency, and slippage. This issue is usually rectified by the replacement of the belt, which is fueling the aftermarket segment of the automotive belt market across the globe.
COVID–19 Pandemic to hamper market:
- The COVID-19 crisis is affecting economies and industries in various countries due to lockdowns, travel bans and business lockdowns. The global rubber materials supplier industry is suffering serious disruptions such as supply chain breaks, office shutdowns, and others. For instance, China is a global manufacturing hub and raw material supplier of various industries, and it is also one of the worst affected countries. The lockdown of various plants and factories in China is restricting the global supply chains and disrupting manufacturing, delivery schedules, and various material sales. Various companies announced possible delays in product deliveries and slump in future sales of their products. All these factors are anticipated to hamper the global automotive belt market across the globe.
Asia Pacific to Hold Significant Share of Global Automotive Belt Market:
- Asia Pacific comprises rapidly expanding economies, including India and those in ASEAN, which are likely to witness higher demand for vehicles and consequently, boost the automotive belt market during the forecast period
- Asia Pacific held a leading share of the global automotive belt market due to higher volume of vehicles produced in prominent countries, including China and Japan, and lower manufacturing and labor cost across the region. Moreover, availability of inexpensive labor and raw material in the region coupled with increasing number of local manufacturers is likely to propel the market in Asia Pacific during the forecast period.
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Key Players Operating in Global Market:
The global automotive belt market is highly consulted with top manufacturers across the global market. A few of the key players operating and potential in the global automotive belt market are:
- Gates Corporation
- Midas International Corporation
- Mitsuboshi Belting Ltd. Group
- Helicord Transmissions Pvt. Ltd.
- B&B Manufacturing
- The Carlstar Group LLC
- Continental AG
- Bearings and Power Transmission Solutions
- CRP Industries Inc.
- BG Automotive
- Hutchinson Group
- Bando Chemical Industries Ltd.
Global Automotive Belt Market: Research Scope
Global Automotive Belt Market, by Type
- Timing Belts
- Drive Belts
- Single V-Belt
- Multi-function V-Belt
- Serpentine Belt
Global Automotive Belt Market, by Vehicle Type
- Passenger Vehicle
- Utility Vehicles
- Commercial Vehicle
Global Automotive Belt Market, by Material
Global Automotive Belt Market, by Sales Channel
Global Automotive Belt Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.