Automotive Belts Market: By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), By Sales Channel (Original Equipment Manufacturer, Aftermarket), By Type (Timing Belts, Drive Belts, Single V-Belt, Multi-function V-Belt/Serpentine Belt), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[170+ Pages Research Report] Automotive Belts Market to surpass USD 23.6 billion by 2031 from USD 14.4 billion in 2021 at a CAGR of 5.1% in the coming years, i.e., 2021-2031.
Automotive belts are pulley-mounted power transmission belts that connect two parallel spinning shafts. The belt is looped onto these pulleys, which are fastened to the shafts. As a result, through these belts, power is smoothly transferred by friction from the driving shaft to the driven shaft. Timing belts are another application for automotive belts, which are used to coordinate the actions of engine valves via a camshaft. Automobile belts are made from materials including neoprene, chloroprene, and ethylene propylene diene monomer rubber and are often built as endless belts (EPDM rubber).
Automotive Belts Market is expected to project a notable CAGR of 5.1% in 2031.
According to the demands seen in many developing countries, global vehicle production figures are continuously rising each year. The market for vehicle belts is expanding primarily as a result of this aspect. Automotive belts essentially work by creating friction between the pulley and the belt, but this friction is subject to wear and tear over time from continual use, which reduces engine efficiency, performance, and slippage.
The Passenger Vehicles segment is expected to grow with the highest CAGR during 2021-31
Based on Vehicle Type, the global Automotive Belts Market is fragmented into Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles. Through 2028, the automotive belts market's Passenger Vehicles sector is expected to have significant growth. The regular introduction of new models, simple access to financing, and numerous incentives offered by automakers to boost sales will underpin market revenue. The implementation of contemporary safety features is being emphasized by automakers as a way to increase passenger automobile safety.
The Original Equipment Manufacturer segment is expected to grow with the highest CAGR during 2021-31
Global Automotive Belts Market is classified on the basis of Sales Channel into Original Equipment Manufacturer and Aftermarket. OEM segment, which currently controlled the automotive belt market, is expected to see significant growth. Seat belts are required to be installed in vehicles to increase safety due to the proliferation of the automotive industry and strict regulatory laws. Automobile OEMs are also motivated to use safety measures to improve their vehicles' safety ratings in order to differentiate their portfolios from rivals and boost sales. These considerations include rigorous crash tests and car assessment programs.
The Growing Consumer Awareness of Safety Features is majorly driving the market
The demand for sophisticated safety features in passenger and commercial cars is predicted to rise along with customer awareness of safety features, which is expected to fuel market expansion. The expansion of the automotive belts business will be aided in the next years by rising auto production, advancements in seat belt technology, demand for passive safety systems, and the introduction of stricter safety laws and standards. Product demand is increasing as a result of growing consumer awareness of vehicle safety. One major development that will increase market demand is the seat belt reminder systems with alarms for back seats.
Advancements in the Automotive Seat Belts
Along with these factors, the development of automotive seat belt technology, expanding passenger car production and demand, and rising commercial vehicle demand are some other factors anticipated to propel the growth of the automotive belts market.
Higher Adoption of Active Safety System
Some of the factors impeding the growth of the automotive belts market include the rising adoption of active safety systems and the temporary closure of manufacturing facilities due to COVID-19.
Global Automotive Belts Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The fastest rise in automobile production and sales was seen in developing nations in Latin America and the Asia-Pacific region, including Mexico, India, and China. This can further fuel the expansion of the automotive belts industry. South Korea, China, and India are the top three auto-producing nations in the APEJ area, making them important markets for automotive belts. Due to increased auto production, the United States is expected to experience rapid expansion in the automotive belts market in North America.
Due to lockdowns, travel restrictions, and company lockdowns, the COVID-19 problem is having an impact on the economics and industries of many different nations. The supply chain breakdowns, office closures, and other major disruptions are affecting the global rubber materials supplier industry. For instance, China is one of the hardest hit nations and a major hub for production and the supply of raw materials to many industries. Manufacturing, delivery schedules, and sales of various materials are all being hampered by the lockdown of numerous industries and plants in China. Many businesses warned of potential delays in product shipments and declines in future sales of their goods. All of these things are expected to hurt the global market for automobile belts.
Automotive Belts Market is further segmented by region into:
Automotive Belts Market Segments:
|Market size value in 2021||USD 14.4 billion|
|Revenue forecast in 2031||USD 23.6 billion|
|Growth Rate||CAGR of 5.1% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Vehicle Type, Sales Channel, Type, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||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., and Other Prominent Players.|
Automotive Belts Market size was estimated at USD 14.4 billion in 2021 and is expected to reach USD 23.6 billion in 2031
Auto belts are belts that carry power and act as a connecting element between two parallel rotating shafts with pulleys fastened to them.
The Passenger Vehicles segment accounted for the largest Automotive Belts Market share.
Key players in the Automotive Belts Market include 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., and Other Prominent Players.
Due to the increase in demand seen in numerous emerging countries, the production of automobiles is continuously being fuelled globally on an annual basis. This is a significant driver driving the global market for automotive belts.
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