Automotive engine belt refers to a rubber or plastic belt which is used to drive multiple devices in an automotive engine for power transmission such as air pump, power steering pump, and air conditioning pump. In other words automotive engine belts can be defined as the belt in drives used for driving mechanisms in an engine for wedging and better traction. Continuously rising global vehicle fleet and aftermarket demands, increasing demand for durable vehicle & engine service life, and growing demand for periodic vehicle maintenance are some of the major factors aiding into the growth for automotive engine belts market globally.This growth is primarily driven by Continuously rising global vehicle production and fleet, Increasing demand for longer vehicle service life and Growing demand for periodic vehicle maintenance.
Globally, a noticeable market trend is evident Increasing adoption of lightweight and durable engine belts
. Major Vendors, such as Gates Corporation (United States), Hutchinson SA (France), Continental AG (Germany), Optibelt GmbH (Germany), Dayco IP Holdings, LLC (United States), J.K. Fenner (India) Limited (India), Schaeffler AG (Germany), B&B MANUFACTURING (United States), BANDO EUROPE GMBH (Germany), DUNLOP BTL LTD (United Kingdom), Habasit (Switzerland) and Miki Pulley Co., Ltd (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In October 2019, Continental AG acquired the automotive aftermarket belt business of Cranbury-based CRP Industries. The acquisition specifically comprises of import & domestic continental branded multi-v belts, accessory drive kits, v-belts, timing belts, and series kits
In January 2018, Continental AG expanded its product portfolio by adding ‘Pro kits’ (includes secondary drive belt with it) and improves the offer for auto repair shops
- Continuously rising global vehicle production and fleet
- Increasing demand for longer vehicle service life
- Growing demand for periodic vehicle maintenance
- Increasing adoption of lightweight and durable engine belts
- Replacement of chain drives with timing belt products
- High cost of reinforced plastic based engine belts
Opportunities to diversify into plastic engine belt drives
The lifetime of engine belts and Wear & tear problems
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