What is Automotive Belts Market?
The automotive belt is a loop of flexible material used to link two or more rotating shafts mechanically, most often parallel for automotive applications. These belts may be used as a source of motion, to transmit power efficiently or to track relative movements. They are used for two-wheeler, cars and vans, trucks and buses, heavy and light-duty vehicles and other applications. These belts are corrosion resistant, high performance and tensile strength. The factors such as High Demand for Various Automotive Applications and Increased Demand for V-Belts in the Automotive Industry are driving the global automotive belts market.
Highlights from Automotive Belts Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Gates Corporation (United States), Midas International Corporation (United States), Mitsuboshi Belting Ltd. (Japan), Helicord Transmissions Pvt. Ltd. (India), BandB Manufacturing (United States), The Carlstar Group LLC (United States), Continental AG (Germany), CRP Industries Inc. (United States), BG Automotive (United Kingdom) and Goodyear Rubber Products, Inc. (United States) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Automotive Belts market throughout the forecasted period.
Gates Corporation (United States), Midas International Corporation (United States), Mitsuboshi Belting Ltd. (Japan), Helicord Transmissions Pvt. Ltd. (India), BandB Manufacturing (United States), The Carlstar Group LLC (United States), Continental AG (Germany), CRP Industries Inc. (United States), BG Automotive (United Kingdom) and Goodyear Rubber Products, Inc. (United States) are some of the key players profiled in the study. Automotive Belts Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles |
Type | Timing Belts, Drive Belts (Single V-Belt and Multi-function V-Belt) and Serpentine Belt |
Distribution Channel | Online Channel,Offline Channel |
Material | Fiber,Rubber,Other |
On the basis of geography, the market of Automotive Belts has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Demand for Rubber Belts For Vibration and Noise-Free Power Transmission
Market Growth Drivers:
High Demand for Various Automotive Applications and Increased Demand for V-Belts in the Automotive Industry
Challenges:
Environmental Factors Affecting the Automotive Belts
Restraints:
Fluctuations in the Raw Material Prices
Opportunities:
Growing Automotive Industry Worldwide and Robust Increase in the Distribution Channels
Key Target Audience
Automotive Belts Manufacturers, Research Professionals, Emerging Companies, Raw Material Suppliers/ Buyers, Distributors, Government Body & Associations and End-user
Market Leaders & Development Strategies
Recently, Italy-based Megadyne S.p.A, a leading manufacturer of premium polyurethane belts for industrial applications, has acquired a majority stake in Chennai-based Helicord Transmissions for an undisclosed sum as part of its ‘strategic move’ to strengthen its presence in the Indian market.
In October 2019, Continental acquired the assets and business of CRP Industries' Continental-related Belts and Belt Kits program. As a result, the tech company brought all of its Continental-branded aftermarket belt products to its North American operations. The acquisition consists specifically of imported and domestic Continental branded multi-V-belts, accessory drive kits, V-belts, timing belts, Pro Series kits, Pro Series Plus kits, and Black Series kits.