Industry Background:
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.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | 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) |
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. The vendors in this market are focusing on expanding their product portfolio and customer base. For instance, in September 2019, Optibelt GmbH took part in an exhibition called Pack Expo held at Las Vegas Convention Center wherein, the company showcased a broad range of polyurethane timing belts. In addition, Optibelt also displayed its DELTA CHAIN Carbon product to show its customers the capability to replace chain drives with a far superior timing belt product.
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
Influencing Trend:
Increasing adoption of lightweight and durable engine belts and Replacement of chain drives with timing belt products
Market Growth Drivers:
Continuously rising global vehicle production and fleet, Increasing demand for longer vehicle service life and Growing demand for periodic vehicle maintenance
Challenges:
The lifetime of engine belts and Wear & tear problems
Restraints:
High cost of reinforced plastic based engine belts
Opportunities:
Opportunities to diversify into plastic engine belt drives
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Automotive Engine Belt Market
- Analysis about New Entrants in Automotive Engine Belt Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Automotive Engine Belt Study Sheds Light on
The Automotive Engine Belt Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Automotive Engine Belt industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Automotive Engine Belt industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.