Automotive Belts Market Scope
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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
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) |
CAGR | % |
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 estimates that United States Vendors will contribute to the maximum growth of Global Automotive Belts market throughout the predicted 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 that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Automotive Belts market by Type , by Application (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles) and Region with country level break-up.
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).
region held largest market share in the year 2023.
Market Leaders and their expansionary 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.
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