The automotive belts market is projected to exceed USD 14,417.0 million in 2023 and is expected to reach approximately USD 21,136.4 million by 2033, with a compound annual growth rate (CAGR) of 3.9% over the forecast period.
The global production of automobiles has been steadily increasing, particularly in developing economies, driving significant demand for automotive belts. These belts are critical components in various systems such as the engine, power steering, air conditioning, and water pump.
Key factors contributing to the market growth include population expansion, urbanization, and rising living standards, which are increasing the number of vehicles on the road. This, in turn, boosts the demand for automotive belts for routine maintenance, repairs, and replacements.
Ongoing research and development efforts have led to the introduction of advanced belt materials, enhancing performance, durability, and efficiency. Innovations such as the use of synthetic rubber, high-strength fibers, and composite materials have improved belt durability, strength, and resistance to wear and tear, driving market growth.
The rising popularity of electric vehicles (EVs) presents a significant opportunity for the automotive belts market. EVs require specialized belts for electric motor systems and auxiliary functions like air conditioning and power steering. The growing demand for belts designed for electric powertrains, spurred by the increasing adoption of EVs, positively impacts market expansion.
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Additionally, the automotive industry’s focus on lightweight vehicle designs to improve fuel efficiency and reduce carbon emissions is influencing the market. Lightweight automotive belts help reduce overall vehicle weight without compromising performance. As manufacturers develop lighter vehicles, the demand for lightweight belts is expected to grow, further propelling market growth.
Key takeaways for the automotive belts market
- Market Growth: The automotive belts market is projected to experience steady growth from 2023 to 2033, driven by increasing vehicle production and the growing complexity of automotive systems.
- Technological Advancements: Innovations in automotive belt technology, such as the development of more durable materials and advanced designs, are expected to enhance performance and drive market expansion.
- Demand for Safety Features: The rising emphasis on vehicle safety is likely to increase demand for high-quality belts that meet stringent safety standards. This includes timing belts, serpentine belts, and seat belts.
- Electric and Hybrid Vehicles: The growth of electric and hybrid vehicles may influence the automotive belts market, as these vehicles often require specialized belt systems to manage their unique powertrains and auxiliary systems.
- Regulatory Standards: Stricter regulations related to vehicle safety and emissions are expected to drive the adoption of advanced automotive belts that comply with new standards.
Recent Developments Observed by FMI:
- In October 2022, JK Fenner Americas Inc., a subsidiary of JK Fenner (India) Ltd., introduced its extensive Top Drive line of power transmission equipment in the markets of North, Central, and South America. The Top Drive brand’s introduction couldn’t have come at a better time for businesses that have dealt with supply chain delays and shortages given the global sourcing model that is just beginning to gain traction.
- In August 2021, American manufacturer, General Motors fixed an issue by developing a revolutionary ‘Buckle-To-Drive’ feature for vehicles. This system, which is now being added to GM’s Chevrolet and GMC vehicles, stops the driver from shifting gears and keeps the car in “park” until they buckle up. Although this safety system is already in use in some areas of the United States, all GM SUVs, including the Chevrolet Silverado and GMC Sierra, are slated to come standard with it.
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Key Players Operating in the Global Market
- Gates Corporation
- Midas International Corporation
- Mitsubishi 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.
Automotive Belts Market Segmentation
By Type:
- Drive Belts
- Timing Belts
- Single V-Belt
- Multifunctional V-Belt
By Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel:
- Original Equipment Manufacturer
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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