The automotive belts market is expected to surpass USD 14,417.0 million in 2023 and reach approximately USD 21,136.4 million by 2033, reflecting a compound annual growth rate (CAGR) of 3.9% over the forecast period.
The steady increase in global automobile production, particularly in developing economies, is a significant driver of demand for automotive belts. These belts play essential roles in various systems, including engines, power steering, air conditioning, and water pumps.
Several key factors are contributing to market growth:
- Population Growth and Urbanization: As populations expand and urban areas grow, the number of vehicles on the road increases, resulting in higher demand for automotive belts for routine maintenance, repairs, and replacements.
- Research and Development: Ongoing innovations in belt materials have led to enhanced performance, durability, and efficiency. The introduction of synthetic rubber, high-strength fibers, and composite materials has improved belt durability and wear resistance, supporting market growth.
- Electric Vehicles (EVs): The rising popularity of electric vehicles presents a significant opportunity. EVs require specialized belts for electric motor systems and auxiliary functions like air conditioning and power steering, driving demand for belts tailored to electric powertrains.
- Lightweight Vehicle Designs: The automotive industry’s emphasis on lightweight designs to improve fuel efficiency and reduce carbon emissions is influencing the market. Lightweight belts help decrease overall vehicle weight without compromising performance, leading to increased demand as manufacturers prioritize lighter vehicles.
In-Depth Market Analysis: A Complete Report
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, including the development of more durable materials and advanced designs, are expected to enhance performance and facilitate market expansion.
- Demand for Safety Features: A heightened focus on vehicle safety is likely to boost demand for high-quality belts that meet stringent safety standards, including timing belts, serpentine belts, and seat belts.
- Electric and Hybrid Vehicles: The growth of electric and hybrid vehicles may impact the automotive belts market, as these vehicles often require specialized belt systems to manage their unique powertrains and auxiliary systems.
- Regulatory Standards: Stricter regulations regarding vehicle safety and emissions are anticipated 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.
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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