According to FMI, Automotive Belts Market is thriving due to increased global automobile production, driven by factors like population growth and urbanization

NEWARK, DELAWARE, UNITED STATES OF AMERICA, October 9, 2023 /EINPresswire.com/ -- The automotive belts market size is projected to surpass US$ 14,417.0 million in 2023 and is likely to attain a valuation of US$ 21,136.4 million by 2033. The automotive belts market size is anticipated to thrive at a CAGR of 3.9% from 2023 to 2033.

Production of automobiles has increased steadily worldwide, particularly in developing economies. Automotive belts, which are crucial parts of several systems including the engine, power steering, air conditioning, and water pump, are in great demand as many vehicles are produced day by day.

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Factors including population expansion, urbanization, and rising living standards in many areas are contributing to the increase in the number of automobiles on the road. With more cars on the road, there is a great need for automotive belts for routine maintenance, repairs, and replacement.

Advanced belt materials that provide better performance, durability, and efficiency have been introduced as a result of ongoing research and development activities.  Also, in the production of belts, for instance, the use of synthetic rubber, high-strength fibers, and composite materials has increased their durability, strength, and resilience to wear and tear. The use of these modern, high-performance belts is encouraged by technological advances, which help the market expand.

A significant opportunity for the market for automotive belts is the rising popularity of electric cars. Additionally, for the electric motor systems and auxiliary systems like air conditioning and power steering, EVs need specific belts. Also, the market's expansion is favorably impacted by the rising demand for belts especially made for electric powertrains, which is fueled by the popularity of EVs.

The automobile industry is placing a great emphasis on lightweight vehicle designs to increase fuel economy and lower carbon emissions. Moreover, lightweight automotive belts contribute to weight reduction without sacrificing performance. When used in conjunction with other lightweight components, belts have the potential to reduce the overall weight of a vehicle.

The need for lightweight automotive belts is anticipated to rise as manufacturers seek to develop light cars, which is expected to propel market expansion.

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)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

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Ankush Nikam
FMI
+91 90966 84197
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