According to FMI analysis, the global automotive belts market is poised to thrive at a CAGR of 3.9% during the forecast period. The automotive belts market size is anticipated to exceed USD 14,417.0 million in 2023 and reach USD 21,136.4 million in 2033.
An automotive drive belt conveys power from the engine to systems such as the air compressor, air conditioner, and cooling pump. To enhance strength, withstand high temperatures, and maintain a rigid shape, these belts are constructed from synthetic rubber products, such as chloroprene, neoprene, and ethylene propylene diene monomer rubber (EPDM rubber).
In comparison with other forms of power transmission, drive belts offer a superior combination of flexibility. Due to the environmental protection agency's initiative to reduce greenhouse gas emissions and control pollution, automotive vehicle manufacturers are producing highly efficient and less polluting engines. This requires precision and long-lasting automotive belts. Drive belts are cost-effective, require little space, and are easy to install and maintain, which is why most automakers incorporate drive belts for power transmission in their vehicles.
Several factors contribute to the growth of the market, including the rising demand for passenger cars, light commercial vehicles, and heavy commercial vehicles. Additionally, the increasing awareness of vehicle safety and the increasing penetration of advanced technologies are also influencing market growth. The short replacement intervals of automotive belts may play a key role in driving the market growth.
| Attribute | Details |
|---|---|
| Automotive Belts Market Share (2022) | USD 13,902.6 million |
| Automotive Belts Market Share (2023) | USD 14,417.0 million |
| Automotive Belts Market Share (2033) | USD 21,136.4 million |
| Automotive Belts Market Share (2023 to 2033) | 3.9% |
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Four Wheels are Driving the Automotive Belts Market:
Advancement in Technology: Innovations in technology are resulting in technological advancements in terms of product design and the materials used in automotive belt manufacturing.
Stringent Emission Norms: Governments across the globe are implementing stringent emission norms, which are pushing automakers to adopt advanced technologies and components, such as automotive belts, in their vehicles.
Rise in Demand for Utility Vehicles: Demand for E-class, crossovers, SUVs, and hatchbacks is driving passenger vehicle segment growth, which in turn is pushing automotive belt sales high. There is an increase in demand for utility vehicles in highly populated countries like China, India, and Brazil.
Increase in Disposable Income: Consumption of luxury items such as automobiles has increased due to the rising disposable income, thereby propelling the global automotive belt market forward.
In the coming years, the increasing adoption of electric vehicles and inclination toward beltless engines are likely to obstruct the growth of the global automotive belt market.
Opportunity for the Automotive Belts Market
Automotive belts work through friction between the pulley and the belt. As a result of continuous use, this friction can wear and tear, resulting in decreased performance, engine efficiency, and slippage. Often, this issue is remedied by replacing the belt, which drives the aftermarket segment and generates a global opportunity for automotive belt manufacturers.
As a result of technological innovations, vehicles with improved performance characteristics are accounting for nearly 16.7% of North American demand. These include enhanced safety features, better fuel economy, and reduced noise levels as compared to their conventional counterparts.
The automotive belts market in this region is expected to witness high demand due to increased automobile production in the United States and growing vehicle maintenance spending by consumers. Apart from this, the United States is likely to contribute significantly to the growth of the automotive belts market in the North American region during the forecast period.
Market share in Europe is estimated at 24.9% in 2023, and it is expected to continue expanding due to stringent emission standards and improving fuel economy standards set by ETA (European Technical Advisory Group).
According to the FMI Analysis, Asia Pacific is heading for the most significant growth, thanks to high per capita incomes, booming vehicle sales, and favorable government regulations. Moreover, a huge domestic market and a strong manufacturing base for automotive components might give China an edge over its regional counterparts. Additionally, India has been a long-time leader in the sale and manufacturing of three-wheelers worldwide.
There are several key automotive drive belt producers in India, including Bajaj Auto, Mahindra & Mahindra, Piaggio, and Atul, which indicates a promising market for automotive drive belts. Three-wheelers use drive belts to transmit engine power to their wheels.
How is the Start-up Ecosystem in the Automotive Belts Market?
To meet the increasing standards of the automotive industry, companies have begun investing in the production of advanced materials for belts, as lightweight and fuel-efficient vehicles become popular. For instance,
Nichirin Co. Ltd constructed a new plant for the manufacturing of automobile belts and hoses together with the joint venture partner, Shanghai Beicai Industry Co. Ltd in Chins. To meet the growing demand in Asia Pacific’s automotive market, the company plans to expand its production facility in Indonesia and Vietnam.
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The automotive belts market is currently witnessing several strategic collaboration and partnership activities by manufacturers and productions.
Recent Developments in the Automotive Belts Market
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASIAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Type, Vehicle Type, Sales Channel, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market in 2023 is valued at USD 14,417.0 million.
The CAGR from 2023 to 2033 will be 3.9%
Europe's market share is estimated at 24.9% in 2023.
Gates Corporation, Continental AG, and BG Automotive are key players.
Short replacement intervals and technological advancements are key opportunities.
| Market Value (2023) | USD 8.6 billion |
|---|---|
| Market Forecast Value (2033) | USD 13.2 billion |
| Market CAGR (2023 to 2033) | 4.5% |
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