The Global automotive belt market is expected to register a 6.5% CAGR over the forecast period. Moreover, the industry is likely to thrive on the back of growing automobile industry across all regions.
The global automotive belt market is segmented into product type such as timing belt, serpentine belt and V-belts. Among these segments, serpentine belt segment is expected to witness robust growth over the forecast period.
The rise of the serpentine belt segment is backed by its advantages such as low maintenance required and easy replacements. Further, increasing installation of serpentine belts in new produced vehicles is likely to be the dynamic factor behind the growth of this segment over the forecast period.
Increasing production of vehicles across the globe is a major driver of the global automotive belt market. According to International Organization of Motor Vehicle Manufacturers, global production of vehicles rose by 4.5% in 2016 to reach 94,976,569 numbers of vehicles.
The aftermarket segment by distribution channel is likely to grow at remarkable pace during the forecast period. Growing auto aftermarket across the globe is likely to drive the growth of this segment over the forecast period.
Manufacturers are also strengthening their aftermarket distribution channel to increase the sales of products. This factor is likely to escalate the growth of this segment in near future.
Increasing Production of Vehicles
The sales of passenger cars is increasing globally due to rapid urbanization and rising disposable income of the consumers. Furthermore, rising production of vehicles in developing countries such as India and China is likely to intensify the demand for automotive belts in developing countries.
According to International Organization of Motor Vehicle Manufacturers, China production of vehicles in rose by 14.5% in 2016 to reach 3,698,050 numbers of vehicles.
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Average Life of Automotive Belts
Increasing need to replace broken automotive belts in old vehicles is a major driver of the global automotive belts market. Further, automotive belts have a limited average life span and need to be replaced after intervals.
Rising awareness amongst the population regarding preventive maintenance is likely to bolster the growth of automotive belts market in near future.
However, increasing adoption of electric vehicles is likely to inhibit the growth of the automotive belt market in the near future.
The report titled “Global Automotive belt Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global automotive belt market in terms of market segmentation by product, by distribution channel, by vehicle type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive belt market which includes company profiling of Gates Corporation, Mitsuboshi Belting Ltd., Dayco Products, LLC, Helicord Transmissions Private Limited, ContiTech AG, B&B MANUFACTURING, and Bearings & Power Transmission. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global automotive belt market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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