One trend in the market is thermal stability in performance vehicles.
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The analysts forecast global automotive belt market to grow at a CAGR of 3.87% during the period 2017-2021.
Temperature-resistant materials such as HNBR (Hydrogenated Acrylonitrile-Butadiene. Rubber) with chloroprene material have been most commonly used to maintain the shape of the belt at high speed where heat is dissipated from the engine.
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Temperature-resistant automotive belts are widely used in performance-driven industry such as pro racing where power ratio is high, engine output is maintained at its highest output level where heat dissipation is high, and stress on the automotive belts is high.
Major key players in the global automotive belt market: Continental, Gates Corporation, Federal-Mogul, Fenner, Bando, Colmant Cuvelier, ACDelco, Beck/Arnley, Dayco, Goodyear, Ningbo Beidi Synchronous Belt, NingBo Fulong Synchronous Belt, SKF, and Tsubakimoto Chain.
According to the automotive belt market report, one driver in the market is increasing demand for fuel efficiency. Fluctuating price of the fuel has led the vehicle buyers to prefer vehicles with greater fuel efficiency.
The increasing fuel prices have been compounded by declining values of local currencies wherein individual countries would face fluctuating fuel prices for importing fuel based on their local currency. For instance, China, the largest market for the automotive sector, has seen a surge by more than 10% in diesel price due to the declining value of the Chinese Yuan against the US dollar value in 2016.
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Further, the automotive belt market report states that one challenge in the market is stringent regulations for owning cars in China. The Chinese auto market is the world's largest market with the highest producers and consumers of vehicles globally.
In China, there are nearly 204 million people who possess driving licenses, but they do not own a personal car. The Chinese government is imposing stringent regulations for owning a private car and self-drive car rental due to lack of parking space in cities.
This is shifting the people's focus toward on-demand taxi. The Chinese government has imposed strict restrictions on owning a private vehicle to reduce the number of cars and subsequent traffic congestion on the road in densely populated cities.
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Major Points from Table of Contents:
1: Executive Summary
2: Scope of The Report
3: Research Methodology
5: Market Landscape
6: Market Segmentation By Type
7: Market Segmentation By Application
8: Market Segmentation By End-User
9: Regional Landscape
10: Decision Framework
11: Drivers and Challenges
12: Market Trends
13: Vendor Landscape
14: Key Vendor Analysis