Automotive Belts Market by Material, Functionality, Application

List of Tables

[196 Pages Report] The Automotive Belts Market size was estimated at USD 17.01 billion in 2023 and expected to reach USD 18.06 billion in 2024, at a CAGR 6.52% to reach USD 26.48 billion by 2030.

Automotive belts are crucial components in the functioning of a vehicle's engine. They are loops of flexible material used to link two or more rotating shafts mechanically. Primarily, they are utilized to transfer power efficiently from the engine to other parts of the vehicle, such as the alternator, air conditioning compressor, power steering pump, and water pump. The most common types of automotive belts are the timing belt (or chain) and the serpentine belt. Automotive belts find applications across various automotive industry segments, including passenger vehicles, commercial vehicles, and two-wheelers. An increase in global vehicle production worldwide propels the demand for automotive belts. Stringent environmental and efficiency standards promote the adoption of high-quality automotive belts, subsequently driving the market growth. A significant aftermarket for automotive belts is due to their wear-and-tear nature, which necessitates regular replacements. Additionally, the push towards more fuel-efficient vehicles has encouraged innovations in belt design to reduce friction and energy loss. The high cost of developing automotive belts hampers the market's growth. Rising research into new materials and designs allows market vendors to create more durable, efficient belts suitable for a wider range of applications.

KEY MARKET STATISTICS
Base Year [2023]	USD 17.01 billion
Estimated Year [2024]	USD 18.06 billion
Forecast Year [2030]	USD 26.48 billion
CAGR (%)	6.52%

Material: Growing usage of composite belts that offer unparalleled tensile strength and durability

Rubber belts are among the most traditional and widely used automotive belts. Known for their flexibility and durability, these belts are made from natural or synthetic rubber compounds. They exhibit excellent resistance to wear and tear, making them suitable for various automotive applications, including timing belts and serpentine belts. Despite their robustness, rubber belts require regular maintenance to prevent cracking and degradation over time. Synthetic belts represent a modern evolution in automotive belt materials. These belts are crafted from high-grade synthetic polymers, such as polyurethane or neoprene, offering superior strength and flexibility. Compared to traditional rubber belts, synthetic belts provide enhanced performance in extreme temperatures and are more resistant to chemicals and oil. Their advanced material composition allows for less frequent maintenance and a longer lifespan, making them a cost-effective choice for many automotive systems. Composite belts are at the forefront of automotive belt technology, combining the best properties of rubber and synthetic materials with reinforcing fibers, such as Kevlar or fiberglass. This unique composition results in belts that offer unparalleled tensile strength, heat resistance, and durability. Composite belts are specifically designed to handle high-stress conditions and are ideal for high-performance and heavy-duty applications. Their superior longevity and reliability often justify their higher upfront cost compared to other belt materials.

Application: High potential of automotive belts in commercial vehicles to withstand the heavy-duty use and longer operation hours

In commercial vehicles, automotive belts are crucial components contributing to the operational efficiency and reliability of the vehicle. They are extensively used in various systems, including the alternator, air conditioning compressor, power steering pump, and water pump. The durability and performance characteristics of these belts are especially prioritized to withstand the heavy-duty use and longer operation hours typical of commercial vehicles. V-belts, serpentine belts, and timing belts are among the most common types used, each selected based on specific engine requirements and designs to ensure maximum efficiency and minimal downtime in commercial operations. In the context of passenger vehicles, automotive belts play a pivotal role in the smooth and safe operation of the vehicle. They drive essential components such as the alternator, the power steering pump, the water pump, and the air conditioning compressor. The focus for passenger vehicles is not only on efficiency and longevity but also on noise reduction and comfort. With a drive towards higher efficiency and lower emissions, the role of automotive belts in optimizing engine performance has become even more significant. Modern passenger vehicles often utilize serpentine belts due to their compactness and the efficiency with which they operate multiple peripherals with a single belt.

Regional Insights

The automotive belts market in the Americas, particularly in the United States and Canada, shows robust growth due to the presence of majority automobile manufacturers and a strong aftermarket sector. Latin America, with countries including Brazil and Mexico, is also witnessing a notable expansion in automotive production and sales, further stimulating demand for automotive belts. Advances in technology and the rise in vehicle production volumes, combined with stringent environmental regulations, are pushing the market towards innovation and sustainability in the region. The APAC region represents a significant region for the global automotive belts market, mainly due to the massive automotive manufacturing sectors in China, India, Japan, and South Korea. The region benefits from the availability of inexpensive labor, significant investment in automobile production capabilities, and rising automobile ownership levels among the middle class. Moreover, the shift towards more eco-friendly transportation and the increasing demand for electric vehicles (EVs) in countries including China and Japan are likely to offer new opportunities for growth in the automotive belts market. The EMEA region presents a diverse market with mature automotive sectors in Western Europe, particularly Germany, France, and Italy, and emerging markets in Eastern Europe, the Middle East, and Africa. The market in Europe is driven by high standards of automotive manufacturing, a strong emphasis on renewable energy and sustainability, and stringent regulations regarding emissions. Middle East and Africa is experiencing gradual growth due to increasing vehicle sales and industrial development, with South Africa and GCC countries emerging as significant contributors to the market's expansion.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Automotive Belts Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Automotive Belts Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Automotive Belts Market, highlighting leading vendors and their innovative profiles. These include Aisin Seiki Co., Ltd., Bando Chemical Industries, Ltd., BorgWarner Inc., Carlisle Companies Inc., Continental AG, ContiTech AG, CRP Industries Inc., Dayco Aftermarket Holding BV, Dayco Products, LLC, Federal-Mogul LLC, Fenner PLC, Gates Corporation, Gates Unitta Asia Co., Ltd., Goodyear Tire & Rubber Company, Hutchinson SA, Megadyne America LLC, Megadyne Group, Mitsuba Corporation, Mitsuboshi Belting Ltd., NTN Corporation, Optibelt GmbH, Optibelt Power Transmission Group GmbH, PIX Transmissions Ltd., Schaeffler AG, SKF Group, Sumitomo Rubber Industries, Ltd., The Carlstar Group LLC, and The Timken Company.

Market Segmentation & Coverage

This research report categorizes the Automotive Belts Market to forecast the revenues and analyze trends in each of the following sub-markets:

Material
- Composite Belts
- Rubber Belts
- Synthetic Belts

Functionality
- Serpentine Belts
- Timing Belts/ Camshaft Belts
- V-Belts/ Fan Belts

Application
- Commercial Vehicles
- Passenger Vehicles

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Automotive Belts Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Automotive Belts Market?

3. What are the technology trends and regulatory frameworks in the Automotive Belts Market?

4. What is the market share of the leading vendors in the Automotive Belts Market?

5. Which modes and strategic moves are suitable for entering the Automotive Belts Market?

Product Code: MRR-F97DD5A7D989

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising production of automotive vehicles worldwide
  - 5.1.1.2. Growing aftermarket sales propelled by the rising vehicle age
- 5.1.2. Restraints
  - 5.1.2.1. High cost of development of automotive belts
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements in belt technology provide longer lifespans and better performance
  - 5.1.3.2. High potential of composite belts in commercial vehicles
- 5.1.4. Challenges
  - 5.1.4.1. Rising shift towards beltless technologies in some engine designs
5.2. Market Segmentation Analysis
- 5.2.1. Material: Growing usage of composite belts that offer unparalleled tensile strength and durability
- 5.2.2. Application: High potential of automotive belts in commercial vehicles to withstand the heavy-duty use and longer operation hours
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Automotive Belts Market, by Material

6.1. Introduction
6.2. Composite Belts
6.3. Rubber Belts
6.4. Synthetic Belts

7. Automotive Belts Market, by Functionality

7.1. Introduction
7.2. Serpentine Belts
7.3. Timing Belts/ Camshaft Belts
7.4. V-Belts/ Fan Belts

8. Automotive Belts Market, by Application

8.1. Introduction
8.2. Commercial Vehicles
8.3. Passenger Vehicles

9. Americas Automotive Belts Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Automotive Belts Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Automotive Belts Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Gates Launches New G-Force WorkHorse CVT Belt for Off-road Vehicles
- 12.3.2. NTN Develops "Twin Arm Auto Tensioner for Accessory Drive Belt System
- 12.3.3. Continental Delivers a New Generation of Endless PU Timing Belts Onto The Market
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio