Automotive Engine Belt & Hose Market: Coronavirus Impact - Key Takeaways

The global automotive engine belt & hose market size is poised to expand at a notable rate owing to the increasing demand for energy-efficient automobile engines, as per the new Fortune Business Insights(TM) report, titled "Automotive Engine Belt & Hose Market Size, Share & Industry Analysis, By Belt Type (Timing Belt, Drive Belt), By Hose Type (Turbocharger, Heating/Cooling, Fuel Delivery, Steering, Braking), By Vehicle Type (Passenger Car, LCV, HCV) Others and Regional Forecast, 2019-2026". In conjunction with industries, automobiles have contributed significantly to air pollution globally.

Persistent use of inefficient engines for the past few decades has led to the environmental crisis that we face today. Traditional engines and their components are unable to fully burn the carbon in the fuel and release carbon monoxide, a toxic compound that severely harms the environment as well as human health. Other than carbon monoxide, cars emit nitrogen oxides and Particulate Matter (PM), all of which together are accelerating the pace of global warming. The US Environment Protection Agency states that nearly 75% of the carbon monoxide pollution in the US is due to vehicles. Therefore, there is a rapidly rising demand for fuel-efficient engine parts including belts and hoses, which is feeding the automotive engine belt and hose market growth.

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Top Players Covered in the Report Include:

Nichirin Co. Ltd.
Bando Chemical Industries Ltd.
Schaeffler AG
Sumitomo Riko Co. Ltd.
Continental AG
Hutchinson SA
Cooper Standard Holdings Inc.
Pinafore Holdings B.V.
Yokohama Rubber Co. Ltd.
Toyoda Gosei Co. Ltd.
The report further shares the following information:

360-degree evaluation of all the segments of the market;
Exhaustive analysis of the market drivers, trends, and constraints;
In-depth study of the regional and competitive developments in the market; and
Projections about the future prospects and opportunities in the market.
Market Restraint

Rising Uptake of Electric Vehicles to Hamper Market Growth

Electric vehicles (EVs) have disrupted the growth trajectory of the otherwise thriving automotive industry. EVs have emerged as a response to counter and mitigate the adverse effects of global warming by bringing down vehicular emission levels and their demand and production is consistently growing. For instance, data released by the International Energy Agency (IEA) highlights the fact that the demand for EVs rose by a staggering 54% in 2017 from 2016 levels. Moreover, the IEA projects that the global EV fleet will comprise of 125 million electric cars and more than 200 million EVs on world roads by 2030. With rising number of people preferring electric cars to fuel-driven vehicles, the automotive engine belt & hose market demand in the forthcoming years.

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Regional Analysis

Fast-paced Economic Development to Aid Market Expansion in Asia-Pacific

Among regions, Asia-Pacific is slated to dominate the automotive engine belt & hose market share during the forecast period on account of surging development of the economies of India and China. Healthy economic development in these countries is escalating the demand for automobiles in the region and fueling the market growth in the process. Widespread environmental awareness and proactive governmental efforts to reduce vehicular pollution are expected to drive the automotive engine belt and hose market trends in Europe. On the other hand, a well-established automotive industry and advancements in engine technology will propel the market in North America.

Competitive Landscape

Innovation Opportunities to be Tapped by Market Players

The automotive engine belt & hose market report notes that key companies are intent on exploiting the opportunities for innovation provided by the constantly evolving market dynamics. Development of novel solutions would aid competitors entrench their position in the market and widen their product offerings.

Industry Developments:

May 2019: Continental AG, the leading German automotive manufacturer, diversified its portfolio through the addition of new and superior drive belts for commercial vehicles. According to the announcement, the company has included forty new V-belts for the kind of commercial vehicles run by MAN, DAF, and Mercedes-Benz.

October 2018: Schaeffler Technologies, the German automotive giant, released its new guidelines and framework for servicing and replacing the company's INA belt units. Termed '4T', the guidelines are meant to be used by technicians to improve their service quality by focusing on temperature, torque, tools, and tension so as to prevent any engine belt failures and damages.

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This release was published on openPR.