New Empirical Research Report on Automotive Belts Market Forecast From 2022 to 2032 With Analysis and Future Business Opportunities: Gates Corporation, Midas International Corporation, Mitsuboshi Belting Ltd. Group

Automotive Belts Market Overview:

Global Automotive Belts Market research report by Fatpos Global is the precise presentation of its global market size, regional size, and country-level market size. The report was carefully compiled after extensive research to find the most useful data. The data that has been examined considers both the current key players and also the up-and-coming rivals.

The development of the nation's socioeconomic system depends heavily on the automobile industry, a capital and knowledge-intensive sector. The industry is currently progressing at a speedy rate, involving an expanding number of nations in the manufacturing of automobiles, while the market's Automotive Belts Market forces are constantly shifting.

The motor transport's presence in the framing of the national economy influences the role of the automobile industry in the growth of the contemporary economy and the prospects for its growth. Fatpos Global, having years of experience in writing papers for the auto sector, has published multiple such research reports that help our readers and clients plan and execute their upcoming strategies. The knowledge pieces provided by our highly skilled team in the Automotive Belts Market research will help players in the demand chain specify systems for upcoming years and gain a strong position in the global market demand development.

"The Automotive Belts Market grew from USD 14.4 billion in 2022 to USD 23.6 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period." Due to expanding demand for Automotive Belts Market products, an increasing number of innovations, and growing awareness among end consumers, the global Automotive Belts Market is expected to grow significantly in the future.

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Industry Analysis

In terms of market size, the auto manufacturing sector currently leads all other manufacturing sectors worldwide. Gasoline and diesel vehicles will continue to be used at least through the end of the decade as the globe transitions to greener energy. All industries, including the automobile industry, are experiencing significant change owing to cutting-edge technology, digitalization, and new business models. Diverse mobility, electrification, autonomous driving, and connectivity are the four disruptive themes in automobile production that are propelling the sector's evolution during the coming ten years.

The industry will undergo several changes due to these developments. According to forecasts, one out of every 10 fresh cars sold in the year 2032 will be used for shared transportation. Unit sales will increase, but more slowly than in past years, notwithstanding the trend for vehicle sharing.

Owing to the COVID-19 pandemic and automotive semiconductor scarcity, the worldwide automobile sector has been dealing with decreased demand and production halts since 2020. Around 11.3 million vehicles were removed from production globally in 2021 as a result of the chip shortage, and predictions predict that the interruptions in the automotive supply chain will impact the removal of an additional seven million vehicles from production in 2022 and 2023. Also, it is anticipated that 15% of all newly sold vehicles will be fully autonomous by 2032.

Segmentation

By Vehicle Type
o Passenger Vehicles
o Light Commercial Vehicles
o Heavy Commercial Vehicles

By Sales Channel
o Original Equipment Manufacturer
o Aftermarket

By Type
o Timing Belts
o Drive Belts
o Single V-Belt
o Multi-function V-Belt/Serpentine Belt

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Company Perspective

Through the investigation, synthesis, and summarization of data from various sources through an examination of important characteristics like pricing, profit, promotions, and competition the analysts at Fatpos Global gave a thorough picture of the Automotive Belts Market. Multiple market aspects are shown by identifying the key market influencers. The information provided is thorough, trustworthy, and the result of in-depth primary and secondary research.

For accurate prediction of market growth, Fatpos offers a comprehensive competitive landscape, an in-depth vendor selection approach, and analysis based on both qualitative and quantitative research. They conducted an extensive study and discovered that among the issues auto manufacturers are currently and will likely face in the future include logistics and supply issues, energy cost overruns, skilled labor issues, a complex economic and political environment, and a more alert and demanding consumer.

Key Players Covered in Automotive Belts Market Report are:

• Gates Corporation
• Midas International Corporation
• Mitsuboshi Belting Ltd. Group
• Helicord Transmissions Pvt. Ltd.
• B&B Manufacturing
• The Carlstar Group LLC
• Continental AG
• Bearings and Power Transmission Solutions
• CRP Industries Inc.
• BG Automotive
• Hutchinson Group
• Bando Chemical Industries Ltd.
• Other Prominent Players

Future Outlook

In general, the automobile sector is moving towards a cleaner and more promising future. OEMs are putting a lot of effort into their R&D to produce environmentally friendly, customer-focused vehicles. To create these futuristic autos, there will undoubtedly be a huge demand for experts with specific skill sets. Collaboration amongst automakers could be a way to address the skills gap. Regarding customers, data privacy will be the key point of discussion. Data access and storage are necessary for connectivity, so users' own cars will always have information about their locations.

In 8 years, the Automotive Belts Market is projected to increase by a substantial rate, holding more than USD 190.80 billion. The connected car sector is anticipated to hold more than 50% of the market share by 2025. The latter is anticipated to increase considerably more, exceeding 75% by 2032.

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Regional Analysis

Over the anticipated period, Asia Pacific is anticipated to have the largest share of the Automotive Belts Market. As the market for electric vehicles grows in the Asia-Pacific region, so does the need for electric heating films that provide effective cabin heating solutions along with other cutting-edge technology. Moreover, Asia-Pacific will dominate the sector in terms of funding and spending. Furthermore, the business is advanced by supportive government policies in Korea and Japan that promote the growth and development of the IT sectors.

With approximately 40% of the country's supply going to the automobile industry, China is the country with the highest robot consumption rates. According to reports, the Automotive Belts Market in China is anticipated to grow by the end of 2022 due to the tendency of constructing automotive manufacturing units in China as well as wage inflation.

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