Automotive Engine Belt & Hose Market - Competitive Dynamics and Global Industry Outlook 2024

Hoses are flexible tubes, which allows the smooth transmission of fluids in automobiles and are used for applications such as braking, steering, cooling, and heating. The design of a hose is based on a combination of performance and application. In addition, there are a number of factors such as straight hose or coil hose, chemical compatibility, length, pressure rating, and weight and size that are considered before making proper fitments for a hose in an automobile. Hoses can be made from a single type of material or a combination of two or more materials. Some of the most commonly used materials used for the manufacturing of hoses are PVC, polyurethane, nylon, polyethylene, and natural rubber.

Belts are automotive components that help in the synchronization of camshaft and crankshaft for the proper functioning of valve opening. Timing belt is a crucial type of engine belt, which is an integral part of an engine. This belt ensures the proper opening and closing of valves during intake and exhaust in each cylinder of the engine. The process is carried out by the synchronized rotation of camshaft and crankshaft. A timing belt is actually a drive belt with teeth on its interior surface and a timing chain is a roller chain, which is a vital component of a timing belt. The drive belt is another essential component, which is also known as a serpentine belt used for propelling various automotive components such as water pump, power steering, alternator, air conditioning pump, air pump, and water pump of an automobile engine.

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Increasing production of vehicles across the globe coupled with high disposable income of automobile consumers and growth in the automotive sector is set to bolster the growth of the automotive engine belt and hose market globally. In addition, high penetration of automotive engine belt and hose manufacturers in emerging markets of Asia Pacific, Middle East and Africa, and Latin America is another vital reason propelling the growth of this market. Moreover, demand for lightweight and advanced automotive engine belt and hose, and achieving all government regulations and CAFÉ standards is positively influencing the growth of the global automotive engine belt and hose market. However, high research and development cost associated with the development of efficient and environment-friendly engine belt and hose is set to inhibit the market in the short-term. Stringent regulations and emission guidelines set up by the governments of various countries are putting immense pressure on automakers to develop lightweight and environment-friendly engine belt and hose. This will result in the weight reduction of the engine and the overall vehicle, thereby increasing the fuel efficiency and reducing the emission of vehicle.

The automotive engine belt and hose market can be classified by belt type, by hose application type, and by vehicle type. The belt type segment can be classified as drive belt and timing belt. By hose application type, the market can be segregated as steering, braking, turbocharger, heating and cooling, and fuel delivery. The vehicle type segment can be classified into passenger vehicles, heavy commercial vehicles, and light commercial vehicles.

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In the automotive engine belt and hose market, Asia Pacific holds the leading market share in terms of revenue followed by North America, Europe, Latin America, and Middle East and Africa (MEA). The market in North America and Europe is a bit saturated but the market is expected to remain stable during the forecast period. By the end of the forecast period, Asia Pacific and Latin America are expected to show significant growth.

The key players in the automotive engine belt and hose market include Toyoda Gosei Co. Ltd., Continental AG, Yokohama Rubber Co. Ltd., Sumitomo Riko Co. Ltd., Pinafore Holdings B.V., Schaeffler AG, Cooper Standard Holdings Inc., Bando Chemical Industries Ltd., Hutchinson SA., and Nichirin Co. Ltd. among others.

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