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Automotive Belts Market Segments, Opportunity, Growth and Forecast By End-use Industry 2016-2026
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Automotive functions such as air-conditioning, power steering function, water pump function and drive alternator are performed by the V-belt while valve timings through the camshaft is usually performed by the toothed belt. Serpentine belts are newer form of automotive belts where all the automotive functions, collectively known as engine accessories, are performed by the connections through a shaft and pulley system is done by a long single endless belt. This form of belt negates the usage of multiple V-belts in an automotive engine.
Automotive Belts Market Dynamics
The Production numbers of automobile worldwide is on a constant increase on a yearly basis as per the demands witnessed in many developing countries. This factor is the prime reason for fueling the growth of the automotive belts market. Automotive belts primarily function through friction between the pulley and the belt which is susceptible to wear and tear due to continuous usage leading to decreased performance, engine efficiency and slippage.
This problem is usually rectified by the replacement of the belt prompting the growth of the automotive belt market in the aftermarket segment as well. The influence of the Environmental Protection Agency to reduce greenhouse gases emission and control of pollution has pushed the automotive vehicles manufacturers to produce highly efficient and less polluting engines that require very precise and long lasting automotive belt. This factor has also fueled the growth of automotive belts market as more and more vehicle manufacturers opt for belts that are efficient and environmental friendly.
Automotive Belts Market: Regional Outlook
The Global Automotive Belts market can be segmented into seven distinct geographical divisions such as North America, Latin America, Western and Eastern Europe, Asia-Pacific Excl. Japan (APEJ), Japan, Middle East and Africa. Developing countries in Latin America and the Asia Pacific region such as Mexico, China and India witnessed the fastest growth of automobile production and sales which can further fuel the improvement of automotive belts market. In APEJ region China, South Korea, and India are the top automobile producing countries making them prominent market for automotive belts. In the North American region U.S. is anticipated to show high growth of automotive belts market owing to improved production of automobiles. Western Europe is exhibited to show a prominent growth of automotive production especially in countries such as Germany, Spain, France, U.K., and Italy hence enhancing the market for automotive belts in Western Europe.
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The increasing trend of reselling automobiles in the Middle East and Africa region has prompted an improvement in the demand for automotive belts, thereby improving the market in the aftermarket segment.
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