The global automotive belt market
is segmented into product type such as timing belt, serpentine belt and V-belts.
Among these segments, serpentine belt segment is expected to witness robust
growth over the forecast period. The rise of the serpentine belt segment is
backed by its advantages such as low maintenance required and easy replacements.
Further, increasing installation of serpentine belts in new produced vehicles is
likely to be the dynamic factor behind the growth of this segment over the forecast
period.
Global automotive belt market
is expected to register a 6.5% CAGR over the forecast period. Moreover, the global
automotive belt is likely to thrive on the back of growing automobile industry
across all regions. Increasing production of vehicles across the globe is a
major driver of the global automotive belt market.
According to International Organization of Motor Vehicle Manufacturers, global
production of vehicles rose by 4.5% in 2016 to reach 94,976,569 numbers of
vehicles.
The aftermarket segment by distribution
channel is likely to grow at remarkable pace during the forecast period. Growing
auto aftermarket across the globe is likely to drive the growth of this segment
over the forecast period. Manufacturers are also strengthening their
aftermarket distribution channel to increase the sales of products. This factor is likely to escalate the growth
of this segment in near future.
Increasing
Production of Vehicles
The sales of passenger cars is increasing globally due
to rapid urbanization and rising disposable income of the consumers. Furthermore, rising
production of vehicles in developing countries such as India and China is
likely to intensify the demand for automotive belts in developing countries.
According to
International Organization of Motor Vehicle Manufacturers, China production of
vehicles in rose by 14.5% in 2016 to reach 3,698,050 numbers of vehicles.
Average Life of Automotive
Belts
Increasing need to replace
broken automotive belts in old vehicles is a major driver of the global automotive
belts market. Further, automotive belts have a limited average life span and need
to be replaced after intervals. Rising awareness amongst the population
regarding preventive maintenance is likely to bolster the growth of automotive
belts market in near future.
However, increasing adoption of
electric vehicles is likely to inhibit the growth of the automotive belt market
in the near future.
The
report titled “Global Automotive belt Market: Global
Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis
& Opportunity Evaluation” delivers
detailed overview of the global automotive belt market in terms of market
segmentation by product, by distribution channel, by vehicle type and by region.
Further,
for the in-depth analysis, the report encompasses the industry growth drivers,
restraints, supply and demand risk, market attractiveness, BPS analysis and
Porter’s five force model.
This report also provides the
existing competitive scenario of some of the key players of the global automotive
belt market which includes company profiling of Gates
Corporation, Mitsuboshi Belting Ltd., Dayco Products, LLC, Helicord
Transmissions Private Limited, ContiTech AG, B&B MANUFACTURING, and
Bearings & Power Transmission. The profiling enfolds key information
of the companies which encompasses business overview, products and services,
key financials and recent news and developments. On the whole, the report
depicts detailed overview of the global automotive belt market that
will help industry consultants, equipment manufacturers, existing players
searching for expansion opportunities, new players searching possibilities and
other stakeholders to align their market centric strategies according to the
ongoing and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Read more Information: https://www.researchnester.com/reports/automotive-belts-market/571
Contact for more
Info:
Ajay
Daniel
U.S.
+1 646 586 9123
U.K.
+44 203 608 5919
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