Global Automotive Belt Market 2017-2021
About Automotive Belt
A belt is a loop of flexible material used to link two or more power transmitting shafts mechanically. It has multiple applications as a part of power generation and transmission in the vehicle. There are various dynamics used to manufacture automotive belts, such as two pulley systems or parallel shafts. The belt can either drive the pulley in a single direction, or the belts are crossed to achieve the reverse direction of rotation. Belts are a simple, inexpensive mode of power transmission between two shafts that are not axially aligned. Specially designed belts with specific materials aid in power transmission depending on their application.
Technavio’s analysts forecast the global automotive belt market to grow at a CAGR of 3.87% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive belt market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Belt Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive belt market: Continental, Gates Corporation, Federal-Mogul, and Fenner.
Other Prominent Vendors in the market are: Bando, Colmant Cuvelier, ACDelco, Beck/Arnley, Dayco, Goodyear, Ningbo Beidi Synchronous Belt, NingBo Fulong Synchronous Belt, SKF, and Tsubakimoto Chain.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is thermal stability in performance vehicles. Temperature-resistant materials such as HNBR (Hydrogenated Acrylonitrile-Butadiene. Rubber) with chloroprene material have been most commonly used to maintain the shape of the belt at high speed where heat is dissipated from the engine. Temperature-resistant automotive belts are widely used in performance-driven industry such as pro racing where power ratio is high, engine output is maintained at its highest output level where heat dissipation is high, and stress on the automotive belts is high.”
According to the report, one driver in the market is increasing demand for fuel efficiency. Fluctuating price of the fuel has led the vehicle buyers to prefer vehicles with greater fuel efficiency. The increasing fuel prices have been compounded by declining values of local currencies wherein individual countries would face fluctuating fuel prices for importing fuel based on their local currency. For instance, China, the largest market for the automotive sector, has seen a surge by more than 10% in diesel price due to the declining value of the Chinese Yuan against the US dollar value in 2016.
Further, the report states that one challenge in the market is stringent regulations for owning cars in China. The Chinese auto market is the world's largest market with the highest producers and consumers of vehicles globally. In China, there are nearly 204 million people who possess driving licenses, but they do not own a personal car. The Chinese government is imposing stringent regulations for owning a private car and self-drive car rental due to lack of parking space in cities. This is shifting the people's focus toward on-demand taxi. The Chinese government has imposed strict restrictions on owning a private vehicle to reduce the number of cars and subsequent traffic congestion on the road in densely populated cities.
Continental, Gates Corporation, Federal-Mogul, Fenner, Bando, Colmant Cuvelier, ACDelco, Beck/Arnley, Dayco, Goodyear, Ningbo Beidi Synchronous Belt, NingBo Fulong Synchronous Belt, SKF, and Tsubakimoto Chain.
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