Automotive Belts Market by Material (Composite Belts, Rubber Belts, Synthetic Belts), Functionality (Serpentine Belts, Timing Belts/ Camshaft Belts, V-Belts/ Fan Belts), Application - Global Forecast 2024-2030

Automotive Belts Market by Material (Composite Belts, Rubber Belts, Synthetic Belts), Functionality (Serpentine Belts, Timing Belts/ Camshaft Belts, V-Belts/ Fan Belts), Application - Global Forecast 2024-2030

The Automotive Belts Market size was estimated at USD 17.01 billion in 2023 and expected to reach USD 18.06 billion in 2024, at a CAGR 6.52% to reach USD 26.48 billion by 2030.

Automotive belts are crucial components in the functioning of a vehicle's engine. They are loops of flexible material used to link two or more rotating shafts mechanically. Primarily, they are utilized to transfer power efficiently from the engine to other parts of the vehicle, such as the alternator, air conditioning compressor, power steering pump, and water pump. The most common types of automotive belts are the timing belt (or chain) and the serpentine belt. Automotive belts find applications across various automotive industry segments, including passenger vehicles, commercial vehicles, and two-wheelers. An increase in global vehicle production worldwide propels the demand for automotive belts. Stringent environmental and efficiency standards promote the adoption of high-quality automotive belts, subsequently driving the market growth. A significant aftermarket for automotive belts is due to their wear-and-tear nature, which necessitates regular replacements. Additionally, the push towards more fuel-efficient vehicles has encouraged innovations in belt design to reduce friction and energy loss. The high cost of developing automotive belts hampers the market's growth. Rising research into new materials and designs allows market vendors to create more durable, efficient belts suitable for a wider range of applications.

Regional Insights

The automotive belts market in the Americas, particularly in the United States and Canada, shows robust growth due to the presence of majority automobile manufacturers and a strong aftermarket sector. Latin America, with countries including Brazil and Mexico, is also witnessing a notable expansion in automotive production and sales, further stimulating demand for automotive belts. Advances in technology and the rise in vehicle production volumes, combined with stringent environmental regulations, are pushing the market towards innovation and sustainability in the region. The APAC region represents a significant region for the global automotive belts market, mainly due to the massive automotive manufacturing sectors in China, India, Japan, and South Korea. The region benefits from the availability of inexpensive labor, significant investment in automobile production capabilities, and rising automobile ownership levels among the middle class. Moreover, the shift towards more eco-friendly transportation and the increasing demand for electric vehicles (EVs) in countries including China and Japan are likely to offer new opportunities for growth in the automotive belts market. The EMEA region presents a diverse market with mature automotive sectors in Western Europe, particularly Germany, France, and Italy, and emerging markets in Eastern Europe, the Middle East, and Africa. The market in Europe is driven by high standards of automotive manufacturing, a strong emphasis on renewable energy and sustainability, and stringent regulations regarding emissions. Middle East and Africa is experiencing gradual growth due to increasing vehicle sales and industrial development, with South Africa and GCC countries emerging as significant contributors to the market's expansion.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Automotive Belts Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Rising production of automotive vehicles worldwide
• Growing aftermarket sales propelled by the rising vehicle age

Market Restraints

• High cost of development of automotive belts

Market Opportunities

• Advancements in belt technology provide longer lifespans and better performance
• High potential of composite belts in commercial vehicles

Market Challenges

• Rising shift towards beltless technologies in some engine designs

Market Segmentation Analysis

• Material: Growing usage of composite belts that offer unparalleled tensile strength and durability
• Application: High potential of automotive belts in commercial vehicles to withstand the heavy-duty use and longer operation hours

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Belts Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Belts Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Gates Launches New G-Force WorkHorse CVT Belt for Off-road Vehicles

Gates Corporation announced the expansion of its esteemed G-Force series with the introduction of the G-Force WorkHorse CVT belt. This state-of-the-art product is meticulously crafted to power Utility Task Vehicles (UTVs) and All-Terrain Vehicles (ATVs) through the most demanding tasks and rugged landscapes. Featuring a cutting-edge, fiber-reinforced Ethylene Elastomer composition enhanced with robust aramid cords, the G-Force WorkHorse belts are engineered to deliver unparalleled operational efficiency and superior heat resistance. This innovative design significantly enhances durability and loading capacity, setting a new benchmark in the industry for reliability and performance in belt-driven power sports applications.

NTN Develops “Twin Arm Auto Tensioner for Accessory Drive Belt System

NTN Corporation has pioneered the development of the Twin Arm Auto Tensioner, a cutting-edge solution designed explicitly for the accessory drive belt systems of mild hybrid electric vehicles (MHEVs). This novel tensioner is distinguished by its dual-arm interlocking mechanism—the first of its kind in the industry—aimed at curbing excessive belt runout. Through its precision in adapting belt tension across various driving modes inherent to MHEVs, it significantly enhances engine performance by diminishing vibration and noise while also boosting fuel efficiency. This innovation represents a substantial step forward in optimizing the functionality and sustainability of MHEV systems.

Continental Delivers a New Generation of Endless PU Timing Belts Onto The Market

Continental introduced Synchromotion, the new innovation in its Truly Endless line of polyurethane (PU) timing belts. This new generation of belts, reinforced with steel cords, merges unprecedented flexibility with superior abrasion resistance and longevity. Synchromotion’s polyurethane composition not only enhances durability but also facilitates more effective power transmission compared to other materials. Available in eleven distinct profiles, these belts cater to a wide range of applications, offering lengths from 1,500 to 14,500 mm and a maximum width of 100 mm. Synchromotion is set to redefine standards in the automotive industry, offering an efficient and reliable solution for a myriad of timing belt needs.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Belts Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Automotive Belts Market, highlighting leading vendors and their innovative profiles. These include Aisin Seiki Co., Ltd., Bando Chemical Industries, Ltd., BorgWarner Inc., Carlisle Companies Inc., Continental AG, ContiTech AG, CRP Industries Inc., Dayco Aftermarket Holding BV, Dayco Products, LLC, Federal-Mogul LLC, Fenner PLC, Gates Corporation, Gates Unitta Asia Co., Ltd., Goodyear Tire & Rubber Company, Hutchinson SA, Megadyne America LLC, Megadyne Group, Mitsuba Corporation, Mitsuboshi Belting Ltd., NTN Corporation, Optibelt GmbH, Optibelt Power Transmission Group GmbH, PIX Transmissions Ltd., Schaeffler AG, SKF Group, Sumitomo Rubber Industries, Ltd., The Carlstar Group LLC, and The Timken Company.

Market Segmentation & Coverage

This research report categorizes the Automotive Belts Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Material
• Composite Belts
• Rubber Belts
• Synthetic Belts
• Functionality
• Serpentine Belts
• Timing Belts/ Camshaft Belts
• V-Belts/ Fan Belts
• Application
• Commercial Vehicles
• Passenger Vehicles
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year