Automotive V-belts Market Investors, SWOT Study and Revenue Key Manufacturers to 2028 | ContiTech AG, HERTH+BUSS, Gates Corporation

Posted on 2021-03-18 by Future Market Insights, Inc in Industrial // 0 Comments

Global Automotive V-belts Market Overview

Automotive V-belts are used to drive the automotive front engine accessories such as radiator cooling fan, alternator, water pump, air conditioning compressor, and power steering pump. Automotive V-belts were developed in early days of automobile innovation to improve belt reliability and torque transmission from the crankshaft to rotating assemblies. An automotive V-belt drive system is also called as friction drives because power is transmitted as a result of the belts adherence to the pulley. Automotive V-belt drives are also easy to install, require no lubrication, and dampen shock load. Automotive V-belt transmissions are a notable upgrade from round and flat belt transmissions. Automotive V-belts solved the slippage and alignment problem hence now it is used as the basic belt for power transmission. Automotive V-belts will witness an increase in the market size due to the growth in the automotive industry.

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Global Automotive V-belts Market Scenario

Automotive V-belts has witnessed significant growth in recent years as per demands in developed and developing countries. Automotive V-belts market is predicted to grow significantly in developing and under developing countries according to research conducted by the company for the forecast period due to increase in the demand for automobiles. Automotive V-belts market is competitive owing to the presence of well-diversified international and regional players. Automotive V-belts is used extensively across the globe due to high reliability and durability compared to flat belts. Further, the automotive V-belts has a positive reaction from the manufacturer side for its application, reliability and durability.

Global Automotive V-belts Market Dynamics

Automotive V-belts market has a very strong market growth in the future due to rising demand in automobiles. Automotive V-belts are presently available in wide variety for transmitting almost any amount of load power. Automotive V-belts will boom more in developing countries in comparison to developed countries due to higher demand rate in automobiles. The improvement in engine belts will fuel the growth potential of the global automotive V-belts market in the coming years. The increasing number of design improvements in engine belts will also be one of the key trends for the growth of the global automotive V-belt market.

Global Automotive V-belts Market Segmentation

Automotive V-belts market can be segmented on the basis of vehicle type, by specification and sales channel. On the basis of vehicle type, automotive V-belts can be segmented into passenger vehicle, light commercial vehicles and heavy commercial vehicle. On the basis of specification, Automotive V-belts can be segmented into Automotive 15, automotive 17, Automotive 22 and Automotive 28. On the basis of sales channel, automotive V-belts can be segmented into OEM and aftermarket. Geographically, the global market for the automotive V-belts market can be segmented into seven regions, namely North America, Latin America, Europe, CIS & Russia, APEJ, Japan, and MEA.

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Global Automotive V-belts Market Regional Overview

Automotive V-belts market has a strong market in developed and developing countries as they are matured markets with more automotive fleets. The automotive V-belts market in under-developing countries is witnessed to see a strong growth rate in the forecast period due to increasing demand in automobiles as per research study conducted by the company. Among the regions mentioned above the Asia Pacific region ranks as the fastest growing market for automotive V-belts. In APEJ region China, South Korea, and India are the top automobile producing countries making them prominent market for automotive V-belts. Overall the outlook for the global automotive V-belt market will have a positive growth over the forecasted period with the increase in demand for automobiles.

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