The demand for automotive belts is estimated to grow at an average CAGR of 3.9% over the forecast period. The automotive belt market size is projected to reach US$ 20,473.5 Mn in 2032, and is estimated to reach US$ 13,902.6 Mn in 2022.
Due to the increase in demand for automotive belts seen in numerous emerging countries, the production of automobiles is continuously being fuelled globally on an annual basis. This is a major factor driving the global automotive belt market share.
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Automobile vehicle manufacturers have been compelled by the Environmental Protection Agency’s influence to develop highly effective, less polluting engines, which call for extremely accurate, long-lasting automotive belts. This reason has also driven the sales of automobile belts, as more and more automakers are choosing belts that are effective and environmentally benign.
To improve their product range and solidify their market position globally, automotive belt manufacturers are concentrating on launching new goods. As a result, the majority of the major players invest in developed nations. This is anticipated undoubtedly increase demand for automobile belts globally.
Due to rising public awareness of the strict and safety regulations put in place by various regulatory bodies throughout the world, the demand for automotive belt is predicted to expand significantly over the forecast period. Urbanization is one of the latest trends in automobile belts that is rapidly expanding, which is boosting the average income of the urban population and allowing them to improve their quality of life.
Additionally, the increased demand for passenger cars is driving up manufacturers’ output levels, which is in turn boosting the global automotive belt market size. The expense of the technologically upgraded seat belts is the major limitation on the global automotive belt market share. Additionally, the sales of automotive belts are being hampered by the high maintenance costs of technologically upgraded seat belts.
Key Takeaways from Automotive Belt Market
- The three-point seat belt market category now accounts for a significant portion of vehicle seat belt sales and is predicted to rule the global industry over the coming years.
- The passenger car sector is anticipated to hold the largest market share. This is explained by the rising output of passenger vehicles such SUVs, luxury, and premium models, which is expected to increase demand for active pretensioners and inflated seat belts.
- The Asia Pacific market was worth USD 7.26 billion in 2019. Due to rising car production and sales in developing nations like China and India, the region is anticipated to dominate the automotive belt market throughout the forecasted period.
- North America is predicted to hold the second-largest share in the automotive belt market. One of the key market trends in the region is the introduction of severe government policies aimed at passenger safety.
- Europe is anticipated to hold 24.9% share of automotive belt market in 2022, and it is expected to increase further due to ETA’s rigorous pollution rules and improved fuel economy standards (European Technical Advisory Group).
- According to FMI Analysis, Asia Pacific is projected to experience the fastest growth due to greater per capita earnings, brisk automobile sales, and favorable government regulations.
- China is likely to have an advantage over its regional competitors due to its large domestic market and strong manufacturing base for automobile components.
“Due to the increased number of injuries and deaths in the event of an accident, vehicle safety organisations such as Euro NCAP and the NHTSA in the United States have actively promoted the adoption of automotive seat belts. This has prompted key automotive seat belt manufacturers to create technically innovative seat belts such as active seat belts, inflatable seat belts, and active pretensioners. – FMI Analyst
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Competition Landscape in the AutoMotive Belt Market
The leading competitors in the global automotive belt market are investing in R&D initiatives to drive organic growth and expand their market shares. The demand for safety systems has expanded tremendously in recent years, owing to the increasing stringency of safety laws, particularly in emerging economies. As a result, prominent firms like as ZF Friedrichshafen AG and Tokia Rika are investing in developing-country production capacity.
The key players in the automotive belt market are Gates Corporation, Midas International Corporation, Mitsuboshi Belting Ltd. Group, Helicord Transmissions Pvt. Ltd., B&B Manufacturing, The Carlstar Group LLC, Continental AG, Bearings and Power Transmission Solutions, CRP Industries Inc., BG Automotive, Hutchinson Group, Bando Chemical Industries Ltd.
Key Segments Profiled in the Automotive Belts Market Survey
By Type:
- Drive Belts
- Timing Belts
- Single V-Belt
- Multifunctional V-Belt
By Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicles
By Sales Channel:
- Original Equipment Manufacturer
- Aftermarket
By Region:
- North America
- Latin America
- The Asia Pacific
- MEA
- Europe
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Recent Developments in the Automotive Belt Market:
- Continental AG announced the July 2019 launch of its new Powertrain factory in Wuhu, China. The investment for land and buildings is roughly EUR 28 million.
- Hyundai Mobis developed a new Safety Integrated Control Module that combines two distinct electronic control modules for electronic seatbelts and airbags into a single unit, increasing the efficiency and dependability of these systems.
- ZF FRIEDRICHSHAFEN AG introduced a new active control retractor seat belt system in September 2018. This system is lightweight and small in design, and it provides advanced capabilities like tightening the seatbelt in the event of a collision and vibrating the seat belt to inform the driver of potential danger.
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