Report Overview

The global Automotive Belts and Hoses Market size are expected to be worth around USD 43641.75 million by 2032 from USD 22,967.7 million in 2022, growing at a CAGR of 6.63% during the forecast period from 2022 to 2032.

The automotive engine belts allow the engine to drive several vehicle elements that need external input power. Single serpentine belts are utilized in automobiles to reduce engine space and demand frequent maintenance. A hose is a hollow tube deliberately used to transfer liquid in a vehicle, with applications including heating, cooling, etc. The hose is composed of either plastic or rubber. Over the forecast period, an increase in the manufacturing volume of passenger and commercial cars is predicted to boost the automotive engine belt and hose market. The need for hoses and belts in automotive systems is rising with the adoption of turbochargers and the demand for fuel-efficient technologies. The latest technological advancement has opened different pathways for belts and hoses in automotive technology.

Global Automotive Belts and Hoses Market Analysis

Belt Type Analysis

The automotive engine belt and hose market can be divided into drive belts and timing belts by belt type. The timing belt is the dominant segment in the market due to its property to help with wear and tear for a more extended period than any other belt. The two belts utilized in automobile engines, called the drive belt and timing belt, protect the engine accessories’ required functions and the synchronism of the crankshaft and camshaft. These belts are durable, immensely strong, and give superior performance and efficiency. In some vehicles, timing belts have major components like an oil pump, intermediate shaft, injection pump, and balance shaft.

Application Analysis

The automotive engine belt and hose market can be divided by application into braking, steering, fuel delivery system hose, cooling/heating, turbocharger, and other applications. The turbocharger segment is predicted to dominate in the market because the need for turbochargers is expected to increase over the forecast period due to the adoption of fuel-efficient technologies, growing stringency of emission regulations, and rising awareness concern about fuel efficiency.

Vehicle Type Analysis

The automotive engine belt and hose application is divided into commercial vehicles and passenger vehicles. The passenger vehicles segment will dominate the market during the forecast period due to growing production and demand from emerging economies in developing countries. The increasing economy globally, rising disposable income of end-users and implementation of stringent emission regulation over the globe are included to act as a catalyst towards the rising of the passenger car.

Key Market Segments

By Belt Type

• Drive Belt
• Timing Belt

By Application

• Braking
• Steering
• Fuel Delivery
• Cooling/Heating
• Turbocharger
• Other Applications

By Vehicle Type

• Commercial Vehicles
• Passenger Vehicles

Market Dynamics

• Drivers

The primary factor driving the automotive engine belt and hose market is the advancement in materials and exceptional NVH levels. The need for hoses and belts in automotive systems is escalating the demand for fuel-efficient technologies and the adoption of turbochargers. The automotive engine belt and hose market has various advantages. The automotive engine belts and hoses the consumer’s vehicle is equipped with are essential to the engine’s cooling and charging function. They help in providing power to the air conditioner compressor, cooling fan, power steering pump and air injection pump, and many others. Moreover, the increasing sale of passenger vehicles is also driving the market.

• Restrains

A few disadvantages to automotive engine belts and hoses may hamper the market growth to a certain extent. Consumers have to replace the automotive engine belts every 50,000 miles, while the number varies depending on the model and make of consumers’ vehicles; hoses should be replaced every four years, which is costly. The growing tendency for beltless engines is predicted to restrain the market’s growth. The increasing demand for electric vehicles, especially in developed countries, will also hinder the market’s growth.

• COVID-19 Impact

The COVID-19 pandemic brought many challenges to the automotive engine belt and hose market. The pandemic has adversely affected the automotive industry, primarily commercial and passenger vehicles; lockdowns negatively impacted the demand for the automotive industry. But after the end of the pandemic, the auto sector started with positive trends as the production of vehicles rose. The market is predicted to fuel by increasing vehicle sales and the growing need for powertrains and other additional components.

Regional Analysis

By region, the market is divided into North America, Europe, Asia-Pacific, South America, and Middle-East & Africa. The Asia-Pacific is the most significant region and has 38.4% of the market share in 2022, owing to the market driven by the growing demand for automobiles and increasing disposable incomes of users. Further, the increasing sale of electric vehicles in the region and the need for high-performance and lightweight belts and hoses is probably to grow in line with the production of electric vehicles throughout the forecast period.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Europe
  • Germany
  • The UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Major companies in this industry primarily focus on the expansion of their respective capacities as well as potential mergers & acquisitions. The automotive engine belt and hoses are commonly rubber belts with some fabrics utilized for the function of vehicle engines. With the increasing trend of lightweight and fuel-efficient cars, organizations have started investing in the manufacture of more advanced materials for hoses and belts, concerning to growing standards of the automotive industry.

Recent Developments

In 2022, Toyota Group announced they plan to invest US$ 624 million in India to produce electric vehicle components. Further, the government of India has started various innovative programs to promote the production and adoption of electric vehicles in India, reduce emissions concerning international conventions, and develop advanced e-mobility owing to rapid urbanization. Japan wants advanced vehicles with battery and plug-in hybrid vehicles by 2030. The South Korean government plans to expand the infrastructure for electric vehicles prominently. In 2022, Yokohama rubber co., ltd. declared that they had developed a system that uses artificial intelligence to expect the physical properties of rubber combinations and launched a powerful technique in designing rubber compounds for the tires of Yokohama company.

Market Key Players:

• Continental AG’s
• Sumitomo Riko Co. Ltd.
• cooper, standard holdings inc.
• Hutchinson SA
• Bando Chemical Industries Ltd.
• pinafore holdings b.v.
• Schaeffler AG
• Nichirin Co. Ltd.
• Yokohama Rubber Co. Ltd.
• Nichirin co., ltd.
• Toyoda Gosei Co., Ltd.
• Goodyear Tire & Rubber Co.
• Other Key Players

 

• Partnerships, Collaborations, and Agreements

In 2022, Original Material Inc. partnered with Intertex World Resources, a leading distributor of plastics, synthetic rubber, processed oils, and many others. Their partnership focused on rubber seals, belts, hoses, and other mechanical rubber goods markets for the automotive industry.

• Product Launches and Product Expansions

In 2020, Osaka, Kita Ward, and Teijin Frontier declared that they had developed eco-friendly adhering that cannot contain resorcinol formaldehyde for rubber reinforcement fibers. The organizations are focused on initiating the pilot production of rubber reinforcement fibers utilized in this new adhering in 2020. As frequently used RF latex adhesives, it is associated with chemical reactions and integrated with latex and an adhering element.

• Mergers and Acquisitions

In 2022, KA merged with Fluid Transfer Systems for a new Flow Control Systems Business Unit, as they both provide PTFE hoses and conventions to several industries and the automotive market. The combined business offers compressed air couplings to the worldwide commercial vehicle market.

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For the Automotive Belts and Hoses Market research study, the following years have been considered to estimate the market size: