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Automotive Engine Belt & Hose Market Registering 6.69% CAGR, Industry Opportunities, Business Insights, Future Scope and Forecast 2029

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Rising market demand in several emerging countries is fueling the growth of the Automotive Engine Belt and Hose Market

Luton, Bedfordshire, UK, Nov. 02, 2022 (GLOBE NEWSWIRE) — Accuracy Consultancy, the market research and consultancy wing of Improve Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Engine Belts and Hoses Market.

Description and forecast for the industry:

“The global automotive engine belts and hoses market is expected to grow at a CAGR of 6.69% from 2022 to 2029. It is expected to reach over USD 36.18 billion by 2029, from USD 20.2 billion in 2021. “

In addition, the increased demand for passenger cars is pushing manufacturers’ production levels up, which, in turn, is boosting the automotive belt market. Due to the increase in demand seen in many emerging countries, automobile production is continuously fueled globally on a yearly basis. It is an important driver of the global automotive belt market. Motor vehicle manufacturers have been forced by the influence of the Environmental Protection Agency to develop highly efficient and less polluting engines, which require extremely precise and durable automotive belts. This reason has also boosted the automotive belt market as more and more automakers are choosing efficient and environmentally friendly belts.

To improve their product line and consolidate their position in the global market, automotive belt manufacturers are focusing on new product launches. As a result, the majority of major players are investing in developed countries. This will undoubtedly increase the demand for automotive belts globally. Urbanization is a growing trend, which increases the average income of the urban population and enables it to improve its quality of life. Moreover, the increased demand for passenger cars is pushing up the production levels of manufacturers, which in turn is boosting the global automotive belt market.

Vehicles and the automotive sector have ensured a better future due to the growing needs of the industry”

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Leading Global Automotive Engine Belts & Hose Market Rivals Consists of

The automotive engine belts and hoses market is highly fragmented, with the presence of numerous small players in the developed and growing economies, such as the United States, China, and India. The important thing that Automotive Engine Belts and Hose players working in the global market are embracing – Companies like Origin Material, 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. hold substantial market share in the belts and hoses market automotive engines. .

Industry Developments->

In March 2020, Teijin Frontier, Kita Ward, Osaka) announced that it has developed an environmentally friendly adhesive that does not contain resorcinol-formaldehyde (RF) for rubber reinforcing fibers. The company aims to start the pilot production of rubber reinforcing fibers that use this new adhesive in 2020 and to reach an annual output of 200,000 tons, including the quantity of licensed production in 2028. Regarding adhesives RF Latex (RFL) commonly used, RF is cross-linked by chemical reaction and is combined with latex, an adhesive element, to provide adhesive performance.

As of July 2022 Origin Material, Inc. has partnered with Intertex World Resources, the leading distributor of synthetic rubber, processed oils, plastics, and more. The partnership further targets hoses, belts, rubber gaskets and all other mechanical rubber product markets for automotive aftermarkets and OEMs.

Regional outlook:

The primary mechanism by which automotive belts operate is friction between the pulley and the belt, which is subject to wear from continuous use, resulting in reduced performance, engine efficiency, and slippage. Typically, this problem is solved by changing the belt, which is boosting the aftermarket sector of the automotive belt industry globally. Rising demand for vehicles in the United States will support the growth of North America distribution market/automotive chain. The strong presence of automotive manufacturing companies, such as Ford, Fiat, General Motors, and many others will facilitate the growth of the market.

Being part of Automotive Engine Belt and Hose Market segmentation, our study presents market analysis based on type, market application and historical data:

Attributes

Details (current scenario)

base year

2021

Historical data

2016-2020

Forecast period

2022-2029

Regions covered

  • North America

  • Europe

  • Asia Pacific

  • South America

  • Middle East and Africa

segment by belt type

Segment by application

  • Turbocharger

  • Cooling/Heating

  • Fuel delivery

  • Braking

  • Steering

CAGR value

6.69% (Analysis of the current market)

Regional share analysis

35% Asia-Pacific

Regional data

The European region is expected to be the fastest growing market for automotive engine belts and hoses over the forecast period. The expansion of the market is attributed to higher regional growth in the automotive sector and increased demand for mechanical and automotive parts in the region. Asia-Pacific is the largest contributor to the regional market. The region dominates the market due to the aggressive growth of automation in developing countries such as India and China.

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Automotive Engine Belt and Hose Market


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Important Facts about the Automotive Engine Belts and Hoses Market Report:-

The report offers an analytical study of various international Customer Identification Entry market sectors to provide key insights.

The report defines the best market segment ratings and market drivers.

The combination of primary and secondary analytical methods provides real and reliable information.

Another part is devoted to positive developments and market statistics.

A clear and concise study of customer identification market dynamics and value structure yields instructive results.

The report assesses the latest developments and developments in the Customer ID Entry market.

Clients get market facts and figures based on industry assessments using primary and secondary research methods.

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https://accuracyconsultancy.com/reports/11433/automotive-engine-belt-hose-market/

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CONTACT: Irfan Tamboli (Head of Sales) - Exactitudeconsultancy Phone: + 1704 266 3234 sales@exactitudeconsultancy.com

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