Market Size of Automotive Belts and Hoses Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.56 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Belts and Hoses Market Analysis
The automotive belts and hoses market was valued at USD 21.53 billion in 2021 and is expected to surpass a net valuation of USD 31.51 billion by 2027 end, registering a solid CAGR growth of 6.56% during the forecast period.
The COVID-19 pandemic had a negative impact on almost all segments of the automotive industry including passenger and commercial vehicles during 2020 due to the lockdowns and halted production, impacting negatively demand for automotive cylinder liners. But with life returning to normalcy, the auto sector started seeing positive trends by the first half of 2021 as the production of vehicles picked up. For instance, in 2021, the global car sales were around 66.7 million, which in 2020 were 63.8 Million. Such trends are expected to help the automotive cylinder liner market grow in the forecast period.
Over the medium term, the demand is expected to be fuelled by the increasing vehicle sales and growing demand for powertrains and other ancillary components. Further, the stringency of emission control norms of the EPA and CAFE has led to improvements in exhaust and turbocharger hoses. Manufacturer across the globe are upbringing advancements and technological adoption to portray strong demand for belt and hoses.
In addition, with OEMs maintaining strong and longer term supply, belts and hoses manufacturers are expected to witness high growth rate during the study period. Innovations in technology are resulting in technological advancements in terms of product design and the materials used in automotive belt manufacturing to offer lucrative opportunities for players in the market. However, In the coming years, increasing inclination towards beltless engines are expected to restrain market growth.
In terms of regions, Asia-Pacific expected to lead the market during the forecast period. The market is driven by the increasing demand for automobiles, and economic development of China, Japan, India, and South Korea during forecast period. North America and Europe are the other two major markets owing to the presence of major OEMs, tier players, and raw material suppliers along with the established supply chain.
Automotive Belts and Hoses Industry Segmentation
Belts and hoses are responsible for the overall performance of the vehicle. Belts are an integral part of the engine's powertrain system that transmits power from the flywheel to the camshaft. Fuel efficiency is related to belts, as they regulate the valve positioning. Drive belts and timing belts are two categories of belts. Hoses are flexible pipes that allow the transportation of fluids with varying pressures.
The automotive belts and hoses market has been segmented by belt type, hose type, vehicle type, and geography. By Belt Type, the market has been segmented into drive belts and timing belts. By hose type, the market has been segmented into fuel delivery system hoses, braking system hoses, power steering system hoses, heating and cooling system hoses, and turbocharger hoses.
By vehicle type, the market has been segmented into passenger cars and commercial vehicles and By Geography, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecast have been done on basis of value (USD billion).
| Belt Type | |
| Drive Belt | |
| Timing Belt |
| Hose Type | |
| Fuel Delivery System Hoses | |
| Braking System Hoses | |
| Power Steering System Hoses | |
| Heating and Cooling System Hoses | |
| Turbocharger Hoses |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Geography | ||||||||
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Automotive Belts and Hoses Market Size Summary
The automotive belts and hoses market is poised for significant growth, driven by the resurgence of vehicle production and sales following the disruptions caused by the COVID-19 pandemic. As the automotive industry rebounds, the demand for belts and hoses is expected to rise, fueled by the increasing sales of vehicles and the growing need for powertrains and ancillary components. The market is also benefiting from advancements in technology and materials, which are enhancing product design and performance. Stringent emission control norms are prompting improvements in exhaust and turbocharger hoses, further boosting market demand. However, the shift towards beltless engines poses a potential challenge to market growth. The Asia-Pacific region is anticipated to lead the market, supported by the economic development and rising automobile demand in countries like China, Japan, India, and South Korea. North America and Europe also remain significant markets due to the presence of major OEMs and a well-established supply chain.
The market landscape is characterized by a high degree of fragmentation, with numerous regional players and a few major companies like Sumitomo Riko Co. Ltd, ACDelco, Goodyear Tire & Rubber Co., Toyoda Gosei Co. Ltd, and Continental AG holding substantial market shares. The growing emphasis on lightweight and fuel-efficient vehicles is driving investments in advanced materials for belts and hoses, aligning with the automotive industry's increasing standards. The rise in hybrid and electric vehicle sales, particularly in Asia-Pacific, is expected to further propel the demand for high-performance and lightweight belts and hoses. Government initiatives in countries like China, India, South Korea, and Japan to promote electric vehicles are creating lucrative opportunities for market players. Despite challenges such as chip shortages and inflationary pressures, the market is set to witness promising growth, with ongoing technological innovations and strategic investments shaping its future trajectory.
Automotive Belts and Hoses Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value USD Billion)
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2.1 Belt Type
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2.1.1 Drive Belt
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2.1.2 Timing Belt
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2.2 Hose Type
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2.2.1 Fuel Delivery System Hoses
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2.2.2 Braking System Hoses
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2.2.3 Power Steering System Hoses
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2.2.4 Heating and Cooling System Hoses
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2.2.5 Turbocharger Hoses
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2.3 Vehicle Type
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2.3.1 Passenger Cars
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2.3.2 Commercial Vehicles
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 India
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 Brazil
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2.4.4.2 South Africa
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2.4.4.3 Other Countries
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Automotive Belts and Hoses Market Size FAQs
What is the current Automotive Belts and Hoses Market size?
The Automotive Belts and Hoses Market is projected to register a CAGR of greater than 6.56% during the forecast period (2024-2029)
Who are the key players in Automotive Belts and Hoses Market?
Sumitomo Riko Co. Ltd, ACDelco (General Motors), Toyoda Gosei Co. Ltd, Continental AG and Goodyear Tire & Rubber Co. are the major companies operating in the Automotive Belts and Hoses Market.
