Automotive Engine Belt and Hose Market

Automotive Engine Belt and Hose Market Size (2023 – 2028):

The Global Automotive Engine Belt and Hose Market was worth US$ 23.24 billion in 2022 and is anticipated to reach a valuation of US$ 34.09 billion by 2028 and is predicted to register a CAGR of 6.68% during 2023-2028.

Belts are automotive components that synchronize the crankshaft and camshaft for the valve to function properly. It is also used to power the water pump, steering pump, and others. Automotive engine belts help the engine drive various vehicle components, which need external input power for their operation. A hose is a hollow tubular structure intended to transport fluids in a car. The hose is made of plastic or rubber. In automobiles, a single serpentine belt is used to reduce the space required for the motors and the need for frequent maintenance. Hoses are components that ensure proper fluid transmission for applications such as cooling, heating, power steering, and others.

The global automotive engine belts and hoses market is expected to grow by $ 9.3 billion, with a compound annual growth rate of 6.4%. The materials used in the construction of the pipes depend on the pressure requirements of various applications. The requirement for belts and hoses in car frameworks is expanding with the appropriation of turbochargers and the interest in eco-friendly innovations. Innovations and technological advancements have opened new avenues for belts and hoses in automotive systems.

Market Drivers:

Increased passenger and utility vehicle production volume is supposed to drive the market for automotive engine belts and hoses during the foreseen period. The implementation of stringent standards and regulations around the world to improve vehicle fuel efficiency and reduce vehicle emissions is anticipated to increase the market for automotive engine belts and hoses in the near future.

Market Restraints:

The engine belt and hose get damaged after using them for some time as they wear out. If the strap and hose are not replaced after regular time intervals, they can create safety concerns by posing a threat to the operator's life. This small inconvenience of automotive belts and hoses is anticipated to hamper the growth of the automotive engine belts and hoses market to some extent during the forecast period.

Market Recent Developments:

• New automotive technologies mean new demands for suppliers, and Hutchinson S.A. already anticipates these opportunities.
• Continental A.G. has acquired the automotive aftermarket belt business of Cranbury, NJ-based CRP Industries, according to a press release.
• Continental AG launched a new timing belt for special Citroen and Peugeot engines.

AUTOMOTIVE ENGINE BELT AND HOSE MARKET REPORT COVERAGE:

Market Segmentation:

Automotive Engine Belt and Hose Market - By Hose Application:

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

The turbocharger segment is estimated to experience significant expansion during the foreseen period due to growth in the adoption of turbochargers to improve vehicle fuel efficiency. The turbocharger is a mechanical device that increases the airflow in the engine. It gets its energy from exhaust gases, which are generally wasted in a naturally aspirated engine.

Automotive Engine Belt and Hose Market - By Belt Type:

• Timing Belt
• Drive Belt

The timing belt, also known as a Gilmer belt or camshaft drive belt, is a toothed rubber belt that allows the crankshaft to rotate the camshaft. The camshaft opens and closes the valves in harmony with the movement of the engine piston. The timing belt is an essential part of a vehicle. Drive belts, also known as serpentine belts, are long belts fed by multiple V-belts. The V-belt is used in the engine to drive the crankshaft alternator, the AC compressor, and the power steering pump. Serpentine belts are most often used in newer cars, while V-belts are standard belts for older vehicles.

Automotive Engine Belt and Hose Market - By Vehicle Type:

• PC
• LCV
• HCV

The passenger vehicle segment is estimated to experience significant expansion during the forecast period due to the increase in passenger vehicle production volume in recent years. The changing dynamics that support this growth make it essential for companies in this space to keep abreast of market developments. Poised to reach more than $ 15.1 billion by 2025, passenger cars will generate solid earnings, adding significant momentum to global growth.

Impact of COVID-19 on the Automotive Engine Belt and Hose Market:

The coronavirus pandemic has affected industrial pipe sales around the world. However, this has generated opportunities and challenges for the actors present in the ecosystem. Since pharmaceutical manufacturing facilities around the world are still active, there will be demand for hoses for chemicals and gas. Industrial hoses used in the pharmaceutical ecosystem are used in vacuum conveying devices, suction conveyors, dosing systems, and granulation machines. Therefore, an increase in pharmaceutical manufacturing is expected to fuel the demand for industrial pipelines after COVID-19.
On the other hand, the automotive industry is the most affected industry after the oil and gas industry due to the spread of coronavirus. The car was already under stress, and now the coronavirus lockdown has created other problems for the industry. Automobile manufacturing plants in Europe and North America are not operating or have reduced production. The use of industrial hoses is an important and significant aspect of the automotive industry. In the current market situation, it is difficult to determine the impact of COVID-19 on industrial hoses used in the automotive industry; However, once this crisis is over, auto manufacturing is expected to see increased adoption of industrial hoses such as water, gas, and chemical hoses.

Market Regional Analysis: 

The Global High Voltage Equipment Market Report includes the segmentation of regions:

• North America
• Europe
• Asia-pacific
• Middle-East and Africa
• Latin America

The automotive engine belt and hose market in North America is also expected to expand significantly in the near future, driven by the enactment by the United States government of stringent regulations to reduce vehicle emissions and the rate of adoption of high technology in the region. The European market for car engine belts and hoses is also supposed to expand in the coming years due to the rapid increase in vehicle production in the region. In Europe, which remains an important part of the world economy, Germany will add more than $ 326.3 million to the size and weight of the region over the next 5-6 years. More than $ 879.1 million of projected demand in the region will come from other emerging markets in Eastern Europe. The Asia-Pacific automobile engine hose and belt market is likely to expand at a rapid pace during the forecast period, due to the expansion of the automotive industry, the strong presence of major automakers in countries such as China, and the intensification of government efforts as well as original equipment manufacturers to adopt fuel-efficient technologies to improve vehicle performance.

Market Key Players:

1. Bando Chemical Industries Ltd. (Japan)
2. Continental AG (Germany)
3. Cooper-Standard Holdings Inc. (USA)
4. Hutchinson SA (France)
5. Nichirin Co., Ltd. (Japan)
6. Schaeffler AG (Germany)
7. Sumitomo Riko Co., Ltd. (Japan)
8. The Yokohama Rubber Co., Ltd. (Japan)
9. Toyoda Gosei Co., Ltd. (Japan)