Automotive Fan Belt: Introduction
- A fan belt, also widely referred to as drive belt, or serpentine belt, is a crucial component that drives the air compressor and air conditioner in a vehicle
- Automotive fan belts are high quality rubber products that are produced using synthetic rubber products such as chloroprene, neoprene, and ethylene propylene diene monomer rubber (EPDM rubber). Fan belts are designed to withstand high tension, high temperature and possess a long life.
Key drivers of global automotive fan belt market
- Rising demand for vehicles with greater fuel-efficiency is driving the market for automotive fan belt. AC compressors in IC-engine vehicles derive power from the vehicle engine using fan belts. Operating the AC in a vehicle can lower fuel efficiency by about 3 miles per gallon of fuel consumed. Therefore, a fan belt that offers significant friction is required to ensure proper running of the AC compressor, else fuel consumption may increase. Therefore, rise in demand for vehicles that offer greater fuel efficiency is driving the global automotive fan belt market.
- Need for preventive maintenance measures are an increasing concern among vehicle owners, globally, which is driving the global automotive fan belt market. Automotive fan belts are used in vehicles to drive several vital components including the cooling fan, air conditioning compressor, power steering pump, and air injection pump. The automotive fan belt derives power from the engine camshaft. Demand for fan belts that offer good friction and do not slip while driving the AC compressor and cooling fan is rising, as they ensure proper working of the aforementioned components. This, in turn, prevents unexpected failure caused by slipping of fan belts. Therefore, a rise in consumer demand for drive belts that require less maintenance and offer higher reliability and better friction are propelling the global automotive fan belt market.
- Harsh environment conditions and undeveloped road infrastructure increases friction between vehicle tire and road surface, which in turn increases load on vehicle engine. Therefore, vehicle engine to drive more power and in turn the engines generate considerable heat. Fan belts also derive power from the engine and are fitted near the vehicle engine. Fan belts are made of rubber, which needs to possess resistance to heat and elongation due to increase in temperature of the operating environment.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Aftermarket segment to account for significant share of global automotive fan belt market
- According to International Organization of Motor Vehicle Manufacturers, in 2018, total number of commercial and passenger vehicles sold across the globe was approximately 95 million. Every vehicle sold globally is fitted with an automotive fan belt that drives either the air compressor or injection cooling fan. Automotive fan belts are subject to constant tension when the vehicle is not operating, and this tension increases when the vehicle is operating. Consequently, the average life of an automotive fan belt varies between 50,000 miles to 100,000. Regular replacement is essential for fans belts that drive the AC compressor, or cooling fans, which in turn boosts the aftermarket segment of the global automotive fan belt market.
Asia Pacific to hold prominent share of global automotive fan belt market
- Numerous automakers and manufacturers are focused on attracting consumers from the economically rising middle class in emerging countries in Asia Pacific including China, India, and Malaysia. This indicates a rise in FDI investments in countries in Asia Pacific. Presence of a large number of domestic production facilities and the competition between OEMs and aftermarket player are other key factors driving the market in Asia Pacific. Furthermore, the requirement of regular replacement of automotive fan belt to prevent failure of automobile components, owing to excessive wear of fan belts, is driving the global automotive fan belt market.
Key players operating in global automotive fan belt market
The global automotive fan belt market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive fan belt market are:
- Mitsubishi Belting Ltd
- Gates Corporation
- Dayco Products, LLC
- Helicord Transmissions Private Limited
- ContiTech AG
- B&B MANUFACTURING
- Bearings & Power Transmission
- Bando USA, Inc.
- BG Automotive
- Helicord Transmissions Pvt. Ltd.
- Midas International Corporation
- Bearings and Power Transmission Solutions
- Hutchinson Group
- The Carlstar Group LLC
- CRP Industries Inc.
Looking for Regional Analysis or Competitive Landscape in Automotive Fan Belt Market, ask for a customized report
Global Automotive Fan Belt Market: Research Scope
Global Automotive Fan Belt Market, by Vehicle Type
Global Automotive Fan Belt Market, by Fuel
Global Automotive Fan Belt Market, by Sales Channel
Global Automotive Fan Belt Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.