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.
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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.
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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
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The following regional segments are covered comprehensively:
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- Asia Pacific
- Latin America
- The Middle East and Africa
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