Automotive Engine Belt & Hose Market Size, Share, Growth, And Industry Analysis By Type (Timing Belt, Drive Belt, Turbocharger Hose, Cooling Hose, Braking Hose, Steering Hose, Fuel Delivery Hose) By Application (Passenger Cars, Light Commercial Vehicle, HCV) Regional Forecast to 2028

Report Overview

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The global automotive engine belt & hose market size was USD 22.196 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with automotive engine belt & hose market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 32.203 billion in 2027, exhibiting a CAGR of 6.4% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

In an automotive, belts are parts that coordinate the crankshaft and camshaft for correct valve opening operation. Additionally, it is employed to power additional pumps, such as the steering pump and the water pump. Automobiles employ a single serpentine belt to minimize the amount of engine space needed and the frequency of maintenance. The use of hoses in applications including cooling, heating, power steering, and others ensures optimum fluid transmission. Various applications' pressure requirements affect the materials used to make hoses. Due to the use of turbochargers and the desire for fuel-efficient technologies, belt and hose are becoming more and more necessary in automobile systems. Belt and hose in automobile systems now have new routes to go thanks to innovations and technical improvement.

Various uses have different pressure requirements, which affects the materials used to make hoses. The use of turbochargers and the requirement for fuel-efficient technologies have increased the need for belts and hoses in automobile systems. Belts and hoses in automobile systems now have new routes to go thanks to innovations and technical improvement.

COVID-19 Impact: COVID-19 Has Significantly Hindered The Market Growth

Nearly every business has been impacted by the unmatched worldwide public health emergency known as COVID-19, and the long-term impacts are expected to have an influence on industry growth throughout the course of the forecast period. In order to assure the inclusion of underlying COVID-19 concerns and potential future directions, our continuous study expands upon our research approach. The paper provides information on COVID-19 taking into account changes in consumer demand and behavior buying habits, supply chain rerouting, dynamics of contemporary market forces, and significant government initiatives. The updated study contains information, analysis, projections, and predictions taking into account the market impact of COVID-19.

Latest Trends

"Rising Passenger Car Sales To Boost Market Growth Over The Forecast Period"

The use of turbochargers in vehicles has greatly increased in the passenger automobile market as a result of rising consumer demand for fuel efficiency in transportation. The turbocharger system is surrounded by hoses that are mostly used to handle the temperatures of exhaust gases. In order to carry out the intended function and improve fuel efficiency, these belts and hoses are fitted in the engine assembly. The market for passenger automobiles recovered by 2021 despite obstacles including the effects of continuous chip shortages and the rising inflationary crisis brought on by ongoing war.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Timing Belt, Drive Belt, Turbocharger Hose, Cooling Hose, Braking Hose, Steering Hose, and Fuel Delivery Hose. Timing Belt is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Passenger Cars, Light Commercial Vehicle, HCV. Passenger Cars will be the dominating segment.

Driving Factors

"Growing Demand For Automobiles Leading Market Expansion"

The worldwide automotive belt market is being helped by manufacturers' improved output levels as a result of the growing demand for passenger automobiles. The global manufacturing of autos is continuously fueled on a yearly basis due to the rise in demand found in various rising nations. This is one of the main factors influencing the global market for automobile belts. The best NVH levels and rising vehicle production are the main factors propelling the growth of the global automotive engine belt and hose market.

"Demand for Advanced Technology Engines Will Boost The Market Growth"

The Environmental Protection Agency has pressured automakers to create highly efficient, less polluting engines, which necessitate incredibly precise, long-lasting automotive belts. The market for automotive belts has also been driven by this factor, as more and more automakers select belts that are efficient and environmentally friendly.

Restraining Factors

"Growing Demand For Electric Automobiles Would Restrain Market Expansion"

Low durability and the demand for electric vehicles, however, are impeding market expansion.

Regional Insights

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"Significant Growth Is Anticipated In The Asia-Pacific Region During The Forecast Period"

The market for belts and hoses in the Asia-Pacific region is anticipated to be driven by the region's expanding automotive industry, which will see hubs for the production of automotive parts in China and India emerge. Due to the region's growing automotive industry, the prominence of major automakers in places like China, and the increased efforts being made by OEMs and governments to adopt fuel-efficient technologies in order to enhance vehicle performance, the Asia Pacific automotive engine belt and hose market is predicted to grow quickly during the forecast period. The U.S. Government's implementation of strict regulations for the reduction of vehicular emissions and the high adoption rate of technology in the region are driving the market growth for automotive engine belts and hoses in North America, which is anticipated to increase significantly in the near future. Due to the region's sharp rise in auto manufacturing, the automotive engine belt and hose market is also predicted to grow in the coming years.

The government has generously supported China, which has the largest electric vehicle market in the world. The subsidies for buying new energy vehicles (NEVs) have been extended in China until 2022.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Continental AG (Germany)
• Gates Corporation (U.S.)
• Sumitomo Riko Co (Japan)
• Hutchinson SA (France)
• Toyoda Gosei Co (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.