18th
December 2018 - The
Global V Belts Market is subject to witness a substantial growth due to the
growing automotive sector, modernization of agriculture and farm equipment in
developing economies across the globe. Introduction of modern machineries in
the agriculture sector for development of highly advanced farm equipment is
anticipated to derive demand for V belts over the forecast period.
Growing automotive sector coupled with wide range application of variable
speed belts in industrial processes are some of the prominent factors for
market growth. Globally, the V belts market is predicted to grow at a
significant CAGR in forecast period, providing numerous opportunities for
market players to invest in research and development in the V belt market.
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Increasing investment by industrial manufactures to improve overall
productivity and limit downtime in end-users market segment is expected to
boost the growth of V belts market in the upcoming years. Growing manufacturing
and automotive sector in the Asia Pacific region, particularly in the
developing economies such as India and China are estimated to drive the market
growth in the near future.
Rising focus towards modernization and automation of various industrial
process to ensure streamlined, efficient, and faster approach is projected to
positively influence market progress of V belts. Shifting trends towards
increasing adoption of V belts in the manufacturing industries is attributed to
factors such as flexibility and adaptability of as V-belts for every distributor
operation. Additionally, ease of availability of V belts in the wide variety
allows transmission of range of load power is expected to favor market growth.
Some of the benefits of V belts include different of orientations such as
horizontal, vertical or inclined and independent operational capabilities.
These factors play a major role for boosting the growth of v-belt market in the
upcoming years. However, inability to operate on synchronous speed is
considered as one of the major restraining factor for market demand of V belts.
In addition, rising application of flat belts in large distances operations and
superior power transfer efficiency is expected to limit market progress to a
certain extent.
The V belts market is broadly categorized into four major types based on
raw material such as rubber-based V belts, polymer-based V belts,
neoprene-based variable belts, and urethane-based V belts. The polymer-based V
belts is considered as one of the fastest growing segment in the V belts market
with substantial revenue generation in the last couple of years.
Growing popularity of the polymer-based V belts is attributed to
cost-effectiveness and easy availability. Application of the V belts include
automobile manufacturing, food processing industry, and aerospace industries.
Increasing adoption of in manufacturing sector is one of the major driving
factor for market growth, in the recent years.
Increasing demand for automobile worldwide is constantly on the rise with
significant increase in demands from developing countries such India, China and
Brazil. The technological advancement in the automotive sector and introduction
of novel products such as automotive V belts in the market is estimated to
boost market growth in the upcoming years. Increasing adoption of automotive
V-belts for power transmission in passenger cars, light duty trucks, and
personal vehicles is expected fuel market advancements.
The V belt market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
the automotive industry, rising retrofit activities, increasing adoption of
advanced machinery and equipment to improve overall productivity and reduce
downtime, and existence of well-established industrial infrastructure in the
region.
Asia-Pacific region is predicted to hold major market share in the V
belts market with massive growth in forecast period. Countries such as India,
China and Japan are leading the Asia-Pacific market with rapidly growing
automotive manufacturing, strong economic growth and significant investment by
leading industry players considering potential growth opportunities in the
region. The key players in the V belts market are Toyoda Gosei Co., ZF TRW
Automotive Holdings Co., Denso Co., Takata Co., Continental AG, Hyundai Mobis
Co., Robert Bosch GmbH, and Tokai Rika Co.
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