The market is poised to grow at a CAGR of 6.2% and is expected to touch USD XX million by 2022. The belts and hoses sector grows in accordance with the rise in demand for powertrains and other ancillary components. In 2016, Asia-Pacific had the highest share of XX% followed by North America and Europe with XX% and XX% respectively in the market. The stringency of emission control norms of EPA and CAFÉ have led to the improvements in exhaust and turbocharger hoses.
The role of belts and hoses is crucial in vehicles as they are accountable for overall vehicle performance. Belts are an integral part of the engine’s powertrain system that transmits power from flywheel to the camshaft. Fuel-efficiency is related with belts as they regulate the valve positioning. Drive belts and timing belts are two categories of belts. Hoses are flexible pipes that allow the transportation of fluids with varying pressures. Brake hoses, power steering hoses, turbocharger hoses are a few types of hoses.
The key driving factors for the growth of automotive belts and hoses market are rising global vehicle production, increasing adoption of turbochargers in the vehicles and fuel efficiency trends. The major restraint affecting the market is the shifting focus towards electric vehicles.
The automotive belts and hoses market is segmented by belt application type (drive and timing), hose application type (brake, power steering, cooling and heating, turbochargers), sales channel (OEM’s, aftermarket) and by geography (North America, South America, Europe, Asia-pacific, Africa and the Middle East).
Some of the key market players are:
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