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The Automotive Belts and Hoses Market is segmented by Belt Type (Drive Belts and Timing Belts), Hose Type (Fuel Delivery System Hoses, Braking System Hoses, Power Steering System Hoses, Heating and Cooling System Hoses, and Turbocharger Hoses), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography.
2018 - 2026
Fastest Growing Market:
The automotive belts and hoses market is expected to register a CAGR of over 6.5% during the forecast period, 2020 - 2025.
Belts and hoses are responsible for the overall performance of the vehicle. Belts are an integral part of the engine’s powertrain system that transmits power from flywheel to the camshaft. Fuel efficiency is related to 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, and turbocharger hoses are a few types of hoses. The aforementioned types of belts and hoses have been considered under the scope of the market.
The automotive belts and hoses market has been segmented by belt type, hose type, vehicle type, and geography.
|Fuel Delivery System Hoses|
|Braking System Hoses|
|Power Steering System Hoses|
|Heating and Cooling System Hoses|
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Owing to the increasing demand for fuel efficiency of vehicles, the adoption of turbochargers has increased significantly. Hoses are deployed around the turbocharger system to predominantly handle the temperatures of exhaust gases.
Additionally, the adoption of electrically assisted power steering has also influenced the market for power steering hoses.
The EPA and the National Highway Traffic Safety Administration have been taking coordinated steps to enable the production of a new generation of clean vehicles, through reduced greenhouse gas (GHG) emissions and improved fuel use from on-road vehicles and engines. Thus, the use of blended fuels in fuel delivery systems increased the usage of hoses extensively.
Thus, to meet such desired characteristics of vehicle systems, high demand for high-performance hoses in automotive applications was noticed during 2016-2018. Therefore, hose manufacturers have started investing in the production high-performance hoses to capture the growing demand from the automotive market.
For instance, in March 2018, Evonik Industries AG (Evonik) announced its plans to boost the production of high-performance polymer polyamide 12 (PA 12) in products, like automotive fuel hoses. The company announced its plans to invest EUR 400 million in its major plant in North Rhine-Westphalia, Germany, and add facilities to the plant to manufacture the polymer and its precursors. The new facilities are expected to begin operations in early 2021, and it is anticipated that the company's global PA 12 capacity may increase by more than 50%.
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The growing automobile sector in Asia-Pacific, with India and China emerging as automotive part manufacturing hubs for the Western automobile giants, is expected to drive the market for belts and hoses in this region.
Additionally, with the growing sales of hybrid and electric vehicles in the region, the demand for high-performance and lightweight belts and hoses (primarily made of polymer) is likely to grow in line with the production of electric vehicles during the forecast period.
Thus, to capture the growing demand in the market, companies in the region have started extending their production capacities.
For instance, in August 2018, Nichirin Co. Ltd (Nichirin) constructed a new plant for the manufacturing of automobile and motorcycle hoses in Jiangsu Province, China, together with the Chinese joint venture partner, Shanghai Beicai Industry Co. Ltd. The company also plans to extend its production operation in Indonesia and Vietnam, in order to capture the growing demand in the Asia-Pacific automotive market.
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The automotive belts and hoses market is highly fragmented, due to the presence of many regional players. However, some of the major players, like Sumitomo Riko Co. Ltd, ACDelco (General Motors), Goodyear Tire & Rubber Co., Toyoda Gosei Co. Ltd, and Continental AG, have captured significant shares in the market.
With the growing trend of lightweight and fuel-efficient vehicles, companies have started investing in the production of more advanced materials for belts and hoses, in order to meet the increasing standards of the automotive industry.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Belt Type
5.1.1 Drive Belt
5.1.2 Timing Belt
5.2 Hose Type
5.2.1 Fuel Delivery System Hoses
5.2.2 Braking System Hoses
5.2.3 Power Steering System Hoses
5.2.4 Heating and Cooling System Hoses
5.2.5 Turbocharger Hoses
5.3 Vehicle Type
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
5.4.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.4.4 Rest of the World
18.104.22.168 South Africa
22.214.171.124 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Sumitomo Riko Co. Ltd
6.2.2 ACDelco (General Motors)
6.2.3 Toyoda Gosei Co. Ltd
6.2.4 Continental AG
6.2.5 Goodyear Tire & Rubber Co.
6.2.6 Dayco IP Holdings LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability