Elevated Usage in Automotive Industry to Propel Industrial V Belts Market to US$ 1,700.2 Mn by 2032 - Future Market Insights, Inc.
The global industrial V-belt market is booming as automation adoption speeds up in heavy industry and construction machinery. North America will continue to remain the most lucrative market for Industrial V Belts, accounting for a share of 25%
NEWARK, Del., Oct. 3, 2022 /PRNewswire/ -- The global industrial v belts market is projected to reach a value of US$ 1,700.2 Mn in 2032, with the market expanding at a dormant CAGR of 3.2% from 2022 to 2032. The target market is predicted to reach an estimated US$ 1,240.8 Mn by the end of 2022. Owing to their energy conservation feature, the industrial v belts are in high demand in automotive, construction, packaging, oil & gas, and other industries.
Industrial v belt is most often utilized in a spaces where the speed differs in response to varying loads in machine drives. These are referred to as adjustable speed belts which are used in machines with infinitely variable drive ratios. These adjustable speed belts are a part of the industrial v belts category and also contribute to the overall market growth.
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Owing to a swell in replacement activities, the industrial v belts market is set to witness a rise in global demand. However, belt drive installation and commissioning are major challenges. While the belts is being installed, installation tension is critical. Low tension can lead to belt slippage or damage to the belt teeth while high tension can cause overloading which may result in damage to the cord, motor bearings, and shafts.
In terms of offering maximum potential, alignment is also crucial. In order to avoid these challenges associated with the installation and commissioning of belts, frequent maintenance operations must be carried out by plant operators. But many facilities, during the operations process, end up either repairing or replacing these products.
Since these belt drives are quite inexpensive, end users are far more confident in replacing them. Consequently, belt drives are continually replaced. Regular maintenance chores of installed drives, as per vendors, are also a prime source of revenue. All of these factors together are expected to foster an environment of growth for the global industrial V-belt market.
"Rising application of industrial V belts in automotive and packaging sector to propel the market growth of the industrial v belts over the forecast period," says an FMI analyst.
Key Takeaways:
- Rising use in both agricultural and industrial sectors are likely to stimulate future prospects of the target market.
- Technological transformation of the industrial V-belt market will generate lucrative opportunities.
- The target market will register a 7.2% CAGR in North America.
- Asia Pacific region is expected to account for 40% of the overall market growth during the assessment period.
- In terms of application, the automotive sector is predicted to dominate the market.
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Competitive Landscape
ContiTech AG, Gates Corporation, Optibelt GmbH, GoodYear Rubber Products Inc., Hi-Lo Manufacturing, Lian Eng, Lovejoy, Megadyne, Pix Transmissions Ltd., QPower, Inc., Rubena A.S, San Wu Rubber Mfg. Co., Ltd., Timken Company, and TOYOPOWER among others are some of the major players in the industrial v belts market profiled in the full version of the report.
Leading market players are keen on new product releases and product approvals to strengthen their market presence. These organizations also employ tactics like partnerships and collaborations, acquisitions and mergers to advance their sales and remain competitive in the global market space.
More Insights into Industrial V Belts Market Report
In its latest report, FMI offers an unbiased analysis of the global industrial v belts market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of type (narrow type, wide type), application (automotive, construction, packaging, oil & gas, others), and region.
According to the latest FMI reports, based on segmentation, the automotive sector will generate the most growth opportunities for the target market.
Based on region, the industrial v belts market in North America is expected to exhibit notable growth over the forecast period. The region accounts for about 25% of the global market share. Owing to the rapid expansion of the automated and semi-automated material handling sector, the region is set to witness considerable target market growth during the projected period. Expanding food & beverage sector will also supplement this growth. Apart from North America, Asia Pacific is predicted to account for 40% of the total market growth during 2022-2032.
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Key Segments of Industrial V Belt Industry Survey
By Type:
- Narrow Type
- Wide Type
By Application:
- Automotive
- Construction
- Packaging
- Oil & Gas
- Others
By Region:
- North America Industrial V Belt Market
- Latin America Industrial V Belt Market
- Europe Industrial V Belt Market
- Asia Pacific Industrial V Belt Market
- Middle East & Africa Industrial V Belt Market
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