Top 5 Automotive Engine Belt and Hoses Manufacturers By Worldwide | Statistics and Facts
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
The engine and other car systems are kept operating smoothly via belts and hoses. Hoses transport fluids, whereas belts move power. Any car's ability to operate properly depends on both parts. The global automotive engine belt and hoses market size is expected to grow from USD 25.2 billion in 2023 to USD 44.21 billion by 2033, at a CAGR of 5.78% during the forecast period 2023-2033. Growth in vehicle production, innovations in materials, and optimal NVH levels are the primary factors propelling the worldwide automotive engine belt and hose market.
Advancements in Automotive Engine Belt and Hoses
The global market comprises some of the leading companies in the automotive engine belt and hoses industry, such as Hutchinson, Cooper Standard, NICHIRIN CO., LTD., Continental AG, and Sumitomo Riko Company Limited. The market growth for automotive engine belts and hoses is anticipated to accelerate due to the growing number of vehicle models and varieties, as well as the adoption of new vehicle engines to meet the varied expectations of consumers. These factors are driving the demand for belts and hoses. For instance, in March 2022, Mercedes-Benz Vans showcased its latest All-Wheel Drive (AWD) technology, as well as its four-cylinder sprinter gas and diesel lineup, to offer a more efficient portfolio in the United States. The new OM654 engine delivers powerful torque, smooth acceleration, low noise and vibration, and lower emissions.
Government Initiatives and Regional Market Expansion
The demand for cars has increased in emerging economies including China, India, Brazil, and Russia. Going ahead, it is projected that these regions' demand for cars will increase at a strong rate, driving up demand for hoses used in automotive applications. Furthermore, Europe has the second-largest share since it is the second-largest global hub for electronic component manufacture and an early adopter of new trends in automobile engine belts and hoses. Furthermore, automakers are being pressured to use premium belts and hoses to ensure their cars run efficiently and meet emission regulations due to growing environmental concerns and strict automotive emission standards in European nations. This element is causing the regional expansion to spread even more.
Insights and Projections: Global Automotive Engine Belt and Hoses Market Analysis
The report provides a summary of the global top trends and future prospects for the global automotive engine belt and hoses market based on historical data sets (current trends, industry statistics, and emerging trends shaping the automotive engine belt and hoses industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global automotive engine belt and hoses trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Automotive Engine Belt and Hoses Industry
- Increased vehicle production and sales to drive market expansion
Hoses and belts are two very important parts of traditional cars. They support a wide range of vehicle functions, such as power transfer from the engine to the air conditioning system and back, among others. Thus, the demand for premium belts and hoses is influenced by the continuous increase in car sales and manufacturing. For example, the International Organization of Motor Vehicle Manufacturers (OICA) reports a notable increase in the manufacturing of passenger and commercial vehicles in recent years. Automakers are becoming more and more in need of premium automotive engine belts and hoses due to the surge in worldwide automobile manufacturing.
- High-performance hoses will be in high demand in the automotive market
The greater demand for fuel-efficient vehicles has led to a notable surge in the use of turbochargers. Hoses surrounding the turbocharger system are mostly needed to manage the exhaust gasses' temperatures. Furthermore, the market for power steering hoses has been impacted by the introduction of electrically assisted power steering. To facilitate the manufacturing of a new generation of clean vehicles, the EPA and the National Highway Traffic Safety Administration have been working together to reduce greenhouse gas (GHG) emissions and enhance the fuel efficiency of on-road vehicles and engines. Hose usage increased significantly as a result of the fuel delivery system's use of blended fuels.
Opportunities and Future Prospects in the Automotive Engine Belt and Hoses Industry
The application of advanced materials for belt and hose manufacturing is a significant trend.
The continued trend of using sophisticated materials in engine belt and hose manufacturing is projected to propel the automotive engine belt and hoses market forward. Natural rubber and a synthetic rubber blend are the primary materials utilized to manufacture automotive engine belts and hoses. Manufacturers, on the other hand, are heavily invested in creating new and improved materials, designs, and manufacturing processes to increase the durability, performance, and dependability of engine belts and hoses. Manufacturers use advanced materials such as Ethylene Propylene Diene Monomer (EPDM), aramid fibers, Hydrogenated Nitrile Butadiene Rubber (HNBR), Chloroprene Rubber (CR), neoprene, and others to make a variety of engine belts and hoses. These materials have excellent temperature, chemical, oil, and abrasion resistance.
List of Key Companies in the Automotive Engine Belt and Hoses Industry
- Sumitomo Riko Co. Ltd
- ACDelco (General Motors)
- Toyoda Gosei Co. Ltd
- Continental AG
- Goodyear Tire & Rubber Co.
- Dayco IP Holdings LLC
- Yokohama Rubber Co., Ltd.
- Schaeffler AG
- Nichirin Co., Ltd.
- Hutchinson SA
Top 5 Players in the Automotive Engine Belt and Hoses Industry
1. Yokohama Rubber Co Ltd
Headquarters: Kanagawa, Japan
Yokohama Rubber Co Ltd. (Yokohama) is a tire producer. Yokohama Gomu Kabushiki-gaisha, often known as the Yokohama Rubber Company, Limited, is a Japanese manufacturing firm with its headquarters located in Hiratsuka. On October 13, 1917, the company was established as a joint venture between BFGoodrich and Yokohama Cable Manufacturing. The business moved to the US in 1969 and became known as Yokohama Tire Corporation. Its main products are golf equipment, rims, and tires. The company manufactures, distributes, and markets tires for a variety of vehicles, including as automobiles, trucks, buses, airplanes, light trucks, industrial vehicles, and tires for machines used in forestry, construction, and agriculture. In addition, it offers golf clubs, wheels, high pressure hoses, sealants, adhesives, aerospace products, conveyor belts, anti-seismic devices, roadway joints, and other industrial products. Under the labels PRGR, Advan, Geolandar, Bluearth, Iceguard, Alliance, Galaxy, and PrimeX, Yokohama sells its products. The business has production facilities and sales offices across China, India, Thailand, the US, Canada, Australia, the Philippines, Taiwan, and Vietnam, among other places. Tokyo, Japan's Minato-ku is home to the headquarters of Yokohama.
2. Sumitomo Riko Co Ltd
Headquarters: Higashi Komaki, Japan
Sumitomo Riko Co Ltd produces and markets IT-related products, a range of industrial materials, and automobile components such as hoses and rubbers designed to reduce vibration. The high-polymer compounding technique of the company plays a significant role in numerous items that it develops. The automobile segment accounts for a sizable amount of Sumitomo's business, with revenue distributed throughout the world. Automotive product offers include connector seals, interior equipment (headrests and instrument panels), sound-reducing and insulating goods, and antivibration rubbers and hoses. The company's other business areas provide rubber technology to the housing, infrastructure, healthcare, printers, and copiers.
3. Continental AG
Headquarters: Hanover, Lower Saxony.
Continental AG produces industrial products, tires, and vehicle parts. In addition to systems and parts for powertrains and chassis, vehicle electronics, instrumentation, infotainment solutions, tires, and technical elastomers, it specializes in producing and marketing brake systems. It provides technologies for motion and motion-control systems, brakes, chassis, and safety. For a variety of clients, including those with passenger cars, trucks, buses, construction site vehicles, special vehicles, bicycles, and motorbikes, the company also sells tires and offers tire repair services. Additionally, the company provides tire management and digital tire monitoring systems. The business serves customers from Asia, Europe, North America, Africa, South America, and Australia. The headquarters of Continental are located in Hanover, Niedersachsen, Germany.
4. Goodyear Tire & Rubber
Headquarters: Ohio, United States
Goodyear Tire & Rubber Manufacturer is a tire producer. The company designs, manufactures, distributes, and sells tires for a variety of uses. Additionally, it produces and markets compounds related to rubber for a range of uses. It runs tire retreading and commercial truck maintenance facilities. It runs about 950 retail locations where it sells its products to both commercial and consumer clients and offers additional services like repair. It employs 55 production plants across 22 countries to produce its goods. The regional tire businesses of the company are represented by the following segments: Asia Pacific, Europe, Middle East and Africa (EMEA), and the Americas. It produces and markets a wide range of rubber tire lines for use on cars, trucks, buses, airplanes, motorcycles, farm equipment, mining and earthmoving machinery, and industrial equipment, among other things. Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, and Roadmaster are just a few of its brands.
5. Dayco IP Holdings
Headquarters: Michigan, USA
Dayco IP Holdings, LLC was established in 1905 in Michigan, USA, and is a producer and provider of vital engine drive systems as well as aftermarket automotive services. Dayco Incorporated is an American provider of parts to the construction, automotive, and industrial industries. It was originally known as Dayco Products and Mark IV Industries. The company makes about $150 million in revenue a year. General Motors and Caterpillar are two of its principal clients. The business provides a full range of engine drive systems, which are intended to maximize the efficiency and dependability of truck and car engines. These systems include belts, pulleys, tensioners, and other essential parts. In addition, it provides aftermarket services that include product selection, maintenance, repair, and upgrade options.
Recent Development
- In January 2024, The Goodyear Tire & Rubber Company (NASDAQ: GT) and TDK Corporation have partnered to develop next-generation tire solutions and hastened the integration of intelligent hardware and software into tires and automotive ecosystems.
- In June 2023, Driven Technologies Inc. has marked a significant milestone in its history by showcasing 'Orbit Drive,' a revolutionary all-in-one e-bike drive system, at Eurobike Frankfurt this week.
- In November 2022, Dayco, an established producer of engine products and drive systems for the automotive, heavy-duty, and industrial markets, has announced a significant investment in a new production plant in San Luis Potosi, Mexico, to create its worldwide known original equipment grade drive belts.
- In July 2022, the top distributor of synthetic rubber, processed oils, plastics, etc., Origin Material, Inc. has teamed up with Intertex World Resources. Additionally, the alliance wants to reach OEMs and aftermarket automotive companies in the hose, belt, rubber seal, and other mechanical rubber products industries.
- In November 2022, a cooperative development agreement was established by Sumitomo Riko and Lanzatech Global, Inc., a US-based carbon recycling company renowned for its proficiency in carbon capture and utilization (CCU) technology.
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us