6 February 2019: 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.
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.
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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