New York, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to the statistical report titled “Transportation Statistics Annual Report 2020” of the Bureau of Transportation Statistics (BTS), United States Department of Transportation, the U.S. transportation system served 327 million residents in the country in the year 2018. Moreover, the net value of the transportation capital stock in the country in the same year was estimated at USD 8.3 Trillion. Out of these, privately owned transportation capital stock was estimated to be USD 2.8 Trillion.
Research Nester published a report on “North America Automotive Belts Market” which covers detailed segmentation by belt type, vehicle type, fuel, and by end-user. The report provides insights in to the growth strategies adopted by major market players, the latest market trends, opportunities, and challenges associated with the growth of the market.
The transportation industry in North America has a very high significance in terms of its contribution to the GDP of the nations in the region. The industry is majorly supported by the rising sales of vehicles and the increase in production of both private and commercial vehicles, especially in the United States. In other statistics by the BTS, in the year 2018, around 273.6 Million motor vehicles were owned and operated by non-governmental organizations, government, businesses, and private individuals in the United States. Moreover, according to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), motor vehicle production in North America grew from 12,153,564 units in 2010 to 16,783,398 units in 2019. On the other hand, sales of vehicles in North America in the year 2020 reached 16,956,845 units. With the growing number of vehicles in the region, the demand for belts for automotive use is also anticipated to grow significantly in the coming years, and in turn drive the growth of the North America automotive belts market. The market is estimated to grow with a CAGR of 6.01% over the forecast period, i.e., 2020-2024, and further gain revenue of USD 1922.68 Million by 2024, up from USD 1,436.06 Million in 2019.
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The North America automotive belts market is also estimated to grow on the back of increasing demand for commercial vehicles and the rise in adoption of turbochargers in vehicles for improving engine performance. In other report by the BTS, the domestic sales of commercial vehicles in the U.S. grew from 5,229 Thousand units in 2010 to 10,134 Thousand units in 2019. Moreover, growing shipment of automotive belts is also expected to drive the market growth during the forecast period. According to the statistics by the United States Census Bureau, the value of shipments of molded rubber mechanical goods for automotive purpose grew from USD 2.95 Billion in 2012 to USD 3.43 Billion in 2016.
Geographically, the North America automotive belts market is divided into two major countries, including the United States, and Canada, out of which the U.S. automotive belts market is estimated to hold the largest market share and further grow with the highest CAGR of 6.30% over the forecast period. The market is also estimated to garner a revenue of USD 1656.94 Million in 2024, primarily owing to the presence of major automotive companies in the region.
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The North America automotive belts market is segmented on the basis of belt type into timing belts, V-belts, and serpentine belts, out of which the serpentine belts segment held the highest share of around 80% in 2019, and attained largest revenue of USD 1163.69 Million in the same year. Moreover, the segment is anticipated to garner USD 1313.93 Million by 2021, and further reach USD 1576.44 Million by 2024. The segment is also anticipated to grow with the highest CAGR of 6.26% throughout the forecast period. The growth of the segment can be attributed to numerous advantages associated with these belts, such as, low maintenance, low noise, greater reliability, and easy replacement among others. In the United States, the segment is expected to grow with the highest CAGR of 6.56% during the forecast period. The segment in the country is further expected to garner a revenue of USD 1,124.45 Million in 2021 and further reach USD 1360.87 Million by 2024, up from USD 989.83 Million in 2019.
On the basis of end-user, the market is bifurcated into OEM and aftermarket, out of which, the OEM segment held the largest market share in 2019, and is further estimated to grow with a CAGR of 6.29% over the forecast period. Moreover, by the end of 2021, the segment is expected to reach USD 1422.52 Million. In Canada, the segment is expected to grow with the highest CAGR of 4.41% during the forecast period and further reach USD 234.31 Million by the end of 2024.
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The North America automotive belts market is also segmented on the basis of vehicle type, and fuel type.
North America Automotive Belts Market, Segmentation by Fuel
- Gasoline
- Diesel
North America Automotive Belts Market, Segmentation by Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- SUV
- Others
- Commercial Vehicle
- Light Commercial Vehicle
- Pick Up Truck
- Van
- Others
- Medium Commercial Vehicle
- Flat Bed Truck
- Platform Truck
- Others
- Heavy Commercial Vehicle
- Refrigerated Truck
- Dump Truck
- Others
- Light Commercial Vehicle
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Some of the major industry leaders mentioned in our report that are associated with the North America automotive belts market are Gates Industrial Corporation plc, ContiTech AG, Mitsuboshi Belting Ltd., Dayco IP Holdings, LLC, Schaeffler AG, ACDelco (General Motors), Bando USA, Inc., Robert Bosch GmbH, and others.
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