Research Nester has released a report titled “North America Automotive Belts Market: Demand Analysis & Opportunity Outlook 2024” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The North America automotive belts market is anticipated to attain a CAGR of 6.01% during the forecast period, i.e., 2020-2024. The market is thriving on account of the increase in production of commercial vehicles in the region, backed by the rising demand for these vehicles amongst the end-user industries. Automotive belts are widely deployed in commercial vehicles and owing to the nature of its functionality, these products are susceptible to wear and tear. As a result, there is always a need to replace the belts so as to avoid a breakdown in the vehicle. The production of heavy trucks observed a growth by 6% in-between 2018 and 2019 in the United States. Moreover, in Canada, the production of light commercial vehicles increased nearly by 2% in 2019. The market is further projected to attain USD 1922.68 Million by 2024 from a market revenue of USD 1436.06 Million in 2019.
The North America automotive belts market is segmented by belt type into timing belts, v-belts, and serpentine belts. Amongst these segments, the serpentine belts segment is anticipated to hold the largest market share in the year 2021 as these belts possesses numerous benefits when compared to other belt types. The segment is further projected to grow with the highest CAGR of 6.26% during the forecast period and attain USD 1576.44 Million in 2024.
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The North America automotive belts market is segmented based on geography into the United States and Canada, out of which, the market in the United States is anticipated to hold the largest market share in 2021. Further, the market in the nation is anticipated to gain a market revenue of USD 1656.95 Million by 2024. The market in Canada, on the other hand, is anticipated to grow with a CAGR of 4.23% during the forecast period.
However, the increasing adoption of electric vehicles is anticipated to act as major restraint to the growth of the market in the coming years.
This report also provides the existing competitive scenario of some of the key players of the North America automotive belts market, which includes company profiling of Gates Corporation, ContiTech AG (ETR: CON), Mitsuboshi Belting Ltd. (TYO: 5192), Dayco IP Holdings, LLC, Schaeffler AG (ETR: SHA), ACDelco (General Motors) (NYSE: GM), Bando USA, Robert Bosch GmbH, and others.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “North America Automotive Belts Market: Demand Analysis & Opportunity Outlook 2024”, analyses the overall North America automotive belts industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the North America automotive belts market in the near future.
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