Generator Belt Market Size, Share & Industry Analysis, By Type (Rubber Belt, PU Belt), By Application (Automotive, Industrial, Others) And Regional Forecast, 2024-2032

A generator belt is a peripheral device that is primarily used in the automotive and industrial sectors. These belts are guided by an idler pulley or a belt tensioner. The belt tensioner can be spring-loaded, hydraulic, or manual. The generator belts are more efficient than conventional belts and consume less space in the engine compartment. Higher tension reduces slip, which increases belt life and mechanical efficiency for these belts. New technological advancements in the automotive sector are expected to drive market growth during the forecast period. In addition, increasing demand from emerging economies is expected to boost the development of the generator belt market.

The generator belt market growth is influenced by new technological advancements in the automotive sector. In addition, increasing urbanization coupled with growth in the industrial sector are expected to enhance market growth positively.

• According to the International Organization of Motor Vehicle Manufacturers, the automobile sector produced 57,262,777 automobiles globally till September 2021. Around 44,401,850 sales of new vehicles were registered in the first half of 2021. Asia, Oceania, and the Middle East accounted for the maximum sales in the period.


• According to Trading Economics, the industrial production in the U.S. rose by 3.7% year-on-year in December 2021, out of which the manufacturing sector grew by 3.5%, whereas mining activities saw an 11% rise.

The factors that are expected to inhibit the market's growth are the loss of function and failure issues associated with generator belts. A lack of redundancy related to these generators is expected to restrain market growth. In addition, volatile growth opportunities across several end-users are further expected to hamper market growth.

Generator belts are generally made of rubber or PU. The rubber belt is highly preferred due to its benefits over other conventional belts. A rubber belt is usually used to put together certain engine components. In automobiles, they connect the crankshaft pulley and the alternator to the engine cooling fan. The increasing investments in the automotive sector by several key players are expected to boost the growth of this segment. On the other hand, PU belts are useful for high-performance applications as they provide essential properties that many different types of similar polymers do not possess. In addition, they have high resistance to wear and abrasion.

IMPACT OF COVID-19 ON THE GENERATOR BELT MARKET

The generator belt market is expected to grow faster after the COVID-19 pandemic. The market was majorly affected due to the diminished demand from the automobile sector due to a lack of transport requirements and lockdowns. The economic re-opening is anticipated to bolster transportation and hence, might affect the generator belt market.

• According to the Society of Indian Automobile Manufacturers, the automobile sector produced 22,652,108 automobiles in 2020-21. A majority of these were two-wheelers and passenger vehicles. The period registered a decline of -14.04% year-on-year. The overall automobile exports declined by -13.05% year-on-year.


• According to United Nations Conference on Trade and Development, there was a 4.3% contraction in global GDP in 2020. However, according to the World Bank, there was a strong rebound in the economy in 2021 of around 5.5%.

In light of the re-opening of economies post-COVID-19, the growing demand for automobiles and industrial activities are expected to bolster the market.

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in Generator Belt.


• Key Industry Trends.


• Regulatory Landscape for Generator Belt.


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market.

ANALYSIS BY APPLICATION

The market is segmented into automotive, industrial, and other based on the application. The automotive application segment dominates the market and is expected to grow significantly during the forecast period. This is attributed to the increasing demand from the automotive sector. In addition, several key players are adopting new technologies to remain prominent in the market, which propels the market growth for this segment. The industrial segment is expected to grow on account of major demand coming from emerging economies such as China and India. In addition, growing urbanization is expected to boost the need for this product in the coming years.

REGIONAL ANALYSIS

North America dominates the market and is expected to hold a significant share in the market, owing to the rising growth of the automotive sector in the region. In addition, the new technological advancements in industrial sectors are further expected to propel the demand for generator belts in the region. The U.S. holds a major share in the market and is expected to dominate the region, followed by Canada. The Asia Pacific is another major market for generator belts due to increasing urbanization across emerging economies such as China and India. In addition, the rising demand for generator belts from various end-use industries is expected to boost the market growth in the region. China holds a major share in the market and dominates the region, followed by India, Japan, South Korea, and Australia.

Europe is expected to grow substantially during the projected period, owing to the presence of several key players in the region. The increasing industrialization is expected to positively enhance the market for generator belts in the region. Major countries contributing to the European market are the U.K., France, Germany, Italy, Spain, and Russia.

KEY PLAYERS COVERED

The report will include profiles of key players such as Gates Corporation, Bando USA, Inc., Tsubakimoto Chain Co., Hutchinson, Bosch, Mitsubishi, Tenneco, Caterpillar Inc., AC Industrials Technology Holdings Inc., Eckler Industries Inc., Ford Motor Company, John Deere, and ELREG DISTRIBUTORS LTD.

SEGMENTATION

KEY INDUSTRY DEVELOPMENTS

• In March 2021, Enerwhere and Al Barrak Crushers signed a long-term agreement for operation and maintaining a solar-hybrid microgrid with a capacity of 4.1 MVA to power Al Barrak's quarry in Fujairah province. Enerwhere utilizes its power requirements, which provide real-time monitoring of site power requirements and optimizes the solar penetration by controlling the generators, the solar system, and the loads.


• In June 2021, Maserati planned to launch its Levante hybrid with a 2-liter four-cylinder petrol engine, paired to a 48 Volt belt starter generator mild hybrid system. The 48 old hybrid system will aid the engine from a standstill and will be available only till a certain rpm range. The engine's output is 325 BHP at 5,750 rpm providing a torque of 450 nm at 2,250 rpm.