Automotive Engine Belt and Hoses Market Size, Share & COVID-19 Impact Analysis, By Type (By Belt Type (Timing Belt and Drive Belt), By Hose Type (Turbocharger, Heating/Cooling, Fuel Delivery, Braking, Steering, and Vacuum)), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), and Regional Forecast, 2023 – 2030

The global automotive engine belt and hoses market size was valued at USD 24.95 billion in 2022. The market is expected to grow from USD 25.51 billion in 2023 to USD 29.04 billion by 2030, exhibiting a CAGR of 1.9% during the forecast period.

Engine belt and hoses are essential components of a vehicle’s engine system. In recent years, two belts have been used in vehicles, the timing belt and the drive belt. The timing belt synchronizes the actions of the camshaft and crankshaft by keeping all engine valves working harmoniously to ensure smooth engine functioning. On the other hand, the drive belt, also called a serpentine belt, transfers power to moving components, allowing them to keep the vehicle moving. It is essential for maintaining the power output.

Hoses transport fluids such as coolant, oil, and fuel throughout the engine and other vehicle parts. Moreover, periodic maintenance and inspection of these components are essential to ensure engine performance and prevent potential breakdowns. The global automotive engine belt and hoses market is anticipated to grow significantly due to the increasing vehicle production and sales.

COVID-19 IMPACT

Dropped Automotive Production Led to a Decline in the Demand for Products amid Pandemic

The COVID-19 pandemic had a negative impact on the global market. The pandemic led to disruptions in global automotive supply chains resulting in a shortage of raw materials. Moreover, the lockdown measures, travel restrictions, and reduced automotive production led to a drop in demand for automobiles, which impacted the sales of engine belt and hoses. The disruption affected the production and deliveries of the automotive, further hampering the automotive engine belt and hoses market growth.

In addition, the global economic downturn, coupled with the financial strain on suppliers as customers cut back on orders and payments, affected their ability to invest in R&D activities, leading to potential delays in technological advancement associated with automotive engine belt and hoses. Moreover, the rapidly growing penetration of electric vehicles during the pandemic due to environmental concerns, stringent emission norms, and government subsidies/incentives posed a threat to conventional automotive components, including IC engines and related components. As the rapid growth in EV sales continued post-pandemic, it further hampered the demand for automotive engine belt and hoses.

LATEST TRENDS

Use of Advanced Materials for Belt and Hose Manufacturing is a Major Trend 

The ongoing trend of using advanced materials in engine belts and hoses manufacturing is expected to accelerate the automotive engine belt and hoses market growth. The basic materials used in manufacturing automotive engine belts and hoses include natural rubber and a blend of synthetic rubber. However, manufacturers are highly focused on developing new and improved materials, designs, and manufacturing processes to enhance engine belts and hoses' durability, performance, and reliability.

Advanced materials, such as Ethylene Propylene Diene Monomer (EPDM), aramid fibers, Hydrogenated Nitrile Butadiene Rubber (HNBR), Chloroprene Rubber (CR), neoprene, and others, are introduced by manufacturers for the production of various types of engine belts and hoses. These materials provide high temperature, chemical, oil, and abrasion resistance.

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DRIVING FACTORS

Surging Automotive Production and Sales to Propel Market Growth

Belts and hoses are highly essential components of conventional automobiles. They assist in a diverse range of automobile operations, including engine power transfer, engine cooling & air conditioning operations, and others. Therefore, the steady growth in automobile production and sales influences the demand for high-quality belts and hoses. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), passenger and commercial vehicle manufacturing has grown significantly in recent years. The surging global automotive production is increasing the demand for high-quality automotive engine belt and hoses among automakers.

The expanding vehicle models and types, coupled with the adoption of modern vehicle engines to cater to the diverse consumer demands, are fueling the uptake of belts and hoses, which is further expected to accelerate the automotive engine belt and hoses market growth. For instance, in March 2023, Mercedes-Benz Vans unveiled its latest All-Wheel Drive (AWD) system and four-cylinder sprinter gas and diesel lineup to create a more efficient portfolio in the U.S. The new OM654 engine provides high torque, smooth acceleration, low noise and vibration, and decreased emissions.

RESTRAINING FACTORS

Emerging Automotive Electrification Megatrend May Hamper Market Growth

An ongoing automotive electrification megatrend is emerging rapidly worldwide. Governments across the world are focused on adopting green mobility to fight climate change and air pollution. Furthermore, they are taking initiatives to accelerate the adoption of Electric Vehicles (EVs). Government initiatives such as providing incentives and subsidies on the purchase of electric vehicles, improving the EV charging station network and necessary infrastructure, and others are propelling the adoption of electric vehicles worldwide. However, as this trend continues to emerge, the demand for belts and hoses in automotive is anticipated to decline over the forecast period.

Moreover, Battery Electric Vehicles (BEV) have simplified powertrains compared to conventional IC engine automobiles. In IC engine-powered vehicles, belts and hoses are required to drive the alternator, power steering pump, water pump, air conditioner, and engine power transmission. However, in case of EVs, these functions are replaced by electric motors, which eliminates the requirement for belts and hoses. Hence, the emergence of electric vehicles is anticipated to hamper the market growth of automotive engine belt and hoses in the coming years.

SEGMENTATION

By Type Analysis 

Hose Type Segment Growth Owed to Growing Demand for Hoses in Modern Automobiles

Based on type, the market is segmented into belt type and hose type. The hose type segment holds the largest market share and is anticipated to dominate during the forecast period. Modern automobiles require more hoses throughout the engine. Hoses are employed for coolant circulation, fuel delivery, and other crucial functions of the engine. The increasing demand for hoses for the efficient working of new-generation automobiles is anticipated to fuel the segment growth in upcoming years.

The belt type segment holds the second largest market share due to its crucial function in running automobiles and auxiliary functions. The increasing demand for high-quality belts is further escalating the segment growth.

By Vehicle Type Analysis

Rising Adoption of Passenger Cars to Drive Segment Growth

Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment holds the largest market share and is anticipated to dominate during the forecast period. Economic growth, availability of affordable vehicle models, improving road infrastructure, urbanization, and others are influencing the adoption of passenger cars among the populace, further accelerating the demand for high-quality engine belts and hoses among automakers and aftermarkets.

The light commercial vehicles segment held the second-largest market share in 2022. The emergence of the e-commerce industry with last-mile delivery solutions coupled with increasing demand for intercity cargo transportation is driving the segment growth.

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REGIONAL ANALYSIS

The market has been analyzed across North America, Europe, the Asia Pacific, and the rest of the world.

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Asia Pacific dominated the automotive engine belt and hoses market share, valued at USD 13.75 billion in 2022. The region is anticipated to continue its dominance and exhibit the fastest CAGR during the forecast period. The presence of a strong auto sector in emerging economies, including China, India, Japan, and others, is supporting market growth in the region. In addition, the high automotive sales propel the demand for engine belts and hoses in the region.

Europe holds the second-largest share as the region is an early adopter of new trends of automotive engine belt and hoses and the second manufacturing hub of electronic components globally. Moreover, the increasing environmental concerns and stringent automotive emission norms in European economies are influencing automakers to adopt high-quality belts and hoses for the efficient working of their automobiles to meet the emission regulation standard. This factor is further proliferating the regional expansion.

The increasing adoption of personal transportation in North America fuels the demand for automotive engine belt and hoses among modern automobile manufacturers.  

KEY INDUSTRY PLAYERS

Companies Focus on New Product Developments to Strengthen their Market Positions

Major players in the market include Continental AG, Hutchinson, and Gates Corporation. The belt and hoses manufacturers focus on providing technologically advanced products to various vehicle customers worldwide.

Continental AG is one of the leading automotive engine belt and hoses manufacturers. The company focuses on research and development activities to develop new products with improved capabilities. For instance, in August 2022, the company introduced a new timing belt. The profile of the belt side is made from the latest and patented synthetic rubber compound. This new compound generates around 50% less carbon footprint from its manufacture to the dumping of the belt.

List of Key Companies Profiled: 

• Hutchinson (France)


• Cooper Standard (U.S.)


• NICHIRIN CO., LTD. (Japan)


• Continental AG (Germany)


• Sumitomo Riko Company Limited (Japan)


• THE YOKOHAMA RUBBER CO., LTD. (Japan)


• Toyoda Gosei (Japan)


• Yamashita Rubber (Japan)


• Gates Corporation (U.S.)


• Bando Chemical Industries (Japan)

KEY INDUSTRY DEVELOPMENTS:

• June 2023: Toyoda Gosei Co., Ltd. signed an agreement to jointly develop new technology with Toyota Central R&D Labs., Inc. that reduces the amount of energy used to produce rubber products. The new, energy-saving technology, under joint patent-pending, reduces by half the amount of steam needed during discharge compared with the previous process.


• September 2022: The Yokohama Rubber Co., Ltd. announced that it would merge its three core international high-pressure hydraulic hose series under the Versatran*1 brand name in October 2022. The merged rebranding was intended to improve the competitiveness of the hoses in the market.


• September 2022: Kongsberg Automotive ASA (KA) announced that the company merged the Couplings business and Fluid Transfer Systems (FTS) units to construct a new ‘Flow Control Systems’ business unit. KA’s FTS business unit provides PTFE hoses and assemblies to various industrial and automotive markets. 


• June 2022: Continental announced that it invested USD 40 million to expand its hydraulic business in North America. The new facility would deliver additional capacity for diverse hose solutions to support growing needs across North America. Hydraulic products support many key industries, including agriculture, construction, energy management, commercial and off-highway vehicles, and manufacturing.


• January 2022: Gates Corporation announced that it expanded its PRO Series hydraulic hose portfolio by launching the new ProV product line. The Gates PRO Series line of professional-grade hydraulic hoses offers performance tailored to hydraulic applications across multiple end-markets such as agriculture, construction, mining, injection molding, general industrial manufacturing equipment, and others.

REPORT COVERAGE

The research report provides detailed market insights and focuses on key aspects such as leading market players, competitive landscape, and type. Besides, the report includes insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market growth of automotive engine belt and hoses in recent years.

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