Overview of the global commercial vehicle poly-V belt market

According to Technavio’s market research report, the global commercial vehicle poly-V belt market will grow at a steady rate and post a CAGR of more than 6% during the forecast period. The increasing need for fuel efficiency will drive the growth prospects for the global commercial vehicle poly-V belt market until the end of 2021. Factors such as the fluctuating prices of fuel and the slow growth in number of freight orders are compeling commercial vehicle buyers to purchase vehicles that offer higher fuel efficiency. Also, the rising levels of road congestion and traffic are some of the main factors responsible for the decreased fuel efficiency of commercial vehicles. This encourages various truck fleet operators to conduct various trials and tests to increase the fuel efficiency of vehicles. Consequently, the growing focus towards the fuel economy and improving the fuel efficiency of these vehicles will increase demand for efficient poly-v belts in commercial vehicles.  

The increasing number of design improvements in engine belts will be one of the key trends that will encourage the growth of the global commercial vehicle poly-V belt market. It has been observed that the replacement of 3.5L V6 or 5L V8 by the 2L turbocharged engines has resulted in fuel efficiency by 30%. Also, the application of high-quality polyurethane elastomers resists high temperatures and do not wear easily. This improvement in engine belts will fuel the growth potential of the global commercial vehicle poly-V belt market in the coming years.

Competitive landscape and key vendors

The global commercial vehicle poly-v belt market is highly fragmented due to the presence of both global and local players. Factors such as direct supplier relationships with OEMs, mass production facilities, quality of the products, and established distribution networks will enable global players to dominate the market. The local players focus on retaining their position in this competitive market by establishing distribution channels.

Key vendors in this market are -

• Continental
• Gates
• Sumitomo

Other prominent vendors in the market include Bando, Colmant-Cuvelier, and Federal-Mogul.

Segmentation by application and analysis of the commercial vehicle poly-V belt market

• Light commercial vehicles (LCV)
• Medium and heavy commercial vehicles (M&HCV)

The LCV segment of the global commercial vehicle poly-V belt market accounted for the majority market shares during 2016 and will continue to dominate the market from till 2021. The growing sales volume of LCVs such as minivans for business purposes like mobile canteens and intercity transportation to facilitate last-mile connectivity over a limited region or area will increase the demand for commercial poly-v belts.

Segmentation by geography and analysis of the commercial vehicle poly-V belt market

• Americas
• APAC
• Europe

In terms of geography, APAC accounted for the majority of the market shares of the commercial vehicle poly-v belt market and will continue to dominate the market for the next four years. China is the largest manufacturing hub in the region. The rising sales of commercial vehicles, will be a major factor that influences the growth of the commercial vehicle poly-V belt market in this region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global commercial vehicle poly-V belt market?
• What are the key market trends impacting the growth of the global commercial vehicle poly-V belt market?
• What are the challenges to market growth?
• Who are the key vendors in the global commercial vehicle poly-V belt market?
• What are the market opportunities and threats faced by the vendors in the global commercial vehicle poly-V belt market?
• What are the trending factors influencing the market shares of the Americas, APAC, and Europe?
• What are the key outcomes of the five forces analysis of the global commercial vehicle poly-V belt market?

Technavio also offers customization on reports based on specific client requirement.

A poly-V is a single continuous belt which is used to drive the auxiliary components like alternator, water pump, power steering pump, air pump and air conditioning compressor in an automotive engine. Currently, the increasing number of accessories being added to the vehicle such as air conditioning, power steering, water pumps, alternators, vacuum pumps have increased the need to update the materials used as well as the manufacturing technology. This upcoming report by Technavio is a fundamental part of the automotive industry and offers an intricate study of the rapidly growing sectors like automotive components, automotive manufacturing, and automotive electronics. Additionally, to help clients gain a competitive edge over other market players, and to gain actionable intelligence and the market size for various segments of the automotive industry. Moreover, Technavio presents detailed information on various drivers and challenges, possible growth prospects, and  all the suppliers who hold significant shares in the industry.

To accurately forecast the automotive industry’s growth prospects, our market research specialists follow a structured approach with a combination of quantitative and qualitative research techniques. They also carry out an in-depth analysis based on several market elements, including advancements in technology and the demand for products and services across the globe. This research is done with the objective to help our clients gain important insights about the forthcoming market research report on the global commercial vehicle poly-V belt market for the predicted period of 2017-2021 and the automotive industry at large.

This upcoming report on global commercial vehicle poly-V belt market also considers the growth of related markets like automotive torque converter market and automotive fifth wheel coupler market, which are expected to grow at a CAGR of about 4% and almost 7%, until 2020. As expected by our market research analysts, the increasing sales of commercial vehicles in emerging countries will prove to be one of the major drivers of this market. Moreover, rising global urbanization and construction activities in countries such as China and India will lead to increased consumption rates within urban and semi-urban areas. This increase in manufacturing activities in these countries will effectively lead to the increase the sales of commercial vehicles, which, in turn, is expected to augment the market growth in the coming years.

The upcoming industry research report for commercial vehicle poly-V belt market highlights the key drivers,  prospective trends, and the trials currently experienced by the automotive component sector and also presents a holistic overview into the markets of auto accessories, powertrains, and automotive services.