Global Automotive Engine Pulley Market: Industry Analysis and Forecast 2020 -2026
Global Automotive Engine Pulley Market is anticipated to reach US$ XX Mn by 2026 from US$ XX Mn in 2020 at a CAGR of 3.5% during a forecast period.
Global Automotive Engine Pulley Market Overview
A belt is driven or directed by an engine pulley, which is a wheel mounted to the engine of a vehicle, usually an automobile. A timing belt is commonly used in conjunction with an engine pulley to assist in the opening and closing of the engine's valves. A vehicle's engine pulley system usually contains a large number of pulleys that perform various functions. Thus, it is expected to have a significant impact on this market in the context of the trade war between China and the United States, as well as global economic instability and uncertainty. The automotive engine pulley is
primarily driven by the growth in vehicle production in developing countries as a result of that disposable income and rapid urbanization.
The report also covers the detailed analysis of the global automotive engine pulley industry with the classifications of the market based on type, vehicle type, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.
Global Automotive Engine Pulley Market
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Global Automotive Engine Pulley Market Dynamics
Global vehicle demand is predicted to surpass 100 million units during the end of the forecast period. The automotive industry is expanding due to the rising demand for passenger cars, small sport utility vehicles (SUVs), and crossovers. Cars also evolved from a mode of transportation to a status symbol. The cost of a vehicle is determined by the driver's social standing. Thus, disposable income and rapid urbanization, especially in developed countries, are propelling the automobile engine pulley market forward. In addition, there is a growing need for lightweight and reliable pulley systems that minimize vehicle weight and increase vehicle efficiency to comply with stringent government regulations, such as the CAFÉ s. This in turn is expected to boost the global automotive engine pulley market growth over the forecast period.
Engine downsizing is also helping OEMs stay afloat in the car industry, facing strict pollution regulations. As a result of their increased efficiency over the previous generation, cars are being adopted at a higher rate. This improvement in adoption is projected to boost the growth of the automotive engine pulleys industry during the forecast period. The region the Asia Pacific has the highest demand in the automotive industry, with China contributing the most. In 2019, the markets in Europe and America grew by 7% and 1%, respectively.
Global Automotive Engine Pulley Market Segmentation Analysis
By Type, the drive belt segment held an XX% market share in 2019 and is expected to account for the largest global automotive engine pulley market share during the forecast period. Drive belts limit engine load while increasing fuel economy and the power available. Furthermore, these belts are simple to sustain and repair. These trends are expected to fuel segment growth, thus contributing to the overall growth of the automobile engine pulley market.
Global Automotive Engine Pulley MarketBy Vehicle Type, the passenger car segment is projected to hold a significant share of the market due to the growing demand for high-quality pulleys with advanced load-carrying capability. It includes sedans, hatchbacks, station wagons, Sports Utility Vehicles (SUVs), and Multi-Utility Vehicles (MUVs) equipped with several smart components, like smart controllers, which give access to several cabin features. The passenger vehicle segment of the automobile engine pulley industry is growing rapidly in Asia Pacific's developing countries. The region's demand growth can be due to an increase in GDP and population, a change in lifestyle, improved customer buying power, and the expansion of infrastructure. Similarly, commercial vehicles are anticipated to boost the automotive engine pulley market due to technological advancements during the forecast period.
Global Automotive Engine Pulley MarketBecause of increasing vehicle demand in Japan and China, Asia Pacific held the largest market share in the global market in 2019. Also, government policies in countries such as India and China are expected to drive the development of the automotive engine pulleys industry during the forecast period. In terms of market share, Asia Pacific is led by North America and Europe, where markets in Europe and America grew by 7% and 1%, respectively.
The United States dominated the market for car engine pulleys in North America, followed by Mexico and Canada. The demand for automotive engine pulleys in the European region is expected to be strong due to the region's increasing demand for technologically advanced vehicles.
Global Automotive Engine Pulley Market Scope: Inquire before buying
Global Automotive Engine Pulley Market
Global Automotive Engine Pulley Market by Region:
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Global Automotive Engine Pulley Market: Key Players
• ContiTech
• Phoenix Pulleys
• Bearings & Belts
• Clark Pulley Industries
• Zhejiang Renchi Auto Parts Co.Ltd
• Panjiva, Inc
• KAVO B.V
• Kanemitsu Co. Ltd
• Freudenberg (Germany)
• NTN (Japan)
• NOK (Japan)
• Hitachi Chemical (Japan)
• Martinrea International (Canada)
• Kojima Industries (Japan)
• Fuji Kiko (Japan)
• Aisin Shinwa (Japan)
• Asama Giken (Japan)
• Dayco Products (USA)
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