Chemical Market ShareAnalysis V Belts Market 2023 - Report Focusing on Opportuni | Página 2

automotive sector in the Asia Pacific region, particularly in the developing economies such as India and China are
estimated to drive the market growth in the near future.
Rising focus towards modernization and automation of various industrial process to ensure streamlined, efficient, and
faster approach is projected to positively influence market progress of V belts. Shifting trends towards increasing
adoption of V belts in the manufacturing industries is attributed to factors such as flexibility and adaptability of as V-
belts for every distributor operation. Additionally, ease of availability of V belts in the wide variety allows transmission
of range of load power is expected to favor market growth.
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Some of the benefits of V belts include different of orientations such as horizontal, vertical or inclined and independent
operational capabilities. These factors play a major role for boosting the growth of v-belt market in the upcoming
years. However, inability to operate on synchronous speed is considered as one of the major restraining factor for
market demand of V belts. In addition, rising application of flat belts in large distances operations and superior power
transfer efficiency is expected to limit market progress to a certain extent.
The V belts market is broadly categorized into four major types based on raw material such as rubber-based V belts,
polymer-based V belts, neoprene-based variable belts, and urethane-based V belts. The polymer-based V belts is
considered as one of the fastest growing segment in the V belts market with substantial revenue generation in the last
couple of years.
Growing popularity of the polymer-based V belts is attributed to cost-effectiveness and easy availability. Application
of the V belts include automobile manufacturing, food processing industry, and aerospace industries. Increasing
adoption of in manufacturing sector is one of the major driving factor for market growth, in the recent years.
Increasing demand for automobile worldwide is constantly on the rise with significant increase in demands from
developing countries such India, China and Brazil. The technological advancement in the automotive sector and
introduction of novel products such as automotive V belts in the market is estimated to boost market growth in the
upcoming years. Increasing adoption of automotive V-belts for power transmission in passenger cars, light duty trucks,
and personal vehicles is expected fuel market advancements.
The V belt market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in the implementation of latest technologies in the
automotive industry, rising retrofit activities, increasing adoption of advanced machinery and equipment to improve
overall productivity and reduce downtime, and existence of well-established industrial infrastructure in the region.
Asia-Pacific region is predicted to hold major market share in the V belts market with massive growth in forecast
period. Countries such as India, China and Japan are leading the Asia-Pacific market with rapidly growing automotive