The research study covers the present scenario and growth prospects of the global commercial vehicle poly-V belt market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
In 2016, the global commercial vehicle poly-V market constituted 8.98% of the global automotive engine belt system market. APAC accounted for the largest market volume for automotive engine belt system followed by the Americas, and then Europe.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global commercial vehicle poly-V belt market:
Increase in sales of commercial vehicles in emerging countries
India and China are among the important manufacturing hubs in the world. These countries deal with large amounts of inventory that have to be transported to various locations of interest like ports and warehouses. Moreover, manufacturing processes involve the transportation of large amounts of heavy raw materials from the place of procurement to the place of manufacture.
Praveen Kumar, a lead automotive components research analyst at Technavio, says, “Many freight operators prefer roadways for transporting goods as these are more convenient than rail transport, cheaper than air transport, and faster than the waterways. Because of these factors, there has been growing preference for road transportation in emerging countries like China and India.”
Rise in use of auxiliary components in commercial vehicles
The M&HCV industry is dynamic, and the sales growth varies across different geographical regions. The sales growth of M&HCV is slowing down in matured markets such as Japan and countries in Western Europe and North America.
“The Indian government has mandated that all trucks sold from April 2017 should be equipped with air conditioners, which will drive the market for poly-V belts. The Indian truck industry constitutes approximately 10% of the global sales of trucks, growing at a faster rate than that of other regions, and will continue its growth during the forecast period,” adds Praveen.
Increased need for fuel efficiency
The fluctuating prices of fuel and the slow growth in the number of freight orders are driving buyers of commercial vehicles to prefer vehicles that offer higher fuel efficiency. The increasing fuel prices are further compounded by the declining values of local currencies wherein individual countries would face fluctuating rates for importing fuel based on their local currency value.
Truck fleet operators have been conducting various trials and tests to understand and bring into effect methods to increase the fuel efficiency of vehicles. The rising levels of road congestion and traffic are one of the major reasons for decreased fuel efficiency of commercial vehicles.
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