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The industrial v-belts market share is expected to increase by USD 422.3 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3.3%.
This industrial v-belts market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers industrial v-belts market segmentations by end-user (material handling, industrial machinery, agricultural machinery, mining and minerals, and others) and geography (APAC, North America, Europe, South America, and MEA). The industrial v-belts market report also offers information on several market vendors, including AB SKF, Continental AG, Dayco IP Holdings LLC, Fenner Drives Inc., Gates Industrial Corp. Plc, Goodyear Rubber Products Inc., Hutchinson SA, Megadyne Group, Optibelt GmbH, and The Timken Co. among others.
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Based on our research output, there has been a neutral impact on the market growth during and after post COVID-19 era. The increase in replacement activities is notably driving the industrial v-belts market growth, although factors such as threats from alternative products may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial v-belts industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Industrial V-Belts Market Driver
The increase in replacement activities is one of the key factors driving the growth of the global industrial V-belts market. The installation and commissioning of belt drives are significant challenges. The installation tension is critical during the installation of belt drives. Low tension can lead to the slippage of belts or damage the belt teeth. High tension can lead to overloading, which can result in damage to the cord, motor bearings, and shafts. Alignment is also an integral factor when it comes to delivering optimum performance. However, misalignment in the shaft can result in a belt tracking problem and permanent failure. Therefore, misalignment needs to be monitored on a real-time basis. Plant operators must increase their maintenance operations on a timely basis to reduce the problems associated with the installation and commissioning of belts. However, end-users either repair or replace these products over the course of operations. Vendors tend to earn revenues through the maintenance and servicing of belt drives. As these belt drives are relatively inexpensive, end-users are usually less reluctant to opt for the replacement of belt drives. Thus, belt drives are usually replaced. According to vendors, periodic maintenance activities of installed drives are a major source of revenue. This is expected to drive the growth of the global industrial V-belt market.
Key Industrial V-Belts Market Trend
The mechanization of agriculture and farm operations in developing economies will fuel the global industrial V-belts market growth. Mechanization of agriculture and farm operations in developing economies will play an important role in the global industrial V-belt market. This will improve the adoption of agricultural equipment, driving the growth of the global industrial belt drives market during the forecast period. Initiatives by governments in developing countries such as India and China will increase the use of industrial resources for efficient farm operations. Developing countries that are highly dependent on the agricultural sector are expected to adopt industrial machinery. However, Countries with a large populations, such as China, India, and Brazil, are keen on developing agricultural and farming operations with machinery such as harvesters. The subsidization of farm equipment by governments is driving the adoption of farm equipment and related machinery in developing regions, which is positively influencing the respective markets. The increase in investments in assets and improved cash flows among machinery owners will lead to the replacement of older equipment by new machinery. This will drive the growth of the market during the forecast period.
Key Industrial V-Belts Market Challenge
The threat from alternative products is a major challenge for the global industrial V-belts market growth. The availability of alternate technologies and their low cost and high efficiency compared with belt drives are posing challenges to industrial V-belt vendors. The market has recorded technological transformation, especially with respect to improving the lifespan and efficiency of belt drives. Therefore, market maturity has meant that vendors are limited in terms of product innovation due to traditional user requirements. Alternative technologies such as chain drives and gear drives are used in industrial applications. However, different industries use varying power transmission equipment based on application requirements. At times, industries use a combination of these drives to increase the efficiency of power transmission drive systems. Therefore, the application and the budget are considered before selecting the type of drive. Although belt drives dominate the market, increasing advances and improvements in alternate technologies for power transmission are posing significant challenges to the growth of the market focus.
This industrial v-belts market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global industrial V-belts market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial v-belts market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the industrial v-belts market encompasses successful business strategies deployed by the key vendors. The industrial v-belts market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The industrial v-belts market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the industrial v-belts market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global industrial machinery market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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41% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the industrial v-belts market in APAC. Market growth in this region will be slower than the growth of the market in regions.
The increase in replacement activities will facilitate the industrial v-belts market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the industrial V-belts market in the region witnessed various challenges due to the COVID-19 pandemic. The pandemic negatively impacted operations in various sectors, such as industrial machinery and agricultural machinery. For instance, in India, the COVID-19 pandemic limited the availability of a workforce in the mining and mineral industry. However, gradual recovery has been observed in APAC from Q2 2021 due to the lifting of lockdowns in different countries, including India, Japan, and China. Furthermore, the emphasis on resuming business operations, such as material handling and mining, is driving the market focus. Such factors will lead to the gradual growth of the end-user industries, which will propel the growth of the regional market focus during 2021-2025.
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The industrial v-belts market share growth by the Material handling segment will be significant during the forecast period. The material handling segment accounts for a large portion of the global industrial V-belts market. The material handling equipment extensively uses V-belts. The material handling industry is associated with the activities in warehouses and global logistics. It involves a broad range of applications that include moving and maneuvering material goods or other consumables from one point to another in the vicinity of the site.
This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial v-belts market size and actionable market insights on post COVID-19 impact on each segment.
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Industrial V-Belts Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.3% |
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Market growth 2021-2025 |
$ 422.3 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.12 |
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Regional analysis |
APAC, North America, Europe, South America, and MEA |
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Performing market contribution |
APAC at 41% |
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Key consumer countries |
US, China, Japan, Germany, and Mexico |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB SKF, Continental AG, Dayco IP Holdings LLC, Fenner Drives Inc., Gates Industrial Corp. Plc, Goodyear Rubber Products Inc., Hutchinson SA, Megadyne Group, Optibelt GmbH, and The Timken Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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