Published on : May 23, 2017
Albany, New York, May 23, 2017: Recently, factors such as fluctuating prices of fuel and the slow growth in the number of freight orders are compelling commercial vehicles buyers to purchase vehicles that offer higher fuel efficiency. Consequently, the growing focus towards the fuel economy of these vehicles will increase demand for efficient poly-v belts in commercial vehicles. Market Research Hub (MRH) has recently announced the addition of a study to its vast portfolio, which offers precise analysis of this rapidly growing market, along with a prime focus on market trends and factors. The title of the study is “Global Commercial Vehicle Poly-V Belt Market 2017-2021” which is an in-depth study and covers the market landscape and its growth prospects over the coming years.
A poly-V is a single continuous belt which is used to drive the auxiliary components like an alternator, water pump, power steering pump, air pump and air conditioning compressor in an automotive engine. It provides consistent and smooth power transfer in passenger cars, trucks and commercial vehicles to accessory drivers. Presently, 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.
As per the analyst’s estimation, 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. With this growth, it has also been analyzed that the increasing number of design improvements in engine belts will be one of the key trends that will boost the growth of the global commercial vehicle poly-V belt market. This global market study covers some of the major regions, to analyze the major growth factors boosting the market. Geographically, APAC, EMEA and Americas regions are highlighted. For each region, the report covers the market landscape and also evaluates the market size by considering the sales volume of poly-v belts in commercial vehicles. It has also analyzed that increase in sales of commercial vehicles in emerging countries is one of the major marker driver influencing the market growth positively.
Moreover, the report segments the market on the basis of applications, which includes: Light commercial vehicles (LCV); and Medium & Heavy commercial vehicles (M&HCV). Of these, 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.
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At last, the research focuses on the competitive landscape of the market by profiling key vendors; which are Continental, Sumitomo and Gates. Some other prominent vendors are Bando, Colmant-Cuvelier and Federal-Mogul.
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