Industrial and Automotive Power Transmission Products Market Share

Regionally, the industrial and automotive power transmission products market is segmented into five major regions comprising North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among the markets in these regions, the Asia Pacific industry is predicted to account for largest revenue share of 40% by 2037. China in the Asia Pacific region is expected to garner a revenue of USD 18,406.2 Million in 2021 while the number for India is projected to be USD 14,980.1 Million for the same year. North America market is projected to hold second leading stance by garnering a revenue of USD 45,692.7 Million in 2021 and USD 76,979.5 Million in 2028 owing to the rapid increase of vehicle production and increasing application of power transmission products in the industrial sector. In North American region, the United States is projected to generate significant growth opportunities for the industrial and automotive power transmission products market growth by attaining a revenue of USD 38,234.6 Million in 2021 while Canada is projected to reap USD 7,458.1 Million in revenue during the same year. The increasing application of power transmission products in the industrial sector such as for water treatment, wood, pulp, & paper sector, food & beverage sector, mining & aggregate sector, and others has increased the level of replacements of power transmission products, which is further expected to drive the market's growth in North America over the forecast period.

According to World Bank, in 2017, industry including construction added 18.33% to the GDP, and in 2018, it increased to 18.63%. The production of vehicles in North America is gradually increasing. In 2010 total vehicles produced were 98,11,282, which rose to 1,27,96,604 in the year 2019. With the growing technological advancements, the automobile belts' material is improving as the demand and applications are increasing. Automobile belts are used to drive multiple outlying devices such as air pumps, power steering pumps, alternators, water pumps, and air conditioning compressors.

These belts are cheaper and provide minimized noise. The average life span of automobile belts varies from 50,000 – 60,000 miles. The Asia Pacific is expected to be one of the leading industrial and automotive power transmission products markets on account of the emergence of growing advancements in technology in the automotive industry has resulted in the integration of advanced features, which is expected to increase the production and sales of vehicles in this region. This is further expected to drive the growth of the market in the future.

On the back of increased demand from various end-use industries across the developing countries such as India, China, among others in this region, is expected to expand the industrial and automotive power transmission products market’s growth. The booming investments in industrialization to enhance work productivity has increased the adoption of power transmission products in the market. Additionally, this region has witnessed significant development in the industries, which is further driving the market’s growth over the forecast period. Furthermore, the industrial and automotive power transmission products market in Europe accounted for around USD 40,523 Million in 2021 and is estimated to witness growth in upcoming years