Global Aerospace Drive Belts Market: Introduction
Aerospace drive belts are used in alternators and generators of aircraft engines. Most of the aerospace drive belts manufactured by the companies are utilized by the general purpose aviation industry. The aerospace drive belts with V-shape are mostly preferred owing to high power transmission capacity and excellent grip properties. The general aviation industry has shown steady progress towards recovery and will continue the same in the coming period. However, aerospace drive belts market is highly cyclical and shows ups and downs.
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Manufacturers offer their products to the prominent companies including Airbus, Avcraft, Boeing Business Jets, Bombardier, Cirrus, Dassault Falcon Jet, Maule Air Incorporated, and Textron Aviation. Increase in outbound tourism from China and other countries is estimated to bolster the growth in aerospace drive belts market. Moreover, air travel in emerging countries is growing, thus augmenting the demand for aircraft engine maintenance, repair and operation (MRO) services related to aerospace drive belts. Albeit, alternators with gear drives competes with aerospace drive belts.
Global Aerospace Drive Belts Market: Market Dynamics
Nearly one-third of passenger aircraft and freighters demand needed for replacement, along with substantial demand for new aircrafts by 2030 is expected to surge the growth of aerospace drive belts. In addition, general economic growth and corporate profits are significant factors contributing to demand aircrafts and consequently raising the demand for aircraft drive belts. Manufacturers are poised to develop aircraft drive belts more reliable and to embody lightweight designs. Expansion of commercial aircraft fleet will likely to facilitate additional growth in aerospace drive belts market.
The increased number of protectionist policies in Western countries challenges the trend toward increased air service liberalization. Moreover, microeconomic factors that are omnipresent across the aviation industry, including, intensified competition coupled with low fuel prices are expected to stimulate the demand for new aircraft fleet. Economic crisis caused due to low energy prices may likely to impede the pace of aviation industry and subsequently, impacting the aerospace drive belts market.
Global Aerospace Drive Belts Market: Regional Outlook
Aviation growth in European countries is slower than aviation growth in emerging countries, the region’s hefty installed base of airplanes supports the substantial demand for spare part replacement and MRO activities. North America and the Asia Pacific are expected to dominate the market share in terms of new aircraft deliveries. The aerospace drive belts market is expected to remain stable in several important markets in the Latin America and Asia-Pacific regions owing to marginal demand for business jets in the region. ASEAN countries are an important growth market, driven mainly by businesses that have international global supply chains. The Middle East and African market shares are foreseen to contract as compared to prior years. In Japan, the business environment is currently stable, thus, the volume of business flights is poised to increase slightly, but not dramatically. Furthermore, as Japan is gearing up for the Rugby World Cup in 2019 and Paralympics in 2020, the country is preparing itself for a surge in demand for business jets.
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Global Aerospace Drive Belts Market: Key Participants
Examples of prominent market participants in the global aerospace drive belts market discerned across the value chain include Continental AG, Hutchinson S.A., McFarlane Aviation, Inc., and Avco Corporation (Lycoming Engines).
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