A power transmission belt is a mechanical transmission component that utilizes a flexible belt tensioned on a pulley for motion or power transmission. It is mainly composed of rubber and steel bars, and may also include multiple layers of rubber suspension canvas, synthetic fiber fabric, cord, steel wire and other stretching layers, covered with rubber molding and vulcanization.

Overview of Market Development

The global power transmission belt market is continuously developing with broad prospects. According to our research data, the global power transmission belt market revenue is expected to reach $10.05 billion in 2024, an increase of 4.54% compared to 2023. This growth is mainly due to the development of industry and the increasing globalization of trade and manufacturing. The demand for non-automotive rubber transmission belts in industries such as mining, agriculture, aerospace, and construction is constantly increasing.

In the future, with the rise of emerging industries such as new energy vehicles and industrial robots, the transmission belt industry will usher in a broader market space. It is expected that by 2029, the global power transmission belt market revenue will increase to $13.00 billion. The CAGR for 2024-2029 is estimated to be 5.28%. At the same time, intelligence, greenness, and efficiency will become industry development trends, and technological innovation and R&D investment will further enhance industry competitiveness.

Analysis of Market Competition Pattern

From the perspective of market competition, the global power transmission belt market has a high concentration, with the top 3 companies in the industry having a revenue share of 39.88% in 2023. The top 3 companies were Gates Corporation, ContiTech AG, and Bando. In 2023, these three companies accounted for 20.99%, 9.58%, and 9.31% of the global market revenue in the power transmission belt market, respectively.

Source: www.globalmarketmonitor.com

Segmented Market Analysis

From the perspective of downstream application patterns, power transmission belts are widely used in industrial machinery, HVAC systems, truck refrigeration systems, agriculture, power sports, warehousing, and granulators. Among them, the industrial machinery sector is the largest downstream application market, with an estimated application share of 20.74% in 2024.

From a regional perspective, the global power transmission belt market is dominated by three major regions: North America, Europe, and Asia Pacific. Among them, the Asia Pacific region is the largest revenue market, with its power transmission belt market revenue accounting for over 35% of the global total revenue.

From a national perspective, the US is the largest revenue generating country. Data shows that the revenue of the US power transmission belt market is expected to reach $3090 Million in 2024, with an estimated market share of 30.75%. Meanwhile, the Chinese drive belt industry has also shown strong development momentum.

Global Power Transmission Belt Segment Market Revenue and Market Share Forecast 

	Market Revenue (Million USD)	Market Share
Segmented by Application
Industrial Machinery	2084	20.74%
HVAC Systems	481	4.79%
Truck Refrigeration Systems	271	2.70%
Agriculture	1172	11.67%
Power Sports	1683	16.74%
Warehousing	870	8.65%
Granulators	343	3.41%
Others	3146	31.30%
Segmented by Region/Country
US	3090	30.75%
Europe	2399	23.87%
China	1406	13.99%
Japan	1226	12.20%
India	473	4.71%
Southeast Asia	431	4.29%
Latin America	364	3.62%
Middle East & Africa	262	3.61%