Study finds global growth potential in belt, chain drives market
Rapidly expanding markets of Eastern Europe and Asia Pacific offer tremendous growth potential for manufacturers of belt and chain drives in North America. The challenge before manufacturers is to ensure a timely footprint in the emerging markets without losing focus on the established ones. Toward this end, proportionate allocation of resources in line with balanced growth strategy becomes imperative.
New analysis from Frost & Sullivan ( www.powertransmissions.frost.com ),
North American belt and chain drives market, reveals that revenue in this market totaled $2.09 billion in 2004 and projects to reach $2.79 billion in 2011.
Another crucial issue is the rapid commoditization of belt and chain drive products, which leads to adverse price pressures and compels manufacturers to lower product prices.
“Differentiation of the offerings in terms of better after-sales service and technological advancements can help mitigate the effects of price pressures,” says Frost & Sullivan power transmissions team leader Bhavdeep Virdee. “Participants stand to gain the competitive advantage if they build customer loyalty by providing efficient customer service.”