Analysis of Automotive Hoses Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The right choice of automotive equipment is crucial to keep the vehicle in the optimal situation. There are particular parts in a vehicle has significant functioning of various systems in the vehicle these include cooling systems, engines, and brakes. If any of these fails to perform may lead to serious incidences. These drives need for taking hose fitting seriously.
The high quality of automotive hoses is crucial to ensure the car runs smoothly and it also helps to extend the life of the vehicle. As a car’s engine can produce a lot of heat it can sometimes exceed temperatures of up to 200 degrees Fahrenheit. It’s significant to use hoses that can tolerate the aforementioned range of temperature. These hoses are made up of materials that are hard to break down in extreme temperatures.
Durability holds significance as these hoses should be durable. These can withstand a lot of wear and tear. Alongside these are meant to face harsh exposure to harsh chemicals. The rising automotive vehicle sales are anticipated to increase over the forecast period which is anticipated to give traction to hose sales.
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The revenue in the passenger cars market is expected to cross a valuation of USD 1929.00 billion in 2023. The segment is expected to showcase a growth of 1.74% for the next 4 years 2023 to 2027. The projected market valuation for the year 2027 is USD 2067.00 billion.
This growth in automotive sales is anticipated to create demand for hoses in upcoming years. According to statistics published by the International Organization of Motor Vehicle Manufacturers (OICA). With a significant rise in the disposable income of consumers in developing countries and developments in transportation infrastructure, the automotive sector is likely to witness steady growth in the future.
The growth of the automotive industry is spurring growth in automotive parts production. As the automotive hose is an important automotive component, the rapidly expanding global vehicle parc is expected to provide a boost to the growth of the market in the future.
Rising adoption of turbochargers to fuel demand for this market
With the global automotive industry gaining momentum, turbochargers have gained popularity among commercial vehicle manufacturers. On account of the various advantages of incorporating turbochargers in vehicles, such as improved fuel efficiency, power output, and engine performance, turbocharger sales have surged in the past few years.
As turbochargers are one of the leading applications of automotive hoses, a substantial rise in the production and sales of turbochargers is expected to complement the growth of the market in the coming future.
Anticipating the burgeoning growth of the automotive industry and profitable production of automotive parts in emerging Asian economies, the leading automaker - Continental AG announced in May 2018 that it will soon open a new automotive hoses plant in China.
The company is planning to invest around RMB 240 million, which is around 30 million Euros, for producing high-quality automotive hoses for new energy vehicles. The company also announced that it will invest more than 10 million Euros (about 70 million RMB) in another plant for producing high-tech, 3D blow-molded hoses to be used in high-performance turbochargers.
Another leading player in the market - United Flexible - recently announced that it has been acquired by Smiths Group plc - a British engineering company. United Flexible has diversified its product portfolio, which also includes high-temperature hybrid flexible hose assemblies, over the past few years, and now it aims to add new capabilities and expand its customer base with this acquisition.
After acquiring Rapro - a Turkish manufacturer of molded and branched automotive hoses - for expanding its business in the European country, Gates Corporation - an American player in the market - has launched a new product line of premium hydraulic hoses with the new Gates MXT™ family of hoses. The company announced that this new product line of hoses is designed to meet the demands of original equipment manufacturers from various end-use industries, including agriculture and mining.
Semperit AG Holding - a European manufacturer of automotive hoses - has announced the sale of its Italian production facility of hydraulic and industrial hoses to the Italian Matec Group. With this step, the company aims for a Group-wide complexity reduction by selling the facility that no longer meets the production footprint of the company. Meanwhile, the company invested EUR 27 million in its industrial and hydraulic hoses production facility in Odry/Czech Republic.
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While the automotive industry in developed countries is recovering, the escalated growth of the automotive parts industry in emerging economies has been playing an important role in the growth of the market.
European Union countries are major exporters of automotive at present. Historically, Japan was ranked second in terms of automotive exports in the year 2021 with approximately USD 138 billion. Among the EU 27 countries together hold 47% of the market share among automotive exports globally. This is anticipated to remain similar in the forecast period.
Emerging economies in the Asia Pacific region excluding Japan (APEJ) are likely to hold a significant share growth of the market. China and India are anticipated to create promising growth opportunities for players in the market in the foreseeable future.
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The metal tubing in hoses is widely opted for due to its high durability over the plastic variant. Longevity is key benefit offered by metal hoses. Unlike plastic hoses, metal ones can handle more stress and temperature. It often gives attractive looks owing to its stainless steel and aluminum composition. Moreover, the metal parts are 100% recyclable which has no impact on the environment.
The metal tubings are also used for several other usages such as metal sheet formation and bars. Plastic is not recyclable which is the major reason for avoiding hoses of plastic. However, rubber hoses are also majorly produced in some regions. Japan is the leading manufacturer of rubber variants in automotive hoses.
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Asia Pacific region is expected to be the most lucrative market for industry players.
Increased sale of passenger cars is driving the market growth.
The market worth is likely to grow at 6.5% over the forecast years (2023-2033).
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