09 Jun, 2021, 09:35 ET
NEW YORK, June 9, 2021 /PRNewswire/ -- The global sales of automotive and off-road vehicle hoses are slated to increase at 5.4% over the forecast period of 2021 and 2031. The demand for passenger cars and electric vehicle have improved the adoption of brake and coolant hoses. In a study on the automotive and off-road vehicle hoses market, Fact MR identifies this as the chief growth driver.
With rising sales of electric vehicles across China and India, demand for various type of hoses and fluid transfer system is increasing. Due to the surge in the adoption of passenger cars, manufacturers have increased the production of coolant and fuel hoses, bolstering the growth.
Demand for sustainable yet high quality hoses that functions smoothly even in adverse condition within the passenger cars have widened the growth opportunities for market players.
To provide high resilience against temperature, manufacturers are using rubber, silicone and fluoropolymers in the manufacturing of these hoses. As per Fact.MR's analysis, rubber hoses held over 47% of market share in 2020.
Increasing number of on-road vehicles and expansion of automotive industry in countries such as China, India, the U.S. and Germany are driving the demand for automotive and off-road vehicle hoses.
Fact.MR forecasts the demand for automotive and off-road vehicle hoses to rise with the increase in sales of passenger cars, which accounts for nearly 50% of market share.
"Consumer preference for rubber hoses with reinforced materials within passenger cars and electric vehicles is, creating lucrative opportunities for the market players," says a Fact.MR analyst.
- In terms of material, rubber automotive and off-road vehicle hoses accounts for over 50% of market share through 2031
- Hydraulic hoses and clutch hoses, collectively, will witness high demand, registering over 30% of market sales
- Passenger cars segment is poised to exhibit highest growth, accounting for nearly 50% of market share
- Expansion of automotive industry in the U.S. will spur the sales of automotive and off-road vehicle hoses at close to 5% CAGR by 2031
- China's automotive and off-road vehicle hoses market is poised to expand at over 5.6% CAGR throughout the forecast period
- Increasing demand for two and three wheelers across India will improve the adoption of automotive and off-road vehicle hoses, spurring sales
- In terms of sales channel, original equipment manufacturers will hold a major chunk of market share of around 65%
- Automotive and off-road vehicle hoses market in India is poised to expand at around 6% CAGR through 2031
Competition within automotive and off-road vehicle hoses market is likely to soar in the upcoming decade. In response to the increasing competition, key manufacturers are introducing new product launches and innovations.
Incorporation of advanced technologies and development of innovative hoses structure are the key strategies adopted by key players to maintain their position in the industry.
In February 2020, Gates, a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, announced the launch of MXG 4K hydraulic hose across India. This next generation premium hydraulics provides flexibility to OEMs and automotive replacement markets and helps comply with environmental regulations.
Key players such as Teklas and Sumitomo Riko Co. Ltd are expanding their growth strategies through product innovations and expansion of product portfolios.
For instance, Sumitomo Riko co. Limited manufactures rubber fuel hoses, air conditioning hoses and oil hoses by using heat resistant and light-weight material for these hoses, adhering to the government environmental regulations.
Prominent automotive and off-road vehicle hoses manufacturers listed in Fact.MR's report are listed below:
- Continental AG
- Sumitomo Riko Co. Ltd
- Hitachi Ltd.
- Toyoda Gosei Co. Ltd
- Hutchinson S.A
- Gates Corporation
- Eaton Corporation plc
- TI Fluid Systems
- Nichirin Co. Ltd
- Codan Rubber A/S
More Valuable Insights on Automotive and Off-road Vehicle Hoses Market
Fact.MR, in its latest report, offers a detailed segmentation, on the global automotive and off-road vehicle hoses market. The study divulges essential insights on the major trends and opportunities of global automotive and off-road vehicle hoses market. To gain a better perspective on the market potential and scope, the market is classified on the basis of:
- Automotive and Off-Road Vehicle Break Hoses
- Automotive and Off-Road Vehicle Fuel Hoses
- Automotive and Off-Road Vehicle Coolant Hoses
- Automotive and Off-Road Vehicle Air Conditioning Hoses
- Automotive and Off-Road Vehicle Steering Hoses
- Other Types
- Rubber Automotive and Off-Road Vehicle Hoses
- Silicone Automotive and Off-Road Vehicle Hoses
- Fluoropolymer Automotive and Off-Road Vehicle Hoses
- Other Material Types
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Two Wheelers
- Three Wheelers
- Constriction & Mining Equipment
- Original Equipment Manufacturers (OEMs)
- North America (U.S., Canada and Rest of North America)
- Europe (U.K., Germany, France, and Rest of Europe)
- Asia (India, China, and Rest of Asia)
- Middle East & Africa (GCC, South Africa, and Rest of MEA)
Key Questions Covered in the Report
- What will be the future outlook for the global automotive and off-road vehicle hoses market?
- Which region is the most lucrative for the global automotive and off-road vehicle hoses market?
- How will changing trends impact the strategies of market players?
- What are the major growth drivers that are expected to affect the market during the forecast period?
- What are the key challenges faced by automotive and off-road vehicle hoses manufacturers?
- What is the impact of Covid-19 on automotive and off-road vehicle hoses market?
Explore Fact.MR's Coverage on the Automotive Domain
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