Automotive Hoses Market Forecast Analysis by 2028
Automotive Hoses Market Dynamics
Ever-expanding Vehicle Parc with Increased Automotive Production and Sales will Boost Market Growth
During the period 2007-2017, the global production of passenger cars increased from over 53.2 million to nearly 73.5 million, and the global sales of passenger cars increased from 51 million to 71 million, according to statistics published by the International Organization of Motor Vehicle Manufacturers (OICA). With a significant rise in disposable income of consumers in developing countries, and developments in transportation infrastructure, the automotive sector is likely to witness steady growth in the future.
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Growth of the automotive industry is spurring growth in automotive parts production. As automotive hose is an important automotive component, the rapidly expanding global vehicle parc is expected to provide a boost to growth of the market in the future.
Growing Adoption of Turbochargers will Trigger Demand for Automotive Hoses
With the global automotive industry gaining momentum, turbochargers have gained their popularity among commercial vehicle manufacturers. On account of various advantages of incorporating turbocharger 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 growth of the automotive hoses market in the coming future.
Automotive Hoses Market: Competitive Landscape
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 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 automotive hoses 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 European country, Gates Corporation – an American player in the automotive hoses 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 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 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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The Fact.MR study offers a comprehensive analysis on the automotive hoses marketplace, profiling the key stakeholders across the value chain. The players profiled in the study include,
Eaton Corporation Plc
United Rubber Industries (I) Pvt. Ltd.
Semperit AG Holding
RADCOFLEX Australia Pty Ltd.
Automotive Hoses Market: Regional Outlook
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 growth of the automotive hoses market. Emerging economies in the Asia Pacific region excluding Japan (APEJ) are likely to hold a significant share growth of the automotive hoses market. China and India are anticipated to create promising growth opportunities for players in the automotive hoses market in the foreseeable future.
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