Press release
Brake Hoses Market to Incur Rapid Extension During 2022-2031 - TMR Study
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Overview of Brake Hoses Market
Brake hose, a component of the automotive brake system, is made of a flexible tube connecting the brake calipers of the wheels of a vehicle. It is used to pass brake media/fluid to ensure that braking force can be transmitted to the vehicle brake shoe or the brake caliper. Thus, the vehicle can brake efficiently at any time. Brake hose is responsible for effectively turning pedal action into stopping power.
The global brake hoses market is projected to grow during the forecast period, owing to the rise in automobile sales and adoption of technologies such as disc brakes and ABS in order to cater to the increasing need for automobile safety. Demand for automotive brake hoses and lines is also estimated to increase due to the extensive usage of pneumatic braking systems in commercial vehicles and the use of hydraulic braking systems in EVs.
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Rise in Demand for Hydraulic Brake Hoses to Drive Brake Hoses Market
The hydraulic brake hose segment is estimated to grow at a rapid pace by the end of 2022, due to the significant demand for hydraulic brake hoses among braking systems manufacturers. Adoption of new automotive safety technologies such as ABS has significantly increased the demand for hydraulic hoses.
Vehicle sales are increasing significantly, especially in developing countries, due to the rise in disposable income of the people, burgeoning middle class population, rapid urbanization, growth in commuting distances, and behavioral factors such as viewing vehicle ownership as a status symbol. This is also propelling the brake hoses market. Buyers are increasingly demanding greater safety in passenger vehicles. This demand for increased safety in automobiles is anticipated to drive the advanced brake hoses market. Adoption of stringent automotive safety norms in developed markets, such as making ABS mandatory in all passenger vehicles, is also augmenting the sales of car brake hoses, thereby propelling the brake hoses market.
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Growth in Tire Manufacturing Industry to Boost Demand for Brake Hoses
Automobile production is increasing at a significant pace due to the ever-rising demand for automobiles. Rise in sale of electric, connected, and autonomous vehicles is further propelling the demand for brake hoses & brake pipes. This has benefitted the global automotive braking industry and is estimated to boost the automotive brake hoses market.
Upcoming drive-by-wire electric-powered brakes, rapid adoption of ABS and ESC (Electronic Stability Control), and the impending electrification and automation of vehicles are some of the factors that are expected to further boost the demand for brake line and hose repair. Growth in adoption of electronic braking systems is setting the trend for the future in the brake hoses market.
Major electric vehicle manufacturers, such as Tesla Inc., General Motors, Stellantis N.V. Hyundai, and Ford Motor Co., are establishing manufacturing plants for electric vehicles in developed regions such as North America. This is also driving the sales of aftermarket brake hoses in developed markets. Increase in complexity in suspension designs of vehicles has meant that solid pipes cannot be used, as pipes need to be flexible for easy connection of the braking system and incorporation of the motion of suspension. Hence, the usage of automotive brake hoses has increased across the globe.
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Surging Demand for Rubber Hoses and Smart Braking Systems to Augment Market
In terms of material type, the rubber segment held major share of the market in 2021. The segment is estimated to maintain the status quo and grow at a CAGR of more than 3% during the forecast period. This can be primarily ascribed to the cost advantage, greater elasticity offered by rubber hoses, and rise in demand for smart braking systems globally. ABS SD and electronic braking systems provide good safety and stability to vehicles compared to other types of braking systems. Furthermore, rapid increase in sales of luxury and premium vehicles is expected to ensure the dominance of the rubber brake hose segment in the brake hoses market. The polytetrafluoroethylene segment is also projected to grow at a rapid pace due to the increase in sales of electronic braking systems.
Rise in Sale of Utility & Passenger Vehicles to Propel Demand for Brake Hoses
In terms of vehicle type, the global brake hoses market has been split into two-wheeler, passenger vehicle, light commercial vehicle, heavy trucks, and buses & coaches. The passenger vehicle segment dominated the global brake hoses market in 2021. Furthermore, the segment is expected to grow at a CAGR of around 3% during the forecast period. Increase in sale of passenger vehicles in emerging markets has boosted the demand for automotive brake hoses and brake lines.
Analysis of Key Players in Brake Hoses Market
The global brake hoses market is fairly consolidated, with large vendors controlling a majority of the share. Most of the automotive brake hoses manufacturers are spending significantly on comprehensive research and development activities, primarily to introduce highly advanced products. Diversification of product portfolios and mergers and acquisitions are important strategies adopted by key players. BorgWarner Inc., Continental AG, Dayco IP Holdings, LLC, Edelbrock, LLC, Gates Corporation, Hengshui Brake Hose Machinery Co., Ltd. Hitachi Metals, Ltd., HUTCHINSON, Jagwire, M S ENTERPRISES, NICHIRIN CO., LTD., PARKER HANNIFIN CORP, Polyhose, Qingdao Everflex Rubber & Plastic Co. Ltd, Robert Bosch GmbH, and ZF Friedrichshafen AG are the prominent entities operating in the market.
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