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Global Automotive Turbocharger Hose Market 2024 : Trends, Business Growth And Major Driving Factors
Automotive Turbocharger Hose Global Market Report 2024
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According to The Business Research Company's, The automotive turbocharger hose market size has grown rapidly in recent years. It will grow from $13.51 billion in 2023 to $15.12 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to increased demand for fuel efficiency, stringent emission regulations for vehicles, growth of the automotive industry, rise in consumer awareness of engine performance, adoption of turbocharged engines by oems
.
The automotive turbocharger hose market size is expected to see rapid growth in the next few years. It will grow to $22.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to globalization and trade in the automotive sector, turbocharging systems for diesel engines, transition to electric and hybrid vehicles, continued focus on emission reduction in the automotive industry, increasing use of hoses in cooling and lubrication systems, customization of turbocharger hoses for performance. Major trends in the forecast period include technological improvements in hose materials, advancements in automotive turbocharger technology, integration of advanced sensor technologies, 3d printing in hose manufacturing, collaboration between automakers and hose manufacturers.
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Market Drivers and Trends:
The growing production of light commercial vehicles is expected to propel the growth of the automotive turbocharger hose market going forward. A light commercial vehicle (LCV) is any cargo truck with an operational weight under 7.5 tons. In LCVs, turbocharger hoses transfer air to the vehicle's turbocharger, ensuring optimal engine operation. For instance, in June 2023, according to the Federal Reserve Board, a US-based central banking system, the industrial production of light trucks in the US increased from 8.16 million units in December 2022 to 9.35 million units in May 2023. Therefore, the growing production of light commercial vehicles is driving the growth of the automotive turbocharger hose market.
Product innovations are a key trend gaining popularity in the automotive turbocharger hose market. Major companies operating in the automotive turbocharger hose market are focused on developing new products to sustain their position in the market. For instance, in May 2023, NRF, a Netherlands-based motor vehicle manufacturing company, launched a new range of turbo hoses, offering a wide selection of 282 references for passenger cars and light commercial vehicles. The vehicle's layout determines the number and placement of turbo hoses, with at least four hoses used in the charge air cooling system. These hoses connect the intercooler, turbocharger, and intake manifold. The installation of the hoses is simplified with the included clamps, making it easy and efficient for workshops to install suitable hoses quickly. The Easy Fit range of turbo hoses provides a convenient solution for seamless hose replacement.
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Major Key Players of the Market:
General Motors, Continental AG, Daikin Industries Ltd., Eaton Corporation plc, Solvay S.A, BorgWarner Inc., DuPont de Nemours Inc., Toyoda Gosei Co. Ltd., Gates Industrial Corporation plc, Semperit Group, Masterflex Group, Flexfab Horizons International Inc., Melett Limited, Ferdinand Bilstein GmbH + . KG, Marugo Rubber Industries Ltd., Turbonetics Inc., Viper Performance Hoses Ltd., Silflex Ltd., Bugiad GmbH, Turbo Ideal d.o.o., Wacker Chemie AG, Mega Flex Plastics Limited, Goodyou Elastomer Technology Solution Co. Ltd., Cooper Standard Automotive Inc., Federal Hose.
Automotive Turbocharger Hose Market 2024 Key Insights:
• The automotive turbocharger hose market size is expected to see rapid growth in the next few years. It will grow to $22.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Surge In Light Commercial Vehicle Production Fuels Growth In The Automotive Turbocharger Hose Market
• Advancements In Product Offerings Propel Growth In The Automotive Turbocharger Hose Market
• Europe was the largest region in the automotive turbocharger hose market in 2023
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