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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.
Competitive Landscape
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:
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:
Key Questions Covered in the Report
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