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An automotive hose is a hollow tube that carries fluids or gases from one part of the car to another. It is made up of various materials such as rubber, metal and plastic. These hoses are mainly used in alternator, power steering pumps and air pump among others. There are different type of automotive hose available in the market such as tygon automotive hose, nylon automotive hose, and neoprene automotive hose. It has applications in heavy commercial vehicles, passenger cars, and light commercial vehicle.
The market for automotive hoses is expected to reach rise at a CAGR of 6.5 percent during the forecast period. Growth of automotive industry along with the increased number of vehicle production is expected to primarily boost the growth of automotive hoses market.
Rising growth of automotive industry, stringent regulation imposed by the government for reducing carbon emission and increasing adoption of advanced technologies are factors driving the growth of automotive hoses market. An increase in disposable income along with growing population also fuels the growth of the market. In addition, rising sale of LPG and CNG vehicles is the factor expected to boost the growth of the automotive hoses market. Moreover, to increase the safety of the vehicle various automotive companies are investing in R&D activities and developing more durable hoses. These developments are expected to drive the estimated growth of the market. Furthermore, with the growth of automotive industry the adoption of turbocharger has also increased. Due to multiple advantages such as enhanced fuel efficiency, engine performance, and power output the sale of turbo chargers has significantly increased in the last few years. As turbocharger is one of the major applications of hoses, the increasing sale of the product is expected to propel the growth of the automotive hoses market during the forecast period.
However, COVID-19 pandemic has impacted the automotive industry which in turn hampers the demand and supply chain of the automotive hoses market. Also, the outbreak of pandemic had changed the purchasing behaviour of the people as people are focusing more on buying essential products due to economic crisis. This factor is responsible for the reduction of automobile sale. Moreover, worldwide lockdown and unavailability of labours have resulted in shutting down of production facilities of new cars which are also affecting the growth of automotive hose market.
The market is seeing extensive consolidations, product launches, and acquisitions. These are embraced by the market players to accomplish upgraded portfolio and better business reach. In addition the market players are expanding their geographical presence in order to reach more number of customers. For instance, in October 2018, ContiTech A.G., the leading market player has moved its hose production plant to a new facility in Qingdao Sin-German Ecopark, on the east coast of Shandong province.
AUTOMOTIVE HOSES MARKET SEGMENTATION:
By Material Type
By Vehicle Type:
By Sales Channel:
North America is likely to be the most profitable region during the forecast period. This is due to the presence of largest automotive market such as U.S, and Canada growing adoption of turbocharger in the vehicles. The U.S. is the major contributor to the market automotive hoses market in the North American followed by Canada. The surge in demand for as well as adoption of turbocharger systems in vehicles used in North America primarily drives the market for turbocharger hoses, further fueling the North America automotive hoses market growth.
In addition, Europe holds the second largest share of the automotive hoses market owing to increasing R&D activities and introduction of various strong and durable automotive hoses by the manufacturer in this region. The leading market players in this region, such as the Continental AG are actively making heavy investments in R&D activities to introduce strong, maintenance free, and durable automotive hose.
Asia Pacific is expected to grow rapidly in the automotive hoses market during the forecast period. This is attributed to the factors such as growing demand of vehicles due to rising disposable income and presence of developing economy such as China, India and Japan in this region. In addition, development of cost-effective steering wheel system by OEM’s and growing adoption of these technologies are factors also expected to boost the growth of the market in this region. India is the largest consumer of automotive hoses in this region.
FEW KEY PLAYERS IN AUTOMOTIVE HOSES MARKET:
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