Growth In Sales of Automotive and Off-Road Vehicle Hoses Market To Push Revenue Growth In Market : Fact.MR

The demand for automotive and off-road vehicle hoses is being driven by an increase in the number of on-road vehicles along with a rise in the demand for passenger cars, increased material advancements by manufacturers, and an increase in the number of manufacturing facilities, distributors, and suppliers in nations like China, India, and the United States. Market expansion is also accelerated by rising two- and three-wheeler demand in nations like China and India.

However, because of a slowdown in the automotive sector brought on by the COVID-19 outbreak, global sales of passenger vehicles, LCVs, and HCVs fell in 2020. However, as things gradually return to normal, the market is slowly recovering.

Automotive hoses are a crucial part of a car’s interior operation. Since these hoses need to be resilient against high temperatures and pressure for fluid transfer in the vehicle’s engine, many manufacturers use rubber, silicone, and fluoropolymer materials to make them. The major goal of producers is to provide long-lasting, excellent hoses that work without difficulty under challenging circumstances.

As per Fact.MR’s analysis, the global automotive and off-road vehicle hoses market is expected to expand steadily at a CAGR of around 5.4% from 2021 to 2031.

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Key Takeaways from Market Study

  • Due to rising car sales and production over the past few years, especially in China and India, as well as increases in population and purchasing power worldwide, there has been a boost in the need for automotive and off-road vehicle hoses.
  • Automotive hoses are typically made of rubber or rubber reinforced with polyester and steel wires since rubber has a great tolerance to temperature, pressure, and chemicals, which prevents it from being readily destroyed.
  • Due to lockdowns, the price of raw materials for the manufacture of automobile hoses in 2020 was high, which delayed the market’s expansion.
  • In terms of the global market for automotive and off-road vehicle hoses, China and the U.S. dominate. High disposable income, rising population expansion, and significant industrial investment in R&D have all contributed to a surge in demand for automotive and off-road vehicle hoses in Asian nations.
  • With a market share of about 65%, original equipment makers are a significant player.
  • Automobile and off-road vehicle hoses are in high demand, particularly for passenger cars.
  • The COVID-19 epidemic severely damaged the market in 2020, causing it to grow by -14.7%.
  • Through 2031, it is predicted that the markets in China and Asia would grow by more than 5% CAGR apiece, while those in India will grow by about 6% CAGR.

Competitive Landscape

The majority of the businesses covered in the report have prioritised new product launches and growing their manufacturing footprint in underdeveloped areas. Innovation, partnerships, strategic alliances, working with key actors, and bolstering local and international distribution networks are all examples of strategies. Among the significant developments are:

  • Automotive hoses are produced by Cooper Standard Automotive Inc. for use in HVAC and powertrain systems. The company has taken into account the hoses’ temperature needs while minimising weight thanks to the abrasion and corrosion resistance of various kinds of automobile hoses. For the coolant hoses and brake hose components, EPDM is merged with plastic moulded components.
  • All rubber hoses used by Hutchinson S.A., a producer of automotive fluid management system components, are assembled with steel or aluminium tubes and feature integrated noise reduction technologies. These hoses are very thermally and chemically resistant and function at high temperatures.

Product Innovations by Key Players

Key players such as Teklas Kaucuk San. Ve Tic. A.S. and Sumitomo Riko Co. Ltd are expanding their growth strategiesthrough product innovations and implementing new technologies in their products.

  • Teklas is a manufacturer of brake hoses, rubber fuel hoses, and AC hoses, and is constantly developing innovative hose structures for newly emerging automotive technologies to adapt to changing regulations. The company uses water injection technology (WIT) to reduce the weight of vehicles with their products.
  • Sumitomo Riko Co. Ltd. manufactures rubber fuel hoses, oil hoses, and air conditioning hoses. It uses superior heat resistant, vibration absorption, and lightweight property materials for these hoses, which also adhere to environmental regulations by governments.