The global hydraulic
hose market is subject to witness a substantial growth
due to the increasing demand from various end-user industries. Moreover,
soaring demand for heavy machinery and equipment from construction industry due
to increase in the number of infrastructural activities across the BRICS
economies such as Brazil, Russia, India, China and South Africa, is expected to
drive the growth of the market over the forecast period. Globally, the market
is predicted to generate massive revenue over next seven years, providing
numerous opportunities for market players to invest for research and development
in the hydraulic hose market.
Latest trend associated with hydraulic hose
market can be identified as availability of hydraulic hose products on number
of online platforms. These factors are expected to boost market expansion over
the next seven years. In addition, higher market penetration owing to
increasing awareness associated with e-commerce sector is anticipated to foster
future market growth across the globe. Rise in the number of retail stores and
a stronger market presence with established distribution channels are estimated
to fuel market demand in the upcoming years.
Hydraulic hoses are capable of delivering
hydraulic fluids to values, actuator, and tools. Hydraulic hoses are highly
flexible and consists of multiple layers of reinforcements. Hydraulic hoses are
capable in operating under high levels of pressure. Growing popularity of
wire-braided hydraulic hose is accounted for higher market penetration and cost
effectiveness of the product.
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Growing adoption of modern
agricultural equipment coupled with rapid industrialization and ongoing
construction projects across the globe are key contributing factor for market
growth over the forecast period. Furthermore, increasing use of hydraulic hose
in the military and industrial sector is propelling industry expansion over the
next seven years.
The market is broadly categorized into
five major segments based on the application type such as engineering
machinery, mining industry, industrial sector, and agriculture sector and
automotive industry. The engineering machinery is considered as one of the
fastest growing segment in the market with substantial revenue generation in
the last few years. Growing popularity of hydraulic hose in the engineering
machinery segment is attributed to the increasing demand for heavy machinery
and higher market penetration.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in the implementation
of latest technologies in mining industry and automotive sector, increase in
the number of research & development activities in the region and existence
of well-established industrial infrastructure.
Asia-Pacific region is predicted to
hold major market share in the hydraulic hose market with massive growth in
forecast period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with strong economic growth in the region, rapid
industrialization, rising number of constructional activities, and significant
investment by leading industry players considering potential growth
opportunities in the region.
The key players in the hydraulic hose
market are Parker Hannifin Corp., Manuli Rubber Industries S.p.a., Alfagomma
Hydraulic S.p.a., The Yokohama Rubber Cc., Ltd., Gates Co., Bridgestone Co.,
Eaton Co., Semperit AG Holding Group, Hansa-flex AG, Sumitomo Riko Co., Ltd.,
and Continental AG.
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