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.
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.
• Material Handling
• North America
• Asia Pacific
• Middle East and Africa
• South America
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Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global Hydraulic Hose market?
• What are the challenges to market growth?
• Who are the key players in the Hydraulic Hose market?
• What are the market opportunities and threats faced by the key players?
Research Support Specialist, USA