PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477155
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477155
Automotive Hoses Market size was valued at USD 22,910 million in 2023, expanding at a CAGR of 9.6% from 2024 to 2032.
Automotive hoses are essential for a vehicle's cooling, heating, and fuel systems. They are flexible tubes made of rubber or synthetic materials that carry fluids such as coolant, oil, fuel, and air throughout the vehicle's engine and other systems. As the market for electric vehicles grows, there's a need for specialized hoses for cooling and other systems unique to EVs. However, fluctuations in the prices of raw materials like rubber and plastics can affect the cost of production and, consequently, the pricing of automotive hoses. Moreover, integrating sensors and smart technologies into automotive hoses can provide monitoring and predictive maintenance opportunities, enhancing overall system efficiency and reliability.
Automotive Hoses Market- Market Dynamics
Increasing demand for lightweight rubber hose
Lightweight hoses typically require less material to manufacture, resulting in lower production costs. Additionally, reduced weight may lead to savings in transportation and logistics expenses. With growing awareness of environmental issues, there is a trend towards using materials that minimize environmental impact. Lightweight hoses can contribute to reduced fuel consumption during transportation, thereby lowering carbon emissions. Certain industries, such as aerospace and automotive, require lightweight hoses to meet specific performance criteria.
Automotive Hoses Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.6% over the forecast period (2024-2032)
Based on material type segmentation, rubber automotive hoses were predicted to show maximum market share in the year 2023
Based on vehicle type segmentation, passenger vehicles were the leading type in 2023
Based on application segmentation, coolant hoses were the leading type in 2023
based on region, Asia Pacific was the leading revenue generator in 2023
The Global Automotive Hoses Market is segmented based on material Type, Application, Hose Type, Vehicle Type, and Region.
The market is divided into three categories based on product type: Rubber automotive hoses are essential components in vehicles, responsible for transporting various fluids and gases to ensure proper operation. These hoses circulate coolant between the engine and the radiator to regulate engine temperature. They're usually made of durable rubber or silicone to withstand high temperatures and pressure fluctuations.
The market is divided into two categories based on application: Coolant hoses are rubber hoses that transport coolant throughout a vehicle's cooling system. They are an essential component in maintaining the proper operating temperature of the engine. These hoses are typically made of durable rubber or silicone materials that can withstand high temperatures and the corrosive nature of coolant.
Automotive Hoses Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market for belts and hoses in Asia-Pacific is anticipated to be driven by the expanding automotive industry in this region, with China and India emerging as major hubs for the production of automotive parts for the major Western automakers. Furthermore, during the forecast period, the demand for lightweight, high-performance belts and hoses is expected to increase in tandem with the manufacturing of electric vehicles due to the increased sales of hybrid and electric vehicles in the region.
Considering the number of regional participants, the automotive belt and hose industry is quite fragmented. Toyoda Gosei Co. Ltd., Goodyear Tyre & Rubber Co., Sumitomo Riko Co. Ltd., ACDelco (General Motors), and Continental AG are a few of the key competitors that have taken a sizable portion of the industry, nevertheless. Businesses have been investing in the development of more sophisticated materials for belts and hoses in response to the growing trend of lightweight and fuel-efficient automobiles, to match the industry's rising demands. Several industry participants are bolstering their market positions and expanding their business portfolios through acquisition tactics. Furthermore, companies frequently employ partnerships and collaborations as typical methods.
In September 2022, Kongsberg Automotive ASA (KA) merged the Fluid Transfer Systems (FTS) and Couplings business units to create a new 'Flow Control Systems business unit. KA's FTS business unit supplies PTFE hoses and hose assemblies to various industrial and automotive markets.
SCOPE OF THE REPORT
GLOBAL AUTOMOTIVE HOSES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Sumitomo Riko Co. Ltd
Continental AG
ACDelco (General Motors)
Goodyear Tire & Rubber Co.
Toyoda Gosei Co. Ltd
Belmont Rubber Pvt., Ltd.
Codan Rubber A/S
Eaton Corporation PLC
Dow, Inc.
DuPont de Nemours, Inc.
Hutchinson SA
Others