Global automotive hoses market forecast with a CAGR of 5.4% through 2031

Pune, India -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 per FACT.MR.

Growing number of on-road vehicles with rise in demand for passenger cars, increase in material advancements by manufacturers, and rising number of manufacturing facilities, distributors, and suppliers in countries such as China, India, and the U.S. are driving demand for automotive and off-road vehicle hoses. Increasing demand for two wheelers and three wheelers in countries such as China and India is also accelerating market growth.

However, due to the COVID-19 outbreak, global sales of passenger cars, LCVs, and HCVs declined in 2020 because of a slowdown in the automotive industry. However, the market is slowly recovering as things are getting back to normal, gradually.
Demand for automotive and off-road vehicle hoses is increasing with rise in vehicle production and sales over the past few years, due to increase in population and purchasing capacity of people, especially in China and India.
Manufacturers prefer rubber or rubber with reinforced materials such as polyester and steel wires to produce automotive hoses, as rubber has high tolerance to temperature, pressure, and chemicals, which prevents it from getting damaged easily.
High cost of raw materials for the production of automotive hoses in 2020 due to lockdowns slowed the growth of the market.
China and the U.S. hold a significant share of the global market for automotive and off-road vehicle hoses. In Asian countries, high disposable income combined with rise in population growth, and high investments in research & development by manufacturers, have led to increase in demand for automotive and off-road vehicle hoses.
Original equipment manufacturers holds a prominent market share at around 65%.
By vehicle, demand for automotive and off-road vehicle hoses is high for passenger cars.
Due to the COVID-19 pandemic, the market was dented badly in 2020, and witnessed a growth of -14.7%.
The market in China and Asia is expected to progress at over 5% CAGR each, while that in India at around 6% CAGR through 2031.
“Increase in research & development by manufacturers for more flexible, lightweight, and compact automotive hoses will drive market growth over the coming years,’’ says a Fact.MR analyst.

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.