Page 30 - MTW November 2022 Digital Magazine_R1

INDUSTRY FOCUS

Automotive and Off-Road Vehicle

Hoses Market

Extensive Growth Opportunities to be Witnessed by 2021-2031: Market Study

rowing number of on-road vehicles with rise in demand
for passenger cars, increase in material advancements
Gby 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.
Automotive hoses are an important component for a vehicle’s • Original equipment manufacturers hold a prominent market
internal functioning. Many manufacturers are using rubber, share at around 65%.
silicone, and fluoropolymer materials for making these hoses, as • By vehicle, demand for automotive and off-road vehicle hoses
they require resilience against high temperature and pressure is high for passenger cars.
for fluid transfer in the vehicle’s engine. The main focus of • Due to the COVID-19 pandemic, the market was dented badly
manufacturers is to make sustainable and high quality hoses that in 2020, and witnessed a growth of -14.7%.
function smoothly in adverse conditions. • The market in China and Asia is expected to progress at
As per Fact.MR’s analysis, the global automotive and off-road over 5% CAGR each, while that in India at around 6% CAGR
vehicle hoses market is expected to expand steadily at a CAGR through 2031.
of around 5.4% from 2021 to 2031.
“Increase in research & development by manufacturers for more
Key Takeaways from Market Study flexible, lightweight, and compact automotive hoses will drive
• Demand for automotive and off-road vehicle hoses is market growth over the coming years,’’ says a Fact.MR analyst.
increasing with rise in vehicle production and sales over the
past few years, due to increase in population and purchasing Product Innovations by Key Players
capacity of people, especially in China and India. Key players such as TeklasKaucuk San. Ve Tic. A.S. and
• Manufacturers prefer rubber or rubber with reinforced Sumitomo Riko Co. Ltd are expanding their growth strategies
materials such as polyester and steel wires to produce through product innovations and implementing new technologies
automotive hoses, as rubber has high tolerance to in their products.
temperature, pressure, and chemicals, which prevents it from • Teklas is a manufacturer of brake hoses, rubber fuel hoses,
getting damaged easily. and AC hoses, and is constantly developing innovative hose
• High cost of raw materials for the production of automotive structures for newly emerging automotive technologies to
hoses in 2020 due to lockdowns slowed the growth of the adapt to changing regulations. The company uses water
market. injection technology (WIT) to reduce the weight of vehicles
• China and the U.S. hold a significant share of the global market with their products.
for automotive and off-road vehicle hoses. In Asian countries, • Sumitomo Riko Co. Ltd. manufactures rubber fuel hoses,
high disposable income combined with rise in population oil hoses, and air-conditioning hoses. It uses superior heat
growth, and high investments in research & development by resistant, vibration absorption, and lightweight property
manufacturers, have led to increase in demand for automotive materials for these hoses, which also adhere to environmental
and off-road vehicle hoses. regulations by governments.

24 MACHINE TOOLS WORLD NOVEMBER 2022 www.mtwmag.com