In terms of revenue, the Global Hydraulic Hose Market is expected to reach USD 14.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.90% from 2022 to 2028.
Increasing demand in sectors such as industrial, agricultural, and construction drives the growth of the Hydraulic Hose Market. In addition, the increasing construction of green buildings is another factor driving the Global Hydraulic Hose Market.
The need for reliable and durable hydraulic hoses is also driving the market. Hydraulic hoses are subject to a lot of wear and tear, and they need to be able to withstand high pressures. This has led to an increase in the development of new materials and designs that can improve the durability of hydraulic hoses. Finally, the growing market for aftermarket products is also playing a role in the growth of the hydraulic hose market.
Growth in demand for goods resulting from mechanization is supporting the usage of machines of all types together with hydraulic machinery. India has the second biggest consumer base in the globe.
Key Highlights from Report:
· From among the Products segmentation, the Reinforced Hydraulic Hoseand Corrugated Hydraulic Hose segments are anticipated to dominate the Hydraulic Hose Market with the largest market share in the forecast period.
· By Applications, the Agricultural and Construction market segment accounted for the maximum CAGR (Compound Annual Growth Rate)during the forecast period. High demand for food intake forces the agriculture industry to develop its crop yield, increasing the need for hydraulic rubber hoses in the market. In addition, hydraulic rubber hose is utilized to transfer fuel, water, air, and construction materials in the construction sector.
· In terms of region, North America held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. The considerable expansion in the manufacturing industry is among the key factors that propel the demand for the North America Hydraulic Hose Market.
The Global Hydraulic Hose Market growth can be attributable to significant factors such as the increasing applicability of Hydraulic Hose in several end-use industries such as engineering machinery, mining, etc. Moreover, the increased industrialization, growing use of high-pressure working conditions, and technological advancements in the hydraulic system are other key factors that will fuel the Hydraulic Hose industry.
The Hydraulic Hose Market garners extensive increases from the rise in construction activities that fuel high demand for hydraulic equipment globally. Furthermore, the growing demand for energy-efficient green buildings will influence the overall market as these buildings are designed to consume less energy. Significantly, an increase in focus on smart hydraulic equipment and foreign direct investment (FDI) is projected to create future growth prospects for the market.
However, the high manufacturing and maintenance expenses and the increased concerns about oil leaks will likely hinder market growth.
North America Hydraulic Hose Market is expected to witness a noteworthy development with a significant growth rate over the analysis period. This surge is because of the rise in Hydraulic Hose applications in different sectors like agriculture, construction & mining, manufacturing, etc. Moreover, the region’s market growth can be attributable to the growing expenditure in the building and construction sector. The United States is a significant contributor to this regional market owing to the ever-increasing usage of Hydraulic Hose in the construction industry. Furthermore, the recent infrastructural investment will further augment the market due to rising construction activities in this region.
The Global Hydraulic Hose Market is Segmented as follows:
- Other Products
- Material Handling
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Hydraulic Hose Market is:
Parker Hannifin Corp, Eaton Corporation, Bridgestone Corporation, Gates Corporation, RYCO Hydraulics, ContiTech AG
The Global Hydraulic Hose Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|