Selbyville, Delaware, Feb. 01, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the automotive turbocharger hose market which estimates the market valuation for automotive turbocharger hose will cross US$ 3 billion by 2027. The market is anticipated to witness a high growth rate owing to the rapid increase in the adoption of fuel-efficient passenger vehicles in various economies including the U.S., China, Germany, the UK, and France. The OEM manufacturers focus on integrating fuel-efficient engines into vehicles to ensure effective performance. Moreover, the availability of turbocharger hose supporting various vehicle models will propel market growth over the forecast timeline.
The automotive turbocharger hose industry is facing numerous challenges due to the escalating spread of COVID-19 pandemic across the world. Government restrictions on domestic and international trade during the first two quarters of 2020 led to a gradual decline in the sales of turbocharger hose. However, by 2021, the automotive turbocharger hose market size is anticipated to witness a steady growth owing to ease in restrictions imposed by numerous governments.
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The HCV vehicle segment will witness growth during the forecast timeline. The growth can be attributed to turbocharged HCVs applicability and ability to carry heavy loads. Turbocharger-equipped commercial vehicles ensure heavy operability and maximum efficiency. Players, such as Gates Corporation, Sumitomo Electric Industry, and Solvay, are focusing on offering turbocharger and turbocharger hoses for heavy commercial vehicles. Gates has designed two turbocharger hoses for the truck & bus turbocharging system. These include FleetRunner Silicone Turbocharger Hose and FleetRunner Turbocharger Hose Kits. The company ensured that turbocharger hoses utilize a bonded FKM liner. The FKM liner provides protection against degradation due to oil infusion.
The Asia Pacific automotive turbocharger hose market will witness a significant growth during the forecast period owing the rapid increase in the production of heavy-duty trucks in economies including China and India. According to the data published by Organisation Internationale des Constructeurs d'Automobiles (OICA), China witnessed a significant increase in the production of heavy trucks in the country. The production increased by around 4.1% in 2019. The country produced 2.2 million units of heavy trucks in 2019 as compared to 2.1 million units in 2018. The increase in the production of HCVs in the region will accelerate the automotive turbocharger hose market share.
The players operating in the automotive turbocharger hose market are MOTAIR Turbolader GmbH, Ferdinand Bilstein GmbH + Co. KG, Cooper Standard, Continental, WACKER Chemie AG, Solvay, Sumitomo Electric Industries, Bugiad, Turbonetics, Inc, MEGAFLEX LIMITED, and Gates Corporation. These players are focusing on strategic collaborations and partnerships to enhance their business operations. For instance, in July 2018, Sumitomo Riko Company Limited announced the merger of its hydraulic and industrial hose manufacturing and sales subsidiary SumiRiko Hosetex, Ltd. and hose assembly machining and domestic sales subsidiary SumiRiko Hose Sales, Ltd.
Some major findings in the automotive turbocharger hose market report include:
- Growing production and sales of commercial vehicles is driving the industry growth.
- The OEM segment will witness a steady growth rate owing to the presence of several vehicle manufacturers offering turbocharged vehicles.
- The proliferation of the gasoline segment owing to its adoption and ability to enhance fuel efficiency will contribute to the market growth.
- Rapid increase in infrastructural developments in Asia Pacific is fueling the demand for turbocharged heavy commercial vehicles.
- The PCV segment will generate lucrative growth opportunities owing to the increase in the sales of premium passenger turbocharged vehicles.
- Major strategies adopted by the market players include partnerships and collaborations with other industry players to enhance their market share.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive turbocharger hose industry 360° synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Vehicle trends
2.1.4 Fuel trends
2.1.5 Distribution channel trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on automotive turbocharger hose industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Stringent emission regulations for fuel efficiency, and engine downsizing
3.6.1.2 Increasing turbocharged automotive production and sales
3.6.1.3 Performance and safety improvement at higher altitudes offered by turbochargers
3.6.1.4 Increasing demand for turbocharger hoses with high temperature and pressure resistance
3.6.2 Industry pitfalls & challenges
3.6.2.1 Increasing penetration of electric vehicles
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.