Hydraulic Hose Market Size & Share to Surpass 14.5 Billion by 2028 | Vantage Market Research

WASHINGTON, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Global Hydraulic Hose Market generated revenue of USD 10.8 Billion in 2021 and is projected to surpass a valuation of USD 14.5 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.1% during the forecast period, 2022–2028.

Market Overview

Vantage Market Research’s analysis of the Hydraulic Hose Market is quite compelling. Our study suggests that the market is poised for strong growth in the coming years. This is due to a number of factors, including the increasing demand for construction and agricultural equipment and the growing popularity of SUVs and light trucks that use Hydraulic Hose Markets for a variety of purposes.

Our analysts also argue that there is a tremendous opportunity for new entrants into the market. This is because the current suppliers are largely uncoordinated and fragmented. As a result, there is room for new players to come in and consolidate the market. This could lead to lower prices and better-quality control for consumers. While there are challenges to this growth scenario (including raw material costs and intensifying competition), we believe that the Global Hydraulic Hose Market is well positioned to continue its expansion in the coming years.

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What Drives the Demand for Hydraulic Hose Market?

There are a number of factors that are driving the growth of the Hydraulic Hose Market.

• One of the most important is the increasing use of hydraulic equipment in a wide range of industries. This includes everything from construction and agriculture to manufacturing and automotive. As hydraulic equipment becomes more widely used, there is a corresponding increase in demand for hoses and other related products.
• Another factor that is driving growth in the Hydraulic Hose Market is advances in technology. This has led to new applications for Hydraulic Hose Markets, as well as new designs that are more durable and efficient. This has made them even more popular among users, leading to further increases in demand.

Challenge: Hydraulic Hose Market is Highly Competitive and Cyclical

First and foremost, the industry is highly competitive, with low barriers to entry and a large number of players. This makes it difficult for any one company to gain a significant market share. Additionally, the Hydraulic Hose Market industry is cyclical, meaning that demand can fluctuate significantly from year to year. This can make it difficult to manage inventory and forecast future demand. Finally, raw materials costs have been on the rise in recent years, eating into profits and margin pressure. These trends underscore the need for companies in the Hydraulic Hose Market to be nimble and adaptable in order to survive and thrive.

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Top Players in Global Hydraulic Hose Market

• Parker Hannifin Corp
• Eaton Corporation
• Bridgestone Corporation
• Gates Corporation
• RYCO Hydraulics
• ContiTech AG

Key Report Findings

• Top 10 Players account for less than 30% of the market. This fragmentation presents both opportunities and challenges for companies operating in the space.
• On the one hand, it allows for greater customization and niche offerings. On the other hand, it makes it difficult to achieve economies of scale. In addition, many small players are not investing in research and development (R&D), which limits innovation in the Hydraulic Hose Market.
• The study also highlights several other challenges facing the Hydraulic Hose Market industry. For example, end users are increasingly looking for alternatives to traditional hoses made from rubber and steel. This is driven by a need for lighter-weight products that can withstand higher temperatures and pressures. As a result, suppliers are under pressure to develop new materials and technologies.
• In addition, raw material costs have been on the rise in recent years due to increased demand from China. This has put margin pressure on Hydraulic Hose Market manufacturers. To offset this, companies in the Global Hydraulic Hose Market are looking to improve their operational efficiency and expand into new markets.
• The industry is capital-intensive, with high fixed costs and low variable costs. This makes it difficult for new entrants to successfully compete. The experience curve also favors established players, as they can achieve scale economies and reap the benefits of learning curbs.
• Consolidation is likely to continue in the Hydraulic Hose Market industry, as manufacturers seek to increase scale and efficiencies. Vantage Market Research expects that the top players will continue to gain market share while smaller manufacturers struggle to survive.

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Segments Covered:

By Product:

• Reinforced, Corrugated, Coiled, Other Products
  

By Applications:

• Agriculture, Construction, Material Handling, Other Applications
  

By Region:

• North America, Europe, Asia Pacific, Latin America, Middle East & Africa
  

North America to lead Global Hydraulic Hose Market

Western Europe is expected to be the third largest market for Hydraulic Hose Markets, according to a new study by Vantage Market Research. The region is anticipated to grow at a CAGR of 4.8% from 2022 to 2028.

North America is expected to remain the largest market for Hydraulic Hose Markets during the forecast period. The region has a well-established manufacturing base for hydraulic equipment and component suppliers across the US and Canada. This provides easy access to raw materials and skilled labor for manufacturers operating in the region. Moreover, the strong presence of key players in North America further boosts the growth of the Hydraulic Hose Market in the region.

The U.S. is the global leader in the Hydraulic Hose Market and accounts for more than 35% of the demand. The country is also the largest market in North America. Growth in construction and manufacturing industries in the region is driving the demand for Hydraulic Hose Markets in North America. Canada is expected to be the fastest-growing market in North America, with a CAGR of 5.5% from 2022 to 2028. The country’s construction industry is projected to grow at a rapid pace, due to increased infrastructure spending by the government. This will lead to increased demand for excavators, loaders, and other construction equipment that use Hydraulic Hose Markets.

Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Hydraulic Hose market Forecast Report (2022-2028).

Recent Developments in Global Hydraulic Hose Market

• In October 2022, Yokohama Rubber rebranded its Hydraulic Hose Market business under one brand called Versatran. This would enable the company to set foot in the overseas market and capture better market attention and improve its overall market share.
• In October 2022, Kurt Hydraulics took over the Hydraulic Hose Market business of Dayco Hydraulics.
• In September 2022, Continental, one of the key players in the Global Hydraulic Hose Market, unveil the design of its new manufacturing plants in Mexico. The company would invest over $40 million in building the manufacturing unit.
• In August 2022, Bridgestone announced to increase in its Thailand-based Hydraulic Hose Market manufacturing capacity by 30%. The company would realize the increased production capacity by mid-2025.

Top 10 Players held less than 30% Revenue Share of Hydraulic Hose Market

The top 10 players in the Hydraulic Hose Market industry account for less than 30% of the total revenue generated in the market. This is due to the fragmented nature of the industry, with a large number of small and medium-sized players accounting for the remaining 70% of market revenues. As per Vantage Market Research, Eaton, Parker Hannifin Corporation, Continental AG, Gates Corporation, and Kurt Manufacturing Company are the top 5 players in the Global Hydraulic Hose Market.

The consolidation in the Hydraulic Hose Market is due to the impaired demand from end-use industries such as construction and mining, which has resulted in low-capacity utilization and increased pressure on margins. The industry has also been consolidating through mergers and acquisitions (M&A). For instance, in October 2022, Kurt Hydraulics acquired the hydraulics hose business from Dayco Hydraulics. This acquisition helped Kurt Hydraulics to become one of the largest players in the North American market. In March 2022, Hydraquip Hose & Hydraulics Ltd and Hoses Direct Ltd have been acquired by Finning International for $74 million.

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Lucrative Opportunities for New Entrants

As the demand for Hydraulic Hose Markets Market continues to grow, there will be increasing opportunities for those interested in entering this market. There are a number of different ways to get involved in the industry, including manufacturing, distribution, and installation. There is also a growing need for aftermarket services, such as repair and maintenance. With so many different options available, there is sure to be something that meets consumers' needs and interests.

There is a demand for Hydraulic Hose Markets that can withstand high pressures and extreme temperatures. This means that there is a constant need for innovation in the hose industry. There are always new materials and technologies being developed, which provides opportunities for those who are willing to invest time and resources into research and development in the Hydraulic Hose Market.

Scope of the Report:

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