NEW YORK, Oct. 6, 2023 /PRNewswire/ -- The hydraulic hose and fittings market is expected to grow by USD 555.79 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.81% during the forecast period. The market is segmented by end-user (construction machinery, agricultural machinery, material handling machinery, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increase in replacement activities of hydraulic hoses and fittings is a key factor driving market growth. In industrial machines, which need high speed, robust forces and excellent precision, pressure hoses, and fittings are essential components. They create low torque with extreme precision, maintaining the speed of machines. However, they need to be maintained regularly because of their chronic exposure to extremes in the environment. Sadly, most end-user industries are not complying with appropriate maintenance practices, which leads to equipment corrosion. Likewise, prolonged exposure to extreme temperatures or fluctuations in internal pressure can also cause damage. Therefore, hoses must be replaced periodically according to the manufacturer's recommendations to avoid accidents. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View FREE PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the hydraulic hose and fittings market: AB Volvo, Bailey International LLC, Bridgestone Corp., Caterpillar Inc., Dyna Flex Inc, Eaton Corp. Plc, Emerson Electric Co., Enerpac Tool Group Corp., Gates Industrial Corp. Plc, Komatsu Ltd., Kurt Manufacturing Co, Manuli Hydraulics Group, Nitta Industries Europe GmbH, NRP Jones, Parker Hannifin Corp., RYCO Hydraulics Pty Ltd., Transfer Oil Spa, Wipro Ltd., Yokohama Rubber Co. Ltd., and Continental AG
- Hydraulic Hose and Fittings Market is fragmented in nature.
- Market to observe 3.93% YOY growth in 2023.
Market Dynamics:
Major Trend
- Growth in unconventional exploration and production projects is a major trend in the market.
Significant Challenge
- The fluctuations in raw material prices of hydraulic hoses and fittings is a significant challenge restricting market growth.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
- The market share growth by the construction machinery segment will be significant during the forecast period. Construction machinery including excavators, compactors, concrete and cement machines, drilling rigs, and wheel loaders are commonly used in construction projects. Furthermore, growth in residential construction activity in North America, Europe, and APAC will be a key driver for this segment. A number of countries in Asia and the Middle East are also planning major construction projects expected to be funded by billions of dollars with a view to providing housing for an increasing population. In addition, smart cities will be developed in the future by emerging countries, such as India and Saudi Arabia. Hence, these factors are expected to drive segment growth during the forecast period.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Distribution Channel
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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