WASHINGTON, Nov. 11, 2022 (GLOBE NEWSWIRE) — The global hydraulic hose market was $10.8 billion in 2021 revenue and is expected to exceed $14.5 billion by 2028, and the compound annual growth rate (CAGR) will be 5.1%. for the forecast period 2022-2028
Vantage Market Research’s analysis of the hydraulic hose market is very compelling. Our research shows that this market is expected to grow significantly in the coming years. This is due to a number of factors, including an increase in demand for construction and agricultural equipment, as well as an increase in the popularity of SUVs and light trucks that use hydraulic hoses in the market for various purposes.
Our analysts also believe that there are huge opportunities for new market entrants. This is because the current providers are largely uncoordinated and fragmented. Thus, there is an opportunity for new players to enter and market consolidation. This can lead to lower prices and better quality control for consumers. Despite the challenges of this growth scenario, including raw material costs and increased competition, we believe the global hydraulic hose market is poised for further expansion in the coming years.
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First, the industry is highly competitive, with low barriers to entry and multiple players. This makes it difficult for any one company to gain significant market share. In addition, the hydraulic hose market industry is cyclical, which means that demand fluctuates greatly from year to year. This can make it difficult to manage inventory and forecast future demand. Finally, the cost of raw materials has risen in recent years, reducing margins and putting pressure on margins. These trends highlight the need for companies in the hydraulic hose market to be flexible and adaptable in order to survive and thrive.
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According to new research by Vantage Market Research, Western Europe is expected to become the third largest market for hydraulic hoses. The region is projected to grow at a CAGR of 4.8% per annum from 2022 to 2028.
North America is expected to remain the largest market for hydraulic hoses during the forecast period. The region is a well-established manufacturing base for hydraulic equipment and components suppliers in the US and Canada. This provides producers operating in the region with easy access to raw materials and skilled labor. In addition, the strong presence of key players in North America is driving the further growth of the hydraulic hose market in this region.
The United States is the world market leader in hydraulic hoses, accounting for over 35% of demand. The country is also the largest market in North America. Growth in construction and manufacturing in the region is driving demand in the North American hydraulic hose market. Canada is projected 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 expected to grow rapidly due to increased government spending on infrastructure. This will lead to an increase in demand for excavators, loaders and other construction equipment using the hydraulic hose market.
Browse 144 pages of market data tables and figures and dive deeper into the table of contents of the 2022-2028 Hydraulic Hose Market Forecast Report.
The top 10 players in the hydraulic hose market account for less than 30% of the total market revenue. This is due to the fragmented nature of the industry, with a large number of SMEs accounting for the remaining 70% of market revenue. According to Vantage Market Research, Eaton, Parker Hannifin Corporation, Continental AG, Gates Corporation and Coulter Manufacturing Company are among the top five players in the global hydraulic hose market.
Consolidation in the hydraulic hose market is driven by weaker demand from end-use industries such as construction and mining, resulting in low capacity utilization and increased pressure on margins. The industry is also consolidating through mergers and acquisitions (M&A). For example, in October 2022, Kurt Hydraulics acquired the hydraulic hose business from Dayco Hydraulics. This acquisition helped Kurt Hydraulics become one of the largest players in the North American market. In March 2022, Hydraquip Hose & Hydraulics Ltd and Hoses Direct Ltd were acquired by Finning International for US$74 million.
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As the market demand for hydraulic hoses continues to grow, there will be more opportunities for those interested in entering this market. There are many different ways to get involved in the industry, including manufacturing, distribution, and installation. There is also a growing demand for after sales services such as repairs and maintenance. With so many different options, there is sure to be something that meets the needs and interests of consumers.
The market demands hydraulic hoses that can withstand high pressures and extreme temperatures. This means that the hose industry is constantly in need of innovation. New materials and technologies are constantly being developed, opening up opportunities for those who are willing to devote time and resources to research and development in the hydraulic hose market.
At Vantage Market Research, we conduct quantitative, B2B, high-quality research on over 20,000 emerging markets, helping our clients map out a range of business opportunities. As a market research and competitive intelligence consulting firm, we provide our client companies with end-to-end solutions to achieve their key business goals. Our client base includes 70% of Fortune 500 companies worldwide.
Post time: Jan-19-2023