As stated in our extensive report; the Global Hydraulic Hose Market accounted forUSD 10.8 Billionin 2021.
The rising demand for construction equipment, the flourishing automobile sector, and the demand for smaller and more energy-efficient hydraulic machines are all contributing to the expansion of the Hydraulic Hose market. Increased demand for food products and a growing population are resulting in the adoption of the latest agriculture machinery worldwide and, for the most part, in regions like the U.S., China, India, and Australia. Additionally, the surging modernization of agriculture practices supports the development of agriculture equipment and machinery. This, in turn, is ultimately blowing the hydraulic hose market growth.
Key factors influencing Hydraulic Hose Market Growth
The growth of the global Hydraulic Hose market can be attributable to the following:
- The surge in requirement for Hydraulic Hose in wide-ranging industries such as agriculture, mining, etc., and mounting construction activities are driving the expansion in this market.
- Increasing construction activities that drive high demand for hydraulic equipment worldwide will propel the market demand for Hydraulic Hose in the coming years.
- Expanding the use of Hydraulic Hose in the military and industrial sectors will increase product demand, fuelling the market growth in the future.
- Hydraulic Hose benefits various industries by being cost-effective, easy to route and install, capable of absorbing shock and vibration better, dampening pressure surges, and others.
- The ongoing technological advancements and the increased research & development activities by market players will likely provide growth prospects for the Hydraulic Hose market in the forecast period.
On the other hand, the stringent environmental rules and regulations regarding the manufacturing of Hydraulic Hose are restraining factors that might hinder the Hydraulic Hose market growth in the future.
North America Region to Capture the Market
North Americaholds the most considerable market revenue in theHydraulic Hosemarket and is projected to continue during the forecast period. This surge is due to the growth in demand for industrial hoses in the region of the United States. Also,the expansion in agricultural activities in developing areas ofNorth Americais likely to drive the market growth of Hydraulic Hose. Moreover,the giant oil exploration and industrialization will fuel this region's Hydraulic Hose market growth.
As per our recent study, the augmentation of the agriculture sector impacts the demand for Hydraulic Hose, which has positively influenced the overall Hydraulic Hose market sales.
Some of the key players in the Global Hydraulic Hose Market include- Parker Hannifin Corp, Eaton Corporation, Bridgestone Corporation, Gates Corporation, RYCO Hydraulics, ContiTech AG and others.