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
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 JIC 74°Cone Flared Tube Fitting
Hydraulic Hose and Fittings Market is fragmented in nature.
Market to observe 3.93% YOY growth in 2023.
Growth in unconventional exploration and production projects is a major trend in the market.
The fluctuations in raw material prices of hydraulic hoses and fittings is a significant challenge restricting market growth.
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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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Market Segmentation by Distribution Channel
Drivers, Challenges, & Trends
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