Nov 13, 2020, 08:31 EST
Shibuya-ku, Tokyo, Japan, Japan, Nov 13, 2020, 08:31 /Comserve / -- Global Hydraulic hose and fitting Market is valued approximately at USD 1346.69 million in 2018 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2019-2026.
Global Hydraulic hose and fitting Market is valued approximately at USD 1346.69 million in 2018 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2019-2026. Hydraulic hose fittings connect hoses to valves, pumps, cylinders and other components throughout a hydraulic system. Moreover, these secure connections help in direct flow of hydraulic fluid for maintaining pressure where it is needed. Rising demand for better infrastructure followed by growing demand for modernization are fueling the market growth. Expansion of hydraulic hose and fitting market can also be attributed through growing construction activity and growing agriculture sector. Agriculture machines including tractors, haying and other applications that employ hydraulic hose and fitting to perform various task for fluid conveyance.
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Hydraulic hoses are specially designed to transfer fluid to or among different hydraulic components such as actuators, valves and tools. In construction industry different heavy equipment such as Excavators, Loaders, Bulldozers are used. In construction industry, any machine with actuators attached to moving segments require flexible plumbing and that plumbing is hydraulic hose. Thus, increasing construction activities across the globe is booming the demand for different heavy-duty equipment hence contributing towards adoption of hydraulic hoses and fittings market. According to Statista the global construction spending amounted to USD 11.4 trillion in 2018 which is higher as compared to USD 10.9 trillion in 2017.
The increase in spending demonstrate the adoption of these construction machinery employing hydraulic hoses and fittings in their systems. Hence, with the tremendous increase in the use of construction equipment such as Crawler dozers, crawler excavators, aerial work platforms and wheel loaders in the construction industry is bound to increase the demand for hydraulic hoses and fittings market over the forecast period. However, strict government compliances are expected to hamper the market growth over the forecast period.
The regional analysis of global Hydraulic hose and fitting market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. is the leading/significant region across the world in terms of market share owing to the rising automotive and agriculture sector. Whereas, Europe is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as surging construction sector which includes both residential and commercial spaces along with investments made by the private organizations would create lucrative growth prospects for the Hydraulic hose and fitting market across Europe region.
Major market player included in this report are:
The Yokohama Rubber
Parker Hannifin Corp
GATES Corporation (acquired by Tomkins plc)
Eaton Corporation Inc
Ouya Hose Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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