LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global hydraulic hoses and fittings market is expected to grow at a CAGR of close to 5% during the forecast period.
This research report titled ‘Global Hydraulic Hoses and Fittings Market’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Gaurav Mohindru, a lead analyst at Technavio for engineering tools research, “Increasing activities in construction, the rise in demand for agriculture products and growth in the automotive, manufacturing industries, and aerospace sectors is expected to propel the demand for the hydraulic hose and fittings.”
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The market research analysis categorizes the global hydraulic hoses and fittings market into three major end-user segments. They are:
- Construction equipment
- Agriculture equipment
- Material handling equipment
With the urbanization of cities, the growing needs of the swelling population demand better infrastructure and facilities. The rise in the construction of roads, residential buildings, healthcare centers, and educational institutions will create more demand for construction equipment.
Construction equipment includes various types of machinery that is used in mining, building construction, earthmoving applications, and other diverse applications. This equipment includes dump trucks, excavators, mini excavators, wheeled loaders, motor graders, etc. The growth of the global hydraulic hose and fittings market is directly proportional to the rise in the demand for construction equipment.
The growth in the agriculture sector is mainly driven by an increase in the production output of developing nations like India, China, and Brazil. These emerging economies are continuously promoting mechanization of the agriculture sector to increase the product yield and minimize the gap between demand and supply. The expansion of the population and rise in the economic condition of these countries is expected to drive the market for agriculture equipment.
Tractors, combined harvesters, tillers, and haying machines are some of the machinery that are used in the agriculture sector. Among these, tractors hold most of the market share as they are used in varied applications. All these machineries employ hydraulic systems to perform different tasks, and these hydraulic systems consist of hoses and fittings for fluid conveyance.
Material handling equipment
APAC is expected to observe the highest growth among rest of the regions. China and India are the major countries that are going to propel the demand for the material handling equipment market in the region. The higher growth in these countries is mainly due to increased manufacturing output, which is expected to boost the demand for machines and will facilitate production and distribution. Industrial trucks and lifts are one the largest segments of the material handling equipment market.
“The growth of the manufacturing and construction sectors is expected to have a positive impact on the material handling industry, which, in turn, will drive the global hydraulic hose and fittings market during the forecast period,” says Gaurav.
The top vendors highlighted by Technavio’s heavy industry market research analysts in this report are:
- Parker Hannifin
- Gates Corporation
- Manuli Hydraulics
- THE YOKOHAMA RUBBER
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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