Automotive Turbocharger Hose Market size worth $3 Bn by 2027
Published Date: January 27, 2021 Authors: Preeti Wadhwani, Prasenjit Saha
Automotive Turbocharger Hose Market size is set to be over USD 3 billion by 2027, according to a new research report by Global Market Insights, Inc.
Rapid increase in the production of commercial vehicles in countries including Canada, France, Spain, and China will augment the industry share of the automotive turbocharger hose industry. As per the data published by Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2019, France accounted for 6.5% increase in the production units of commercial vehicles compared to 2018. Similarly, China witnessed an increase of 0.3% in production units of commercial vehicles in 2019.
The regulations imposed on vehicular emission will generate lucrative market growth opportunities. Furthermore, the growing market trend of enhancing and strengthening business operations is accelerating the automotive turbocharger hose market share.
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Analyst view: “Rising investments in R&D activities for improving the material quality of turbocharger hose will spur the market.”
One of the factors hindering the industry growth is frequent wear and tear of hoses. Turbocharger hoses get damaged after being used for a certain period of time. If the hoses are not replaced at regular intervals, they can cause safety issues and can pose a threat to the life of passengers. However, the upgrades in the component material will mitigate frequent wear and tear of the parts, contributing positively to the automotive turbocharger hose market demand.
The automotive sector witnessed decline in the first half of 2020 due to the spread of COVID-19 pandemic in several economies across the globe. Component suppliers and OEMs operating in the market have faced numerous challenges such as interruption of manufacturing processes and shortage of labors and raw materials. However, the economic revival along with the beginning of operations on a limited scale will propel the market size by 2021.
Increase in the sales number of LCVs will drive the demand for turbocharger hose
The Europe LCV segment valued at over USD 270 million in 2020 impelled by its applicability. The turbocharger hose functions efficiently at high degree temperatures and it promotes in developing clean efficiency. Long operating capacity of light commercial vehicles will fuel the automotive turbocharger hose market demand to ensure effective and efficient air or fluid transfer.
The increase in the sale of commercial vehicles in the U.S. will fuel the demand for automotive turbocharger hose. The increase in the production of light commercial vehicles in the U.S. will augment the regional industry growth.
Browse key industry insights spread across 200 pages with 304 market data tables & 23 figures & charts from the report, “Automotive Turbocharger Hose Market Size By Vehicle (PCV, LCV, HCV), By Fuel (Gasoline, Diesel), By Distribution Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Significant increase in the adoption of diesel-integrated vehicles
The Asia Pacific diesel segment captured more than 65% of the automotive turbocharger hose market share in 2020 and is anticipated to witness steady growth through 2027 owing to its high penetration in commercial vehicles. The integration of turbochargers into diesel engines increases efficiency by around 40%. Diesel fuel accommodates more energy in every gallon than gasoline, making it more economical and affordable. It also offers higher torque and efficiency, ensuring low fuel consumption and enhanced acceleration capacity. However, the diesel engines are phasing out in passenger vehicles due the ban imposed by government authorities on diesel engines, hampering the demand for automotive turbocharger hoses.
Increasing preferences towards modifying vehicles will boost the aftermarket segment growth
The North America aftermarket segment is poised to witness growth at around 4.5% during 2021 to 2027. Aftermarket channels primarily cater to the necessity for replacement of damaged or failed engine parts & components in vehicles. Aftermarket services also offer solutions for old engine components that need to be changed for improving the efficiency of vehicles. It caters to the aftermarket needs for integral components of engines and other vehicle parts, primarily in aging commercial vehicles.
The online aftermarket has gained a strong attraction from the past few years on account of reliable source of delivery. Major online portals, e-commerce companies, and websites offering automotive turbocharger hoses are providing prompt component delivery for aging vehicles with better pricing options. Online aftermarket companies providing automotive turbocharger hoses are mainly focusing on lower pricing options to attract consumers. The online distribution channel will boost the market revenue through 2027.
Increasing infrastructure development is supporting European market
The Europe automotive turbocharger hose market is likely to expand at over 5% CAGR during till 2027. The rising infrastructure development in the region is contributing the industry outlook. To carry out heavy operations at the construction sites, the demand for turbocharged commercial vehicles have increased. Furthermore, governments and respective authorities are taking initiatives and are investing to enhance the infrastructure facilities which drives the adoption of turbocharged heavy commercial vehicles.
Market leaders in automotive turbocharger hose market are focusing on new partnerships & collaborations to maximize their market share globally. For instance, in November 2019, Continental acquired thermoplastic specialist Merlett group. This assisted the company to offered combined product portfolio for rubber and thermoplastic hoses for agricultural, construction, transportation and food industries.
The key players manufacturing automotive turbocharger hose include Bugiad, Continental, Gates Corporation, MOTAIR Turbolader GmbH, Solvay, Turbonetics, Inc, Ferdinand Bilstein GmbH + Co. KG, Sumitomo Electric Industries, MEGAFLEX LIMITED and WACKER Chemie AG.