(MENAFN- GlobeNewsWire - Nasdaq) The growing global demand for fuel-efficient vehicles is anticipated to propel the expansion of the radiator hose market.Wilmington, Delaware, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Allied market Research published a report, titled, " Radiator Hose Market by Material Type (Silicon, Rubber and Others), Vehicle Type (Passenger Car and Commercial Vehicle), Sales channel (OEM and Aftermarket): Global Opportunity Analysis and industry Forecast, 2024-2033" . According to the report, the radiator hose market was valued at $3.2 billion in 2023, and is estimated to reach $4.0 billion by 2033, growing at a CAGR of 2.5% from 2024 to 2033.
Rising sales of passenger automobiles will be one of the key drivers of the radiator hose market in the coming years. The acquisition of luxury automobiles is on the rise as interest rates for car loans in countries such as the United States fall. Furthermore, SUV and crossover sales are increasing significantly in China and Europe. The increasing sales of passenger cars will drive the demand for coolant hoses, fueling market expansion. Processes and materials also play a significant role in market expansion .
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $3.2 billion |
| Market Size in 2033 | $4 billion |
| CAGR | 2.5% |
| No. of Pages in Report | 324 |
| Segments Covered | Material Type, Vehicle Type, Sales Channel and Region. |
| Drivers | Implementation of Stringent Emission Standards |
| Increased Emphasis on Vehicle Weight Reduction |
| Opportunities | Technological Advancements in Radiator Hose |
| Restraint | Need to select radiator hoses with a long shelf life and the necessity for proper storage facilities to prevent hose damage |
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By Material Type
The silicon segment is expected to grow faster throughout the forecast period.
By material type, the silicon segment is anticipated to experience faster growth in the radiator hose market due to the increased preference by automotive manufacturers for their ability to transport high-temperature fluids, compared to rubber hoses. Silicon hoses have several further advantages, including increased flexibility, noise and vibration management, weather resistance, and durability. These hoses can handle a wider range of temperatures, making them ideal for high-performance and heavy-duty applications. Their flexibility allows for easier installation and routing in complex engine compartments, reducing the risk of kinks and bends that can impede coolant flow.
Additionally, silicone's inherent resistance to UV rays, ozone, and other environmental factors ensures a longer lifespan and consistent performance under harsh conditions. The durability of silicone hoses also translates to lower maintenance costs and fewer replacements, providing long-term cost benefits to manufacturers and vehicle owners similarly.
By Vehicle Type
The passenger cars segment is expected to grow faster throughout the forecast period.
By vehicle type, the passenger cars segment is anticipated to experience growth in the radiator hose market, owing to electric vehicles (EVs) gaining significant traction, fueled by increasing environmental awareness and government incentives promoting cleaner transportation. Alongside this, the integration of advanced driver-assistance systems (ADAS) and autonomous driving technologies is becoming more common, enhancing safety and convenience for drivers.
By Sales Channel
The OEM segment is expected to grow faster throughout the forecast period.
By sales channel, OEMs hold the largest share of the global radiator hose market because the radiator hose is a critical component of the automobile, and no vehicle can function without it. Automotive manufacturers strive to develop innovative goods and technology that benefit the industry and improve vehicle performance. Flexibility enables the real contact ratio of non-metallic gears to exceed the ideal value, enhancing their performance under various operating conditions.
By Region
Asia-Pacific to maintain its dominance by 2033.
Region wise, Asia-Pacific is expected to maintain its dominance in the radiator hose market by 2033 owing to robust industrialization, infrastructural development, and growing investments in construction and manufacturing sectors. The growing need for fuel-efficient automobiles and lightweight automotive parts propels the industry forward. Furthermore, its high rate of vehicle production and sales. Rising demographics, urbanization, higher living standards, and increased disposable money are driving demand for new automobiles. Leading automotive manufacturers in the region invest extensively in research to produce advanced technologies and high-performance vehicles to meet customer demands and maintain market leadership.
Players
Dayco Goodyear Continental Tokyo Rub Hutchinson Motorcraft, Meyle Toyoda Gosai Mishi Moto AC Delco Spectre Crown and Omix - ADA Nufox
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The report provides a detailed analysis of these key players in the global radiator hose market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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