REPORT OVERVIEW
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The global power steering pressure hose market size was 596 million in 2022. As per our research, the market is expected to reach USD 733.1 million by 2029, exhibiting a CAGR of 2.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
A power steering pressure hose is a critical component of a vehicle's power steering system. Its primary function is to transport hydraulic fluid (power steering fluid) under pressure from the power steering pump to the steering gear or rack, allowing for easier steering and maneuverability of the vehicle. They are typically made of high-quality, reinforced rubber or synthetic materials that can withstand the high-pressure hydraulic fluid used in power steering systems. The reinforcement provides strength and durability to handle the pressure.
The hose is equipped with fittings and connectors at each end to ensure a secure and leak-free connection between the power steering pump and the steering gear or rack. These fittings are often made of metal for durability. Power steering systems operate under high pressure to assist in turning the steering wheel with minimal effort. The pressure generated by the power steering pump is transmitted through the pressure hose to the steering gear, where it helps move the wheels.
COVID-19 IMPACT: Reduced Automotive Production resulted in Recession of the Market
COVID-19 had a life changing impact globally. The power steering pressure hose market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected.
The pandemic disrupted global supply chains, leading to delays in the production and delivery of automotive components, including power steering pressure hoses. Lockdowns, factory closures, and transportation restrictions in various regions disrupted the flow of raw materials and finished products. Many automotive manufacturers temporarily halted or significantly reduced their production in response to the pandemic. This decrease in vehicle production led to reduced demand for power steering pressure hoses, as they are closely tied to the automotive industry's health.
Economic uncertainties resulting from the pandemic may have affected consumers' willingness to spend on vehicle maintenance and repairs. Some vehicle owners may have postponed non-essential repairs, impacting the aftermarket demand for power steering hoses. The market is anticipated to boost the power steering pressure hose market share following the pandemic.
LATEST TRENDS
"Digitalization and Connectivity to Broaden Market Growth"
Connected vehicles and digital technologies are becoming more prevalent. While this primarily impacts electronics and software, it can influence the design and integration of power steering systems, which could indirectly affect pressure hoses. Modern vehicles are increasingly equipped with advanced driver assistance systems (ADAS) and autonomous features. Some of these systems rely on sensors and data from the power steering system. This integration could drive changes in power steering components, including pressure hoses.
Manufacturers are likely to continue researching and developing innovative materials and manufacturing techniques to improve the performance and longevity of power steering pressure hoses. These latest developments are anticipated to boost the power steering pressure hose market growth.
SEGMENTATION
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By Type
Based on type, the market is divided into High Pressure Hose and Low Pressure Hose.
By Application
Based on application, market is segmented into OEM and Aftermarket.
DRIVING FACTORS
"Automotive Industry Growth to Boost Market Share"
The overall growth and health of the automotive industry significantly impact the demand for power steering pressure hoses. As the production and sales of vehicles increase, so does the need for these components. Trends in vehicle production, such as the shift towards electric vehicles (EVs) and the increasing use of advanced driver assistance systems (ADAS), can affect power steering system requirements, potentially driving changes in pressure hose design and materials. As vehicles age, their power steering components, including pressure hoses, may require replacement or maintenance. The increasing average age of vehicles on the road can boost demand in the aftermarket segment.
"Consumer Preferences for Comfort to Boost Market Size"
Consumer preferences, including a growing interest in vehicle comfort and convenience features, play a role in the demand for power steering systems. A smooth and effortless steering experience is a key selling point for many vehicle buyers. Thus increasing routine maintenance and repairs of vehicles, including the replacement of worn or damaged power steering pressure hoses, to have a comfortable driving experience. This contributes to the demand for these components in the aftermarket. These factors are anticipated to drive the power steering pressure hose market share.
RESTRAINING FACTORS
"Advancements in Steering Technology to Hamper Market Share"
The growing popularity of electric vehicles, which often use electronic power steering systems, can reduce the demand for traditional hydraulic power steering components like pressure hoses. Innovations in steering technology, such as steer-by-wire systems, may reduce the reliance on hydraulic power steering components, affecting the market for power steering pressure hoses. Developing hoses that can withstand the demands of new vehicle technologies and systems, including advanced driver assistance systems (ADAS) and autonomous driving features, can be technically challenging and costly.
The rapid pace of technological change in the automotive industry can render existing power steering pressure hose designs and materials obsolete, necessitating costly updates and retooling. The factors are anticipated to hinder the growth of the power steering pressure hose market share.
REGIONAL INSIGHTS
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"Asia Pacific Holds the Major Share of the Global Market with Large Automotive Market"
China has the world's largest automotive market, both in terms of production and sales. Its robust automotive industry, driven by a growing middle class and strong domestic demand, has made it a major shareholder in the power steering pressure hose market. Many global automotive manufacturers have a significant presence in China. Japan is known for its high-quality automotive manufacturing and is home to several major automakers. Japanese companies are significant players in the power steering component market, which includes pressure hoses. South Korea is another Asian country with a prominent automotive industry.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Yokohama Rubber [Japan]
- Nichirin [Japan]
- Continental [Germany]
- Sumitomo Riko [Japan]
- Eaton [Ireland]
- Meiji Flow [Japan]
- Imperial Auto [India]
- Codan lingyun [China]
- Dayco Products [U.S.]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints and other. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 596 Million in 2023 |
Market Size Value By |
US$ 733.1 Million by 2029 |
Growth Rate |
CAGR of 2.9% from 2023 to 2029 |
Forecast Period |
2023-2029 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the Power Steering Pressure Hose market expected to touch by 2029?
The global power steering pressure hose market is expected to reach USD 733.1 million by 2029.
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What CAGR is the Power Steering Pressure Hose market expected to exhibit by 2029?
The Power Steering Pressure Hose market is expected to exhibit a CAGR of 2.9% by 2029.
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Which are the driving factors of the Power Steering Pressure Hose market?
Automotive Industry Growth and Consumer Preferences for Comfort are drivers of this Power Steering Pressure Hose market.
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Which are the top companies operating in the Power Steering Pressure Hose market?
Yokohama Rubber, Nichirin, Continental, Sumitomo Riko, Eaton, Meiji Flow, Imperial Auto, Codan lingyun and Dayco Products are key companies operating in the Power Steering Pressure Hose market.
