“The EV hoses market size was US$ 6.0 Billion in 2023 and is likely to grow at a strong CAGR of 12.6% in the long run to reach US$ 14.7 Billion in 2030.”
Market Dynamics
Introduction
EV (electric vehicle) hoses are used for controlling several operations, like cooling batteries, supplying fluids, and thermal regulation. Various factors have influenced the battery vehicle hoses market. Firstly, the rising EV uptake worldwide is a key factor since such vehicles need special hoses for cooling, fluid transfer, and thermal management to deliver their set performance and safety standards.
Second, the technological improvement of hose materials and innovative technologies, such as rubber compounds and silicone, aim to prolong the life of hoses, making them more flexible and efficient in performance. Also, strict emission control laws and policies that support the adoption of electric-powered vehicles create an environment that favors EV adoption; thus, demanding more parts such as hoses. In addition, sustained investments in the charging infrastructure and automotive manufacturing facilities also contribute to market growth, as automakers aim to address the increasing consumer and legislative expectations for low-emission and efficient mobility solutions.
Recent Acquisition:
A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:
- In August 2021, Danfoss, a Denmark company specializing in industrial equipment and solutions, purchased the hydraulics division of the US-based multinational corporation, Eaton Corporation Plc.
- In 2019 United Flexible was acquired by Smiths Group PLC and merged with the Flex-Tek Group. The US Hose portion of United Flexible was integrated with Titeflex.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Vehicle-Type Analysis
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Light Vehicles and Commercial Vehicles
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Light vehicles are expected to be the biggest demand generator in the coming years.
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Propulsion-Type Analysis
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Hybrid and BEV
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BEV is anticipated to contribute the largest share of the EV hoses market.
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Application-Type Analysis
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Electric Power Steering & Braking System, Basic Thermal Management Hoses, Complex Thermal Management Hoses, and Others
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Complex Thermal management Hoses are expected to dominate the market in the forecasted period.
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Material-Type Analysis
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Rubber Hoses, Thermoplastic Hoses, and Other Hoses
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Rubber hoses are expected to be the most preferred material in the market.
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Pressure-Type Analysis
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Low-Pressure Hoses, Medium-Pressure Hoses, and High-Pressure Hoses
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Low-pressure hoses are anticipated to have the highest market share of the EV hoses market.
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End-User Analysis
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OE and Aftermarket
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OE is expected to be the fastest-growing end-user of the market during the forecast period.
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Region Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is expected to maintain its reign over the forecast period.
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By Vehicle Type
“Light vehicles are expected to remain the dominant vehicle of the market during the forecast period.”
- The EV hoses market is segmented into light vehicles and commercial vehicles.
- The global push for electrification is particularly strong in the light vehicle segment, including passenger cars and small utility vehicles. This sector has been rapidly growing due to the rising adoption of electric cars by consumers and the substantial governmental support in the form of subsidies and incentives.
- Light electric vehicles have seen a more rapid adoption rate compared to their commercial counterparts due to factors like government incentives, consumer awareness, and technological advancements.
- Improvements in battery technology have led to longer driving ranges, faster charging times, and reduced costs. This makes EVs more practical and affordable for a broader audience.
- Most governments have policies that support the use of EVs and some even provide subsidies and rebates for users and manufacturers of LEVs which enhance the supremacy of these vehicles in the market.
By Propulsion Type
“BEV is expected to remain the dominant as well as anticipated to be the fastest-growing propulsion type in the market during the forecast period.”
- The market is segmented into Hybrid and BEV.
- BEVs are experiencing faster growth compared to hybrid due to the increasing focus on fully electric solutions and advancements in battery technology. Governments, consumers, and automakers are increasingly investing in BEVs as they align with goals for zero emissions and sustainability.
- BEVs are expected to be the fastest-growing segment in the future due to environmental regulations, technological advancements, government incentives, increasing consumer awareness, and significant investments by automakers.
- Many major automakers are shifting their focus toward BEVs, with plans to phase out internal combustion engines and increase BEV production. This strategic shift supports the expansion of BEVs and the associated components market.
- Emphasis on electric and hybrid automobiles has resulted in the development of hoses that can withstand high temperatures and pressures, stimulating the market.
By Application Type
“Complex Thermal management hoses are anticipated to be the fastest-growing application type during the forecast period.”
- The EV hoses market is segmented into electric power steering & braking systems, basic thermal management hoses, complex thermal management hoses, and other hoses.
- Thermal management hoses are important elements in controlling the overall temperature of the battery systems to avoid overheating and are essential for the efficient running of electric vehicles.
- The advancement of battery technologies and the increase in energy densities have necessitated more sophisticated cooling systems to effectively manage heat. High-performance electric vehicles with elevated power outputs and efficiency requirements demand these intricate cooling systems.
- Thermal management efforts enhance electric vehicle operation and safety to minimize the effects of thermal runaway.
- With an increasing interest in electric vehicles, the necessity of thermal management systems that are more intricate, such as cooling hoses, appears to call for attention to improve its performance as well as its driving range.
By Material Type
“Rubber hoses are expected to stay the top material of the market during the forecast period.”
- The EV hoses market is segmented into rubber, thermoplastics, and others.
- Rubber hoses provide flexibility and high tolerance making them suitable for use in multi-disciplinary EV applications such as coolant, fluid transfer, and thermal management.
- When compared with other materials, such as silicone or fluoropolymer, rubber is more affordable and can be used to achieve the required functionality within specific cost constraints.
- Rubber hoses can endure the high temperatures and pressure levels typically experienced in EV systems without being detrimental to performance or safety.
- Recent advancements in rubber types improve its properties, like elevated heat stability and durability, thus making it a more desirable material.
- Rubber is accessible and its sources are well established; automotive manufacturers are not likely to experience severe shortages of this material.
- The market for thermoplastic hoses is experiencing rapid expansion, driven by the growing demand for lightweight, high-performance, and environmentally sustainable materials in contemporary automotive applications, particularly within electric vehicles.
By Pressure Type
“Low-pressure hoses are projected to hold a prominent position in the market during the forecast period”.
- The EV hoses market is segmented into low-pressure hoses, medium-pressure hoses, and high-pressure hoses.
- Low-pressure hoses are commonly used in the basic thermal management systems of electric vehicles, such as coolant circulation and air conditioning, which are essential for all EVs.
- Many systems in EVs, especially those related to thermal management and fluid transfer, do not require high-pressure operations, making low-pressure hoses sufficient for these applications.
- The recent development in hose material and manufacturing technologies has enhanced the ability of low-pressure hoses to provide the required standard of performance as used in modern EVs.
By End-User Type
“OE is expected to be the fastest-growing end-user of the market during the forecast period.”
- The EV hoses market is segmented into OE and aftermarket.
- Original Equipment (OE) manufacturers bear the responsibility for the production and installation of hoses in new Electric Vehicles (EVs). With the continued global increase in EV production, there exists a sustained and notable demand for hoses from OE manufacturers.
- OE manufacturers often have established partnerships and long-term supply contracts with automakers, ensuring a steady demand for their products.
Regional Analysis
“Asia-Pacific is expected to remain the largest market for EV hoses during the forecast period.”
- The Asia-Pacific region holds the highest market share for electric vehicle sales based on increased customer appeal and favorable policies within the region. Countries like China and South Korea are leading the global EV revolution with significant production and sales volumes. This will fuel the demand for EV hoses during the forecast period.
- The region has several leading automotive manufacturers and as they invest in EV technology to meet the growing demand, the need for EV hoses also increases.
- Asian-Pacific countries’ governments provide considerable incentives and subsidies to buyers of EVs, thus increasing market potential and demand for EV components and hoses as well.
- The establishment of an EV charging station in the region accelerates the use of electric vehicles which in turn fosters demand for components such as hoses.
- Substantial supply chain and manufacturing infrastructure in Asia-Pacific presents the production of EV hoses as more cost-effective.
- The technological advancements in automotive components need the region to continue growing and supporting the development of complex hoses for electric vehicles.
Key Players
The market is highly fragmented. The following are the key players in the EV hoses market:
Here is the list of the Top Players (Based on Dominance)
- Gates Corporation
- Parker Hannifin Corporation
- Eaton Corporation
- Continental AG
- TI Fluid System
- Sumitomo Riko Company Limited
- Yokohama Rubber Company Limited
- Toyado Gosei Company Limited
- Cooper-Standard Automotive Incorporation
- Pirtek Limited
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global EV hoses market is segmented into the following categories.
EV Hoses Market, by Vehicle Type
- Light Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Commercial Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Hoses Market, by Propulsion Type
- Hybrid (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- BEV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Hoses Market, by Application Type
- Electric Power Steering & Braking System (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Basic Thermal Management Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Complex Thermal Management Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World
- Other Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Hoses Market, by Material Type
- Rubber Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Thermoplastic Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Other Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Hoses Market, by Pressure Type
- Low-Pressure Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Medium-Pressure Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- High-Pressure Hoses (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Hoses Market, by End-User
- OE (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Hoses Market, by Region
- North America (Country Analysis: USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, UK, and Others)
- Asia-Pacific (Country Analysis: China, Japan, India, and Others)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s EV hoses market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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- Detailed profiling of additional market players (up to three players)
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- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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