Global Brake Hose Market Size & Analysis - By Type (Rubber Brake Hose, Stainless Steel Hose), By Cord Type (Pet Cord, Carbon Fiber Cord, Para Aramid Cord, Others), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Brake Fluid Type (Hydraulic Break Fluid, Pneumatic Break Fluid), By End User (Automotive Vehicles, Locomotive Vehicles), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), Company Market Share Analysis, End-use Landscape, Vendor Landscape and Competitive Landscape - Forecasts To 2026
Global Brake Hose Market Insights:
The global brake hose market was estimated to generate revenue of USD 10.69 billion in 2018, and is projected to reach USD 20.52 billion by 2026. The growing demand for lightweight vehicles is projected to boost the market growth over the coming years. Increasing production of vehicles is also likely to propel the market growth over the forecast period. The market growth is also positively influenced by increasing demand for advanced braking system in automotive vehicles. The market is segmented on the basis of type, cord type, vehicle type, brake fluid type, and end user.
Based on the type, the global brake hose market can be segmented into rubber brake hose, and stainless steel hose. The rubber brake hose segment is estimated to hold the highest CAGR rate during the forecast period. The stainless steel hose segment is expected to hold the second largest market share in terms of revenue.
On the basis of cord type the brake hose market is segmented into pet cord, carbon fiber cord, para-aramid cord, and among others. The para-aramid cord segment was estimated to hold the largest market share by 2026. Also para-aramid cord segment was estimated to grow at the highest CAGR of 9.06% during the coming years.
Based on the vehicle type the global brake hose market is segmented into commercial vehicles, and passenger vehicles. The commercial vehicles segment was estimated to hold the largest market share by 2026. The passenger vehicle segment was estimated to grow at the highest CAGR of 10.33% during the coming years.
On the basis of brake fluid type, the global market for brake hose is segmented into pneumatic brake fluid, and hydraulic fluid. The hydraulic fluid segment was estimated to hold the largest market share by 2026. Also the hydraulic fluid segment was estimated to grow at the highest CAGR of 9.22% during the coming years.
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Based on the end user, the global brake hose market can be segmented into locomotive vehicles, and automotive vehicles. The automotive segment was estimated to hold the largest market share by 2026.
The Asia Pacific brake hose market is expected to dominate the global market. The revenue generated in the region was estimated to generate revenue of USD 3.28 billion in 2018, and is projected to grow to grow at the highest CAGR of 9.48% during the forecast period.
Global Brake Hose Market Drivers:
Growth in demand for lightweight vehicles:
Brake hoses are mechanical components, which transfer brake fluid from the master cylinder to brake wheel. Brake hoses are used to slow down the vehicles or come to a halt position. Brake hoses are made of rubber that are hard. With advancement of technology, brake hose has found applications in various end use industries such as automotive vehicles and locomotive vehicles among others. Lightweight materials such as magnesium, carbon fiber, aluminium composites, titanium, glass fiber, and high strength steel among others are used for manufacturing light weight vehicles. The automotive sector is one of the largest markets for brake hose products. The automotive industry is continuously looking for innovative materials to help reduce vehicle weight and achieve fuel efficiency and carbon emission targets. Fluctuating fuel prices and distance travelled is increasing, consumers are preferring better miles per gallon (mpg) and often consider gas mileage as a key factor while purchasing a vehicle. Automotive manufacturers, such as Chevrolet, BMW, McLaren, Mercedes-Benz, and Lamborghini among others are continually increasing the usage of composites in vehicles, as they aid in reducing the weight of the vehicles. A 10-kilogram weight reduction is estimated to save 1 gram of CO2 per kilometre. According to the US Department of Energy (DOE), reducing the weight of a vehicle by 10% yields a 6-8% rise in fuel economy.
Rise in demand for vehicles with advanced braking system:
Growing number of road accidents across the globe along with brake failure systems in automotive vehicles are increasing awareness among consumers regarding advanced braking systems. Automotive industries are installing advanced braking systems in vehicles. Advanced brake systems include technologies such as Traction Control System (TCS), Anti-lock Braking System (ABS), and Electronic Stability Control (ESC) among others. Advance braking systems helps drivers to have better control of a vehicle in some road conditions where hard braking may be necessary. Automotive electronic braking systems offer improved vehicle safety and require minimal maintenance. Anti-Lock Braking Systems (ABS) and the Innovative Electro Magnetic Braking System introduced by automotive OEMs have created breakthrough developments in the automotive industry.
Automated braking systems can help to minimize a crash by applying the brakes automatically, instead of the driver having to do it on their own. The major advantage of automated braking systems includes driver’s safety, insurance premium discounts and less damage to vehicles. Automatic braking systems also include other anti-crash technology, such as backup cameras, blind spot detectors, adaptive headlights, and lane departure warnings among others. According to data published by USA Today, nearly 1.9 million crashes are decreased in a year due to the new features of vehicles, which include automated braking systems.
Anti-lock braking system (ABS) prevents the wheels from locking up and avoid uncontrolled skidding of vehicles. ABS has four major components namely speed sensors, valves, electronic control unit and hydraulic control unit. Most of the new cars are equipped with ABS because it is considered as one of the most important safety features in cars. Asia Pacific region is expected to dominate the market, owing to low production cost and increasing demand of advanced braking system in countries like India, Japan and China. Presence of number of automotive manufacturing companies in the Asia Pacific region along with growing sales of cars in the region is expected to further boost market growth.
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The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Brake Hose Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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