What is Global Power Steering Hose Market?
The Global Power Steering Hose Market is a vast and dynamic sector that plays a crucial role in the automotive industry. Power steering hoses are integral components of a vehicle's power steering system, which assists in easy maneuvering and control of the vehicle. These hoses are designed to withstand high pressure and temperature, ensuring the smooth functioning of the power steering system. The global market for these hoses is quite substantial, with a valuation of US$ 596 million in 2022. The market is projected to grow at a steady pace, reaching an estimated value of US$ 648.6 million by 2029. This growth is driven by the increasing demand for vehicles, advancements in automotive technology, and the need for efficient power steering systems. However, the market is also characterized by intense competition, with the top three players accounting for about 60% of the global market share.
High Pressure Power Steering Hose, Low Pressure Power Steering Hose in the Global Power Steering Hose Market:
In the Global Power Steering Hose Market, there are two main types of hoses - High Pressure Power Steering Hose and Low Pressure Power Steering Hose. High Pressure Power Steering Hoses are designed to withstand high pressure and are primarily used in the hydraulic power steering system. These hoses are the dominant type in the market, accounting for about 55% of the market share. On the other hand, Low Pressure Power Steering Hoses are used in the return line of the power steering system. These hoses are designed to carry the fluid back from the steering gear to the pump. Despite their crucial role, they hold a smaller share in the market compared to their high-pressure counterparts. The market for these hoses is influenced by various factors such as the type of vehicle, the complexity of the power steering system, and the quality of the hoses.
OEM, Aftermarket in the Global Power Steering Hose Market:
The Global Power Steering Hose Market caters to two main areas - OEM and Aftermarket. Original Equipment Manufacturers (OEM) are the primary consumers of power steering hoses, holding about 85% of the market share. These manufacturers incorporate the hoses during the production of new vehicles. The demand in this segment is driven by the production of new vehicles and advancements in automotive technology. On the other hand, the aftermarket segment involves the replacement of power steering hoses in existing vehicles. The demand in this segment is driven by the wear and tear of the hoses, the need for vehicle maintenance, and the replacement of faulty hoses. Despite its smaller share, the aftermarket segment plays a crucial role in the market, ensuring the longevity and efficiency of the power steering system in vehicles.
Global Power Steering Hose Market Outlook:
The global Power Steering Hose market, valued at US$ 596 million in 2022, is expected to grow to US$ 648.6 million by 2029, marking a Compound Annual Growth Rate (CAGR) of 1.2% during the forecast period of 2023-2029. The market is dominated by three major players who collectively hold approximately 60% of the global market share. The High Pressure Power Steering Hose is the most popular type, accounting for about 55% of the market. The majority of these hoses are used by Original Equipment Manufacturers (OEM), who hold about 85% of the market share.
| Report Metric | Details |
| Report Name | Power Steering Hose Market |
| Accounted market size in 2022 | US$ 596 in million |
| Forecasted market size in 2029 | US$ 648.6 million |
| CAGR | 1.2% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Yokohama Rubber, Nichirin, Continental, Sumitomo Riko, Eaton, Meiji Flow, Imperial Auto, Codan lingyun, Dayco Products |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
