EV Hoses Market is Forecasted to Reach US$ 14.7 Billion in 2030, Says Stratview Research

The global EV hoses market is projected to witness a growth rate of 12.6% annually from 2024 to 2030, with an anticipated size of US$ 14.7 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global EV hoses market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights

Segment Insights on the EV Hoses Market:

The global EV hoses market is segmented based on vehicle type, propulsion type, application type, material type, pressure type, end-user type, and region.

Based on vehicle type - The EV hoses market is segmented into light vehicles and commercial vehicles. Light vehicles are expected to remain the dominant vehicle of the market during the forecast period. 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.

Based on the propulsion type – The market is segmented into Hybrid and BEV. BEV is expected to remain the dominant type as well as anticipated to be the fastest-growing propulsion type in the market during the forecast period. BEVs are experiencing faster growth compared to hybrids 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.

Based on the application type – The EV hoses market is segmented into electric power steering & braking systems, basic thermal management hoses, complex thermal management hoses, and other hoses. Complex Thermal management hoses are anticipated to be the fastest-growing application type during the forecast period. 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.

Based on the material type – The EV hoses market is segmented into rubber, thermoplastics, and others. Rubber hoses are expected to stay the top material of the market during the forecast period. 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.

Based on the pressure type – The EV hoses market is segmented into low-pressure hoses, medium-pressure hoses, and high-pressure hoses. Low-pressure hoses are projected to hold a prominent position in the market during the forecast period. 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.

Based on the end-user type – The EV hoses market is segmented into OE and aftermarket. OE is expected to be the fastest-growing end-user of the market during the forecast period. 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.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that the Asia-Pacific is expected to remain the largest market for EV hoses during the forecast period. This growth outlook is majorly attributed to the following–

• 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.

EV Hoses Market Drivers:

Some of the key drivers listed in the report are given below.

·       Increasing EV adoption

·       The need for more efficient thermal management solutions in EVs, and innovations in EV design, such as more compact and efficient thermal systems

·       In addition to that, many governments are promoting the adoption of EVs through incentives and regulations aimed at reducing emissions

·       This increases the production of EVs, thereby boosting the demand for associated parts, including hoses

Top Companies in the EV Hoses Market:

Stratview Research has identified the following companies as the top market players.

• 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

What Deliverables Will You Get in this Report?

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Related Reports:

• Hoses Market
• Automotive Hoses Market

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