The global automotive coolant hose market is expected to grow at a CAGR of close to 4% during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global automotive coolant hose market 2017-2021 under their automotive library. (Graphic: Business Wire)
The report categorizes the global automotive coolant hose market by application that includes passenger car and commercial vehicle. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing sales of passenger cars
The sale of passenger cars is highly correlated with the growth of the global automotive coolant hose market. The market for automotive coolant hose in the passenger cars segment accounted for close to 74% of the global automotive coolant hose market in 2016. Further, the global car sales increased in all regions in 2016 where SUVs and crossovers registered the highest sales growth in the Chinese and European passenger cars markets.
According to Keerthi Balu, a lead analyst at Technavio forautomotive components, “Although both SUVs and crossovers look similar, they are distinct in fuel efficiency and usability. Crossovers are more fuel-efficient when compared with SUVs as they are built from car frames and are considerably lightweight. The increase in car sales can be attributed to the lowering of interest rates of car loans in the US that has enabled consumers to buy larger and more expensive vehicles.”
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Market trend: manufacturing coolant hose adaptive to all types of coolants
Coolant hose manufacturers are developing coolant hose that is compatible with all types of coolant. At present, ethylene glycol-based coolant is used by most of the vehicles. However, there is an increasing adoption of propylene glycol-based coolants. These coolants are less toxic but are more expensive compared with ethylene glycol-based coolants. Propylene glycol-based coolants can be mixed with any other coolants without any side effect. Propylene glycol has better heat transfer and thermal conductivity properties. Furthermore, the viscosity of propylene glycol is higher than that of ethylene glycol.
Market challenge: rising preference for electric commercial vehicles in emerging countries
Fast-growing cities of emerging countries are among the worst affected by pollution. As a result, government bodies are adopting greener vehicles. China has improved its air quality by adopting various measures such as the promotion of R&D in electric vehicles and increasing the number of charging stations. Five out of the 30 most polluted cities worldwide are currently located in China.
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Some of the vendors in the market
- Gates
- Sumitomo Riko
- Eaton
- Continental
- Toyoda Gosei
The global automotive coolant hose market is highly competitive due to the presence of multiple suppliers operating in this market. The competitive environment in the automotive coolant hose market will further intensify with advances in technology, stringent emission norms, and OEMs' growing focus on reducing the weight of the vehicle. The global players dominate the automotive coolant hose market because of mass production facilities, direct relationships with OEMs, the quality of the products they produce, and their established distribution channels
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