Automotive Turbocharger Hose Market Size

Automotive Turbocharger Hose Market Size

Automotive Turbocharger Hose Market size exceeded USD 2 billion in 2020 and is expected to grow at a CAGR of around 6% between 2021 and 2027. Implementation of stringent regulations and norms globally toward reduction of vehicular emissions and improvement of fuel efficiency in vehicles is likely to drive the industry growth.

Increasing infrastructural developments across the globe are fueling the demand for turbocharged commercial vehicles. Construction companies and contractors have diverted their focus toward adopting turbocharged vehicles to enhance productivity at construction sites and reduce operational time. Ongoing construction projects in China including South North water transfer project, Tianhuangping hydroelectric project, and Belt and Road Initiative will propel the adoption of construction equipment and commercial vehicles during the projected timeline. The acceptance of these vehicles will spur the market statistics of the aftermarket.

The usage of turbochargers by various automotive manufacturers to provide enhanced fuel efficiency is boosting the demand for automotive turbocharger hoses. Turbochargers enable automotive manufacturers to offer enhanced safety and improved performance at high elevations. Vehicle manufacturers focus primarily on introducing new turbochargers that are integrated with electrified engine technologies, contributing to the market growth. For instance, in October 2019, Garrett Motion launched a new automotive E-turbo turbocharger for passenger vehicles. This aided the company to further focus on integrating turbocharger hoses into the vehicles.
 

Industry challenges, such as rapid increase in the demand for electric vehicles globally, are hampering the market growth. The adoption of electric vehicles increased after several initiatives were taken by government authorities globally, in order to reduce their dependence on fossil fuels. Initiatives taken by government institutions providing incentives for use of zero-emission vehicles have increased the utilization of electric vehicles, impacting gasoline & diesel automobiles. A fall in the demand for ICE automobiles is anticipated to restrict the demand for ICE automotive turbocharger hoses.
 

The automotive turbocharger hose market witnessed low pace growth during the first two quarters of 2020 owing to the rapid spread of the COVID-19 pandemic. Stringent measures implemented toward virus containment adversely impacted the industry share. However, the market will observe a significant demand in 2021 on account of gradual leniency in the restrictions imposed by various governments.