The European hydraulic hose market is projected to grow at a at a CAGR of 4.8% CAGR during the forecast period (2020-2026). The market growth is mainly driven by the growing construction activities in various countries such as UK, Germany, France, Italy, Spain, and others. Germany is estimated to contribute significantly to the European hydraulic market over the forecast period owing to significant growth in the building & construction industry across the country. Major market players in the market have been making a strong effort in implementing and improving technology in the construction sectors. The major challenge within the German market is standardization, due to the fact that the construction sector is quite fragmented. The German government and the major industry associations take significant and joint efforts to support standardization.
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Europe has a well-developed construction industry which will aid to propel the hydraulic hoses industry during the forecast period. As per the European Commission, the construction sectors offer 18 million direct jobs in the EU and contribute 9.0% to the GDP every year. Modest growth in the construction sector has been witnessed in the recent past in the region. For instance, in Germany, overall growth of 9.3% has been registered in 2015-2020 and reach around $580 billion in 2018. It was 52.5% higher as compared to the 2010 levels of the country.
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European hydraulic hose Market – Segmentation
By Product Type
- Articulated
- Reinforced
- Coiled
- Other (Corrugated)
By Industry
- Agriculture
- Construction & Mining
- Manufacturing
- Others (Pharmaceuticals)
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