A new study by Technavio has found the global hydraulic hose and fittings market is expected to grow by USD $399.61 million, over the course of the next four years. Healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 4%.
The hydraulic hose and fittings market is driven by the mechanization of agriculture and growth in the agriculture machinery market. In addition, the increase in replacement activities is anticipated to boost the growth of the hydraulic hose and fittings market.
The growing global demand for food has led to the mechanization of traditional agricultural processes to scale up overall production. This has increased the adoption of various agricultural machineries such as tractors, automatic seed dispensers, and harvesting machines. In addition, technological innovations and the rise in per capita income of farmers in developed economies have further increased the affordability and adoption of agricultural machinery. All these factors are contributing to the growth of the global hydraulic hose and fittings market.
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Image credit: Technavio