Hose and fittings industry in India was till recently dominated by small and medium enterprises. The industry is yet to pick up momentum when it comes to technology adoption and innovative approaches. The small and traditional players seem speculative about adopting new innovations coming up in the global market. Cost may be a major factor that is preventing them to go in the path of modernization. The market is very conservative and many companies are hesitant to share the exact picture of business. Even the association for hydraulics industry doesn´t seem to be in favour of providing the supporting details of the market performance.
With the Indian market exposed more to the international market, the hydraulics sector needs to be more proactive to get it consolidated in the market place. India is already home to some of the major global players in this sector and more are trying to set base. The entry of many global players has helped to raise the bar for performance and has also helped in moving the technology in hose and fittings steadily towards high flexibility and compact design with longer flex impulse life going to a million cycles and beyond.
As per inputs the construction equipment market is the largest segment for hoses and fittings and the domestic market is relatively small compared to Europe, China or the US. However, all global major players are present in India leading to a very wide variety in standards and specifications and managing such a variety in smaller volumes has its own challenges. As the market grows, export of equipment from India is also expected to grow and this along with growth in different end market segments will open new opportunities to grow further.
With the construction, infrastructure and mining sectors are showing some momentum, the allied markets like hydraulic hose industry are expected to be on the growth mode. The most talked about government initiative ´Make in India´ will further push the growth prospects of this sector. Major global players are already started acting in this direction. However, the government needs to support the small and medium players to improve the quality, productivity and capability of these companies and help them become globally competitive.