New York, USA, Aug. 16, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global vehicle exhaust hose market is estimated to garner a revenue of $744.8 million by 2027, at a CAGR of 2.9% during the forecast period (2020 to 2027). The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the surging demand for adequate fume extraction systems and the growing need for creating a safe & healthy working condition across workshops and automobile garages are the major factors predicted to propel the growth of the global vehicle exhaust hose market over the forecast period. Besides, the growing focus of leading companies on novel product innovations is expected to generate lucrative growth opportunities for the market by 2027. However, the economic slowdown in the automotive industries around the world is expected to hamper the market growth in the coming years.
Check out How COVID-19 impacts the Global Vehicle Exhaust Hose Market: https://www.researchdive.com/connect-to-analyst/8352
Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe has adversely affected the global vehicle exhaust hose market. This is majorly owing to the complete industrial shutdown to prevent the spread of the coronavirus which severely impacted the vehicle production. As the manufacturing units around the world have been shut down, the sales of vehicles have also dropped, which has negatively impacted the global market.
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Single Layer Sub-segment to be Witness Significant Growth
By type, the single layer sub-segment valued for $292.5 million in 2019 and is projected to observe fastest growth during the forecast period. The growth of single layer sub-segment is majorly attributed to its key features including high compressibility rate, great flexibility, and robustness. Besides, the presence of key players such as Novaflex Group, Masterflex Group, and BISCO Enterprise, Inc. and their innovative offering globally is progressively impacting the sub-segment’s growth.
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Commercial Vehicle Sub-segment to be Most Lucrative
By application, the commercial vehicle sub-segment is expected to account for $446.1 million by 2027, and observe substantial growth over the forecast period. The massive expansion of the industrial sector especially in the emerging markets including India, China, and Brazil, and key developments of commercial operations in logistics have hugely increased the demand for commercial vehicles. These factors are predicted to boost the sub-segment’s growth.
North America Region to Have Dominating Market Share
The stringent emission norms and the growing demand for innovative vehicle exhaust removal system, especially from the U.S. and Canada are factors driving the regional market growth. Besides, the existing vehicle exhaust hose manufacturers in the region are highly mainly focusing on business expansion and R&D investment, which is estimated to foster the growth of the North America region.
Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis.
1. Masterflex Group.
2. Air Cleaning Specialists, Inc.
3. Nederman Holding AB
4. Novaflex Group
5. Eurovac
6. Flexaust Inc.
7. Precision Hose & Expansion Joints
8. BISCO Enterprise, Inc.
9. Dayco Products, LLC
10. KEMPER GmbH.
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in February 2021, a division of JohnDow Industries, Inc., EuroVent Vehicle Exhaust Extraction added a new product to its offerings namely, ‘4”- 6” Fixed Motorized Hose Reel System.’ The latest system is developed for use with automotive vehicles, heavy equipment, diesel trucks, aircraft ventilation, marine applications, military vehicles, and municipal vehicles, among others.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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