New York, USA, March 23, 2021 (GLOBE NEWSWIRE) -- A recent report by Research Dive states that the global vehicle exhaust hose market is predicted to see an increase in revenue from $590.3 million in 2019 to over $744.8 million in 2027 at a CAGR of 2.9%. The detailed report includes a glimpse into the current market scenario which includes restraints, growth factors, challenges, and other such market dynamics. The various opportunities in the market are also covered in the report along with updated market figures to help novice entrants understand it.
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Market Dynamics
When vehicles burn fuel, they release toxic gases and other substances. This usually is the case with vehicles that function on diesel and the same combustive gases can be harmful to a person’s health. These cases are usually found in workshops and garages when vehicles are repaired. The need to make these facilities safer for the employees has helped increase the demand for exhaust hoses in vehicles. This has in turn led to the growth of the market in the forecast period.
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With sustainability coming into question, many nations such as Germany, China, and the U.S. have been turning to electronic vehicles or EVs for transport purposes. The rising demand for these vehicles along with a steady economic slowdown may turn out to be a restraining factor for the vehicle exhaust hose market.
Automobile workshops require air purification which helps in making the area safer for the employees by filtering out toxic contaminants. This method of exhaust extraction is utilized in vehicular functions such as marine application, municipal vehicles, aircraft ventilation, diesel trucks, and heavy equipment. Additionally, advanced product developments have also created beneficial conditions for the global vehicle exhaust hose market in the forecast period.
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Segmental Analysis
According to the report, the vehicle exhaust hose market is divided into various segments based on, type, application, and regional analysis.
Single Layer Vehicle Exhaust Hose Segment will be the Most Profitable
Under the type segment the single layer vehicle exhaust hose sub-segment is predicted to witness a rise in revenue from $292.5 million in 2019 to over $377.7 million in 2027. This growth is credited to the use of fibreglass that is coated with silicone and is able repel external elements such as fungus, water, and alkali.
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Commercial Vehicle Sub-Segment Predicted to Generate Higher Revenue
Under the application segment, the commercial vehicle sub-segment is expected to see a significant rise in revenue of up to $446.1 million at a steady CAGR of 3.1% in the forecast period, 2020-2027. The requirement of an efficient exhaust system along with the need to protect the employees from unsafe fumes in the workplace has led to the market’s growth in the forecast period.
Regional Analysis
The North American region is predicted witness growth in revenue from $176.2 million in 2019 to over $211.2 million in the forecast period. This is due to the rising need for a more evolved exhaust removal system that will work harmlessly. This will allow the workers to follow their routines without worrying about their health.
Key Players of the Market
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.
For instance, in January 2019, Flexaust Inc, a well-known hose producer initiated its expansion into Burlington, North Carolina where they planned to upgrade the infrastructure and have a facility to create more advanced equipment.
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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