New York, USA, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global vehicle exhaust hose market is anticipated to garner a revenue of $744.8 million and grow at a healthy CAGR of 2.9% during the estimated period from 2020-2027.
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Covid-19 Impact on the Global Vehicle Exhaust Hose Market
Likewise, with other industries, the outbreak of the Covid-19 pandemic has had a negative impact on the vehicle exhaust hose market. Due to stringent lockdowns and strict guidelines, there has been shutting down of many manufacturing companies for a longer period. This has badly impacted the production of vehicle exhaust hoses. This led to a straight decline in the growth of the market. However, various innovative initiatives by governments of many countries to support the automotive industry are further expected to amplify the growth of the market during the analysis timeframe.
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As per our analysts, with the increase in demand for adequate fume extraction systems across the automobile garages, the market is expected to grow exponentially during the forecast period. The increasing need for creating a healthy working environment in the automobile garages and workstations to restrict the carcinogenic factors for human health caused by the engine combustion process of diesel vehicles is the major factor expected to bolster the growth of the market over the forecast period. Besides, the novel product innovations across automotive industries are further expected to create massive growth opportunities for the vehicle exhaust hose market during the analysis period. However, the global economic slowdown may impede the growth of the market over the estimated timeframe.
Segments of the Global Vehicle Exhaust Hose Market
The report has been divided the market into different segments based on type, application, and region.
Type: Single Layer Sub-Segment to be Most Lucrative
The single-layer sub-segment is expected to garner $377.7 million and is expected to continue with steady growth over the forecast period. This is mainly due to the beneficial features of the single-layer type of global vehicle exhaust hose including great flexibility, robustness, and greater compressibility rate. In addition, the outstanding external abrasion resistance of these hoses due to being constructed with metal strips, coated steel wire, and the fabric is the major factor expected to augment the growth of the vehicle exhaust hose market sub-segment over the analysis timeframe.
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Application: Commercial Vehicle Sub-Segment to be Most Profitable
The Commercial vehicle sub-segment is anticipated to generate a revenue of $446.1 million over the forecast period. This is mainly because of the increasing developments of commercial operations in logistics, and extensively improving economies in the developing countries. Moreover, the increasing development and supply of advanced hose reels to eliminate the unsafe fumes from the workspace are further expected to foster the growth of the market sub-segment during the forecast period.
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Region: The North America Region to Have Vast Growth Opportunities
The North American region is predicted to garner a revenue of $211.2 million and is expected to hold the maximum market share during the estimated period. This is major because of the huge demand for innovative vehicle exhaust removal systems and stringent emission norms and regulations in this region. Furthermore, the growing research and development investment and business expansion by leading manufacturing companies of this region is further projected to drive the regional growth of the vehicle exhaust hose market throughout the analysis period.
Key Players of the Global Vehicle Exhaust Hose Market
1. Masterflex Group.
2. Air Cleaning Specialists, Inc.
3. Nederman Holding AB
4. Novaflex Group
5. Euovac
6. Flexaust Inc.
7. Precision Hose & Expansion Joints
8. BISCO Enterprise, Inc.
9. Dayco Products, LLC
10. KEMPER GmbH.
For instance, in December 2020, Eurovac, a specialist in dust and fume extraction systems, has launched an advanced fume extractor called Boxair, which is considered a perfect fume extractor. Boxair is a suitable option for facilities that need a continuous-duty fume extraction system at the workspace.
In addition, the report also summarizes other important aspects including SOWT analysis, the financial performance of the year, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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