The global vehicle exhaust hose market is projected to prosper tremendously by 2027 due to rising demand for adequate fume extraction systems in the automobile industry and growing product innovations. The commercial vehicles sub-segment is predicted to have a prominent growth rate due to huge expansion of the industrial sector. Market in the Asia-Pacific region is expected to witness a significant growth rate by 2027.
/EIN News/ — New York, USA, May 18, 2022 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global vehicle exhaust hose market is predicted to generate a revenue of $744.8 million by 2027 and grow at a stable CAGR of 2.9% over the forecast period from 2020-2027. The extensive report provides a concise layout of the vehicle exhaust hose market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2020-2027. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The large production of toxic gases and other pollutants via the engine combustion process by vehicles and the consequent need of fume extraction systems in automobile garages is the prime factor expected to drive the growth of the global vehicle exhaust hose market during the analysis timeframe. In addition, increasing cancer and other health risks for the workers in automobile garages is yet another reason to boost the market growth by 2027.
Opportunities: The rising innovative product launches by key market players along with strategic collaborations is the major factor anticipated to create ample growth opportunities for the global vehicle exhaust hose market during the forecast period.
Restraints: The growing preference for electric vehicles in countries like Germany, China, and the US is estimated to hinder the market growth.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a devastating impact on the global vehicle exhaust hose market, just like most industries. The rising number of Covid-19 cases across the world led to complete industrial shutdown that greatly reduced vehicle production. Since several manufacturing units of the automobile sector were shut by governments to curb the virus spread, the sales of vehicles also dropped significantly. Moreover, multiple vehicle exhaust hose manufacturers have geared up their research and development activities to implement further innovations and help the market revive its growth post the pandemic stress.
Segments of the Market
The report has fragmented the vehicle exhaust hose market into a few segments based on type, application, and regional analysis.
Type: Single Layer Sub-segment to be Highly Dominant
The single layer sub-segment of the global vehicle exhaust hose market is estimated to have a dominant market share and surpass $377.7 million by 2027 due to its key features like great flexibility, robustness, and high compressibility rate. Moreover, single layer type of exhaust hoses is mostly manufactured using silicone-coated fiberglass, which is highly resistant to fungus, water, alkali, etc. Additionally, the presence of prominent vehicle exhaust hose producers and their innovative offerings is also projected to bolster the sub-segment’s growth by 2027.
Application: Commercial Vehicles Sub-segment to be highly Lucrative
The commercial vehicles sub-segment is expected to have a noteworthy growth rate and garner a revenue of $446.1 million by 2027. The growth is mainly attributed to the major expansion of the industrial sector along with developments of commercial operations in logistics and improving economies across the world. Furthermore, several players in vehicle exhaust removal systems are planning to supply advanced hose reels to buses, trucks, and other large vehicles that mostly come under the commercial vehicles category. This factor is also estimated to propel the sub-segment’s growth by 2027.
Region: Asia-Pacific to Have the Fastest Growth Rate
The market in the Asia-Pacific region is anticipated to have a significant growth rate and surpass $199.9 million by 2027 due to rising environmental challenges prompted by toxic exhaust gases. In addition, governments of some Asian countries like china, India, Japan, etc. have implemented stringent emission rules to protect the environment and prevent large emissions of hazardous gases like CO. These factors are estimated to uplift the market growth in the Asia-Pacific region.
Major Market Players
Some major players of the vehicle exhaust hose market include
- Nederman Holding AB
- Dayco Products
- Masterflex Group.
- Air Cleaning Specialists, Inc.
- Novaflex Group
- Precision Hose & Expansion Joints
- BISCO Enterprise, Inc.
- Flexaust Inc.
- KEMPER GmbH.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in September 2021, JCB, a leading manufacturer of construction, agriculture, and waste handling equipment, announced the release of first Stage V reduced swing model in its existing X-Series crawler excavator line-up. The manufacturing company aims to offer operator comfort, productivity, stability, and serviceability with its new 245XR.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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Article originally published at https://www.einpresswire.com/article/572955737/vehicle-exhaust-hose-market-to-grow-by-2027-due-to-rising-demand-for-adequate-fume-extraction-systems-in-automobile-garages-product-innovations-by