Vehicle exhaust hose market is expected to grow by 2030 due to the rising demand for efficient fume extraction systems. Single layer sub-segment is predicted to be the most lucrative. Market in North America to be the most dominant.
NEW YORK, Aug. 8, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, ‘Vehicle Exhaust Hose Market by Type (Single Layer, Double Layer, and Three Layer), End-use (Passenger Cars and Commercial Cars), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2030.’
As per the report, the global vehicle exhaust hose market is predicted to grow at a stable CAGR of 4.0% in the 2021-2030 timeframe, thereby garnering $760.6 million by 2030.
Dynamics of the Vehicle Exhaust Hose Market
Drivers: Increasing demand for efficient fume extraction systems across different automobile repair shops is expected to be the primary growth driver of the vehicle exhaust hose market in the forecast timeframe. In addition to this, innovations in the field of manufacturing of vehicle exhaust hose industry is predicted to push the market forward in the 2021-2030 period.
Opportunities: Rapid growth in the automobile sector is anticipated to offer numerous growth opportunities to the vehicle exhaust hose market in the forecast period. Furthermore, growth in demand for efficient fume extraction systems is expected to augment the growth rate of the market.
Restraints: Rise in demand for electric vehicles, however, may dampen the growth rate of the market.
Impact of Covid-19 on the Vehicle Exhaust Hose Market
The Covid-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. The lockdowns have worsened the situation as they have completely disrupted the global supply chains, both- supply-side and demand-side, thereby altering and adversely affecting the business and production cycles of several industries. The vehicle exhaust hose market is no exception to this phenomenon. All the aforementioned factors had disastrous effect on the automobile manufacturing industry which, in turn, severely impacted the vehicle exhaust hose market.
However, increasing investments in the R&D sector of the vehicle exhaust hose industry and government initiatives to bail out the automobile manufacturing industry are expected to boost the market in the coming years.
Segments of the Market
The report has divided the vehicle exhaust hose market into different segments based on type, end-use, and region.
- By type, the single layer sub-segment is predicted to have a dominant market share by 2030. The single layer exhaust hose is known for its strong flexibility, robustness, and compressibility rate. Moreover, this type of exhaust hose is known to be resistant to chemicals, water, fungi, etc. All these factors have led to an increase in demand for single layer exhaust hose which is predicted to boost the sub-segment in the coming period.
- By end-use, the commercial cars sub-segment is anticipated to become the most lucrative sub-segment. Increasing industrialization and urbanization has led to an increase in demand for commercial cars which is predicted to boost the sub-segment in the forecast period.
- By regional analysis, the vehicle exhaust hose market in North America region is expected to be the most dominant. The strict regulations put by some of the governments in this region, especially US and Canada, are predicted to boost the demand and growth of vehicle exhaust hose market.
Significant Vehicle Exhaust Hose Market Players
The significant players of the vehicle exhaust hose market are
- Masterflex Group
- Novaflex Group
- BISCO Enterprise, Inc.
- Air Cleaning Specialists, Inc.
- Eurovac, Dayco Products
- LLC
- Nederman Holding AB
- Flexaust Inc.
- KEMPER GmbH
- Precision Hose & Expansion Joints
These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.
For instance, in September 2021, Nelson Global Products Inc., a global leader in thermal management and fluid mechanics solutions designing, announced the acquisition of Tru-Flex LLC, a manufacturer of high-quality exhaust systems. This acquisition is expected to help Nelson Global Products Inc. to increase its foothold in the vehicle exhaust hose market in the near future. Inquire here to get access for the key manufacturers’ development strategic report
The Research Dive report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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