The Vehicle Exhaust Hose Market Projected to Grow at a CAGR of 4.0% and Generate a Revenue of $760.6 million by 2030Download Sample Reports Overview
The global vehicle exhaust hose market is predicted to be valued at $760.6 million by 2030, surging from $525.4 million in 2021, at a noteworthy CAGR of 4.0%.
Impact Analysis of COVID-19 on the Vehicle Exhaust Hose Market
The worldwide crisis and commercial uncertainty brought by the COVID-19 pandemic slowed down growth of several sectors. The pandemic had a significant impact on the global economy. The automobile industry was majorly affected during the pandemic due to reduced demand for passenger as well as commercial vehicles. Due to government restrictions such as social distancing, lockdown, and shutdown of industries around the globe, revenue growth of vehicle exhaust hose market was hampered. This further affected demand for vehicle exhaust hose. Moreover, restrictions on import-export, availability of raw materials, and traveling restrictions led to supply chain disruption, which affected the vehicle exhaust hose demand. All these factors negatively impacted revenue growth of the global vehicle exhaust market size.
However, several initiatives taken by the U.S. Government are helping manufacturing industry in the region to recover from epidemic. For instance, Government of the U.S. announced bailout package for automobile manufacturing plants and also introduced the Payroll Protection Act for helping small and medium scale industries during the COVID-19 pandemic.
Global Vehicle Exhaust Hose Market Analysis
Vehicle exhaust hose system is used to protect workers working inside automobile garages from harmful exhaust fumes. Vehicle exhaust hose is a pipe which is used to remove hazardous pollutants and fumes from vehicles engines. It is important to remove vehicle exhaust fumes from automobile garages as it contains highly toxic carbon monoxide which is harmful for human health. Owing to this, vehicle exhaust hose system is mainly used in automobile garages and repair centers, so mechanics can effectively work in safe and healthy environment. Harmful & polluted working environment leads to reduced productivity as well as increases sick leaves. These are some major factors anticipated to boost the global vehicle exhaust hose market growth during the analysis timeframe.
However, rising demand for electric vehicles (EVs) particularly in India, China, Japan, and the U.S. is anticipated to reduce demand for vehicle exhaust hose, which is expected to impact the global market share, throughout the forecast period. For instance, on November 15, 2021, the U.S. Government passed the Bipartisan Infrastructure law which contains funding for providing infrastructure required for EVs. This factor is projected to restrain global vehicle exhaust hose market growth.
The emissions from cold start engine can reach toxic level in less time within closed environment. Continuous exposure to such exhaust fumes can lead to severe health issues over time. As a result, whenever combustion engine vehicles are used indoors such as at vehicle workshop, efficient exhaust extraction system is required to keep people safe and vehicles in good working condition. When a diesel vehicle’s engine burns fuel, the diesel exhaust is created, which may be easily found in any vehicle servicing and repair shop. It is a complex combination of thousands of gases and particulates matter that contain various harmful air pollutants. Among these, there are a number of compounds that are known or suspected to be carcinogenic. Other dangerous pollutants, such as nitrogen oxide, are also present. Employees will have a safe working environment, facility maintenance will be minimized, and there will be less risk of harm to sensitive electronic equipment if an effective vehicle exhaust unit is attached to the vehicles. These aspects are anticipated to drive the vehicle exhaust hose market revenue growth in the upcoming years.
Global Vehicle Exhaust Hose Market, Segmentation
The global vehicle exhaust hose market is segmented based on type, end-use, and region.
The vehicle exhaust hose type segment is further classified into single layer, double layer, and three layer. Among these, the single layer exhaust hose is anticipated to have a dominant market share and surpass $389.4 million by 2030, with an increase from $262.5 million in 2021. The single layer exhaust hose is used for removing exhaust fumes from automobile repair center. This is mostly owing to advantages of single-layer vehicle exhaust hoses, which include increased flexibility, resilience, and compressibility rate. Furthermore, as they are made using coated steel wire, fibers, and metal strips, these hoses have excellent external abrasion resistance capacity, which is anticipated to boost revenue growth of the single layer sub-segment over the forecast period.
The end-use segment is further classified into passenger cars and commercial cars. Among these, the commercial cars sub-segment is anticipated to have a dominant market share and shall surpass $459.4 million by 2030, with an increase from $311.5 million in 2021. Rapid growth in industrialization and expansion of the logistics sector in developing countries are driving demand for commercial vehicles. Moreover, major players in vehicle exhaust hose market trends are focusing on providing new design and solution to buses, trucks, and other vehicles. For instance, the world’s biggest commercial vehicle manufacturer, Mercedes-Benz, installed vehicle exhaust hose in Mercedes-Benz facility in Turkey to protect their workers from harmful exhaust fumes.
The Asia-Pacific vehicle exhaust hose market is projected to show fastest growth in the forecast time. This region’s market generated a revenue of $136.2 million in 2021 and projected to reach up to $207.4 million by 2030. Due to rise in demand for vehicles in Asia-Pacific region due to its high population rate, there has been an increase in demand for advanced vehicle exhaust hose systems. As a result, automobile repair shops and workshops are increasing in this region, to protect their workers from harmful vehicle engine fumes. Thus, the automobile garages in this region are now focusing on using vehicle exhaust hose systems. This factor is anticipated to increase demand for vehicle exhaust hose in the Asia-Pacific region.
Key Players in the Global Exhaust Vehicle Exhaust Hose Market
Some of the leading vehicle exhaust hose market players are
- Masterflex Group.
- Air Cleaning Specialists, Inc.
- Nederman Holding AB
- Novaflex Group
- Flexaust Inc.
- Precision Hose & Expansion Joints
- BISCO Enterprise, Inc.
- Dayco Products, LLC
- KEMPER GmbH.
For instance, the leading exhaust manufacturer Nederman, updated their dust collector and fume extractor with latest nanofiber filter and expanded polytetrafluoroethylene (ePTFE) technology.