Business

Analysis: How COVID-19 affect the growth of Vehicle Exhaust Hose Market

Global Vehicle Exhaust Hose Market Analysis:

In recent years, continuous developments are taking place in the vehicle exhaust extraction systems particularly in vehicle hoses sector. These hoses are mainly developed with a wide range of plastics & fabrics. In addition to this, global manufacturers of vehicle exhaust hoses including Masterflex Group., Nederman Holding AB, and others are offering advanced hoses that reliably discharge gaseous media at temperature up to 1,100 °C, which keep protected workers throughout the vehicle maintenance. Moreover, durability & robustness, better extraction efficiency, low maintenance cost, and notable longevity are some of the features of innovative vehicle hoses creating magnificent demand, which may ultimately drive the global market, in the coming years. On the other hand, the sustained economic slowdown in the global automotive industry is hampering the market growth of vehicle exhaust hoses. Furthermore, the rapid adoption and production of electric vehicles mainly in the U.S., China, and Germany may restrain the demand for vehicle exhaust hoses, which may further lead to restrain the global market growth, in the coming years.

The global vehicle exhaust hose market is estimated to be valued at $744.8 million by 2027, increasing from $590.3 million in 2019 at a CAGR of 2.9%.

Impact Analysis of COVID-19 on the Vehicle Exhaust Hose Market:

The coronavirus disease (Covid-19) outbreak has dramatically affected the vehicle exhaust hose industry worldwide. Fears of contracting the COVID-19 disease along with strict social distancing rules implementation by developed as well as developing nations in order to prevent the virus transmission has led to a dramatic fall in the demand for vehicles. Such factors have created a negative impact on the global vehicle exhaust hose market, during the crisis period. Though COVID-19 outbreak has created huge impact on the global market, government bodies across the globe are coming up with new strategy implementation to support the automotive industry. For example, in July 2020, The Italian Parliament introduced subsidies to combustion engine cars in order to help automotive industry nationwide. Similarly, Germany, France, Austria, and Spain also released stimulus packages to foster new car purchases and, as a result, the economy of the local automotive industry. Such government initiatives may further create enormous opportunities after the COVID-19 pandemic.

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Contrary to this, air quality in automotive workshops is a crucial necessity as air pollution creates a direct risk to workers and the environment. Garages and vehicle repair stations are mostly going for the adoption of vehicle exhaust hose systems as the perfect option. Therefore, significant companies are focusing mainly on manufacturing new and advanced products. For example, in February 2021, EuroVent, a wing of JohnDow Industries, Inc., announced the new product addition called ‘4- to 6-inch fixed motorized hose system’. This product was developed for vehicles such as heavy equipment, diesel trucks, military vehicles, aircraft ventilation, municipal vehicles, marine application vehicles, and others. This novel product development may further create enormous market opportunities in global vehicle exhaust market in future.

North America region for vehicle exhaust hose market generated a revenue of $176.2 million in 2019, and it is expected to reach up to $211.2 million by 2027. North American countries mainly Canada and the U.S. are majorly the hubs for latest technological advancements. Moreover, key companies operating the North America region are following business expansion to strengthen their presence into the international market. Several leading North American vehicle exhaust hose players are mainly emphasizing on strategic collaborations in the region. For example, in November 2019, ARI-HETRA, significant provider of exhaust extraction systems teamed up with MAHA USA, a key player in safety technology and workshop equipment for automotive, to develop, manufacture, and market heavy-duty truck maintenance shop equipment in the North American countries including Canada, and the U.S. Such strategic steps may foster the vehicle exhaust hose industry, in the region, throughout the analysis timeframe.

Asia-Pacific vehicle exhaust hose market generated a revenue of $151.3 million in 2019, and it is anticipated surpass $199.9 million by 2027. The key factors that contribute to the Asia Pacific vehicle exhaust hose market mainly include technical advancements and notable automobile production. Furthermore, low-cost labor, favorable working circumstances, and robust economic growth especially in the countries such as Japan, China, and India are creating favorable conditions for the market in the Asia-Pacific region.

Key Players

  • Masterflex Group.
  • Air Cleaning Specialists, Inc.
  • Nederman Holding AB
  • Novaflex Group
  • Eurovac
  • Flexaust Inc.
  • Precision Hose & Expansion Joints
  • BISCO Enterprise, Inc.
  • Dayco Products, LLC
  • KEMPER GmbH.

Porter’s Five Forces Analysis for Vehicle Exhaust Hose Market:

  • Bargaining Power of Suppliers: Vehicle exhaust hose market has a great concentration of distributors/suppliers and thereby, the distributors/supplier control is anticipated to be moderate, resulting in moderate negotiation power of dealers. Hence, the bargaining power of the supplier is Moderate.
  • Bargaining Power of Buyer: The global market for vehicle exhaust hose market is fragmented. Therefore, there is remarkable product differentiation found in the vehicle exhaust hose solutions. Hence, the negotiating/bargaining power of the buyer is High.
  • Threat of New Entrants: emerging companies are mainly preferring for numerous strategies like technological advancements, and collaborations to strengthen their position worldwide. Contrary to this, fixed high cost of advanced product is one of the major restraints for new player. Hence, the threat of the new entrants is Moderate.
  • Threat of Substitutes: There is no substitute product/service for the virtual fitness solutions. Thus, the threat of substitutes is Low.
  • Competitive Rivalry in the Market: Strong presence of innovation players such as Dayco Products, LLC, BISCO Enterprise, Inc., and KEMPER GmbH is creating huge rivalry in the global market. Also, elements such as high investments on research along with significant business expansion are also creating extreme rivalry in the market.
    Competitive rivalry in the market is High.

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