New York, USA, November 22, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global vehicle exhaust market should generate a turnover of $ 744.8 million and grow at a healthy 2.9% CAGR over the estimated period of 2020 to 2027.
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Impact of Covid-19 on the Global Vehicle Exhaust Pipe Market
Likewise, along with other industries, the outbreak of the Covid-19 pandemic has had a negative impact on the vehicle exhaust pipe market. Due to strict closures and strict guidelines, many manufacturing companies have closed their doors for a longer period. This had a negative impact on the production of vehicle exhaust pipes. This has led to a direct decline in market growth. However, various innovative initiatives by the governments of many countries to support the automotive industry are expected to further amplify the market growth during the analysis period.
Discover the impact of COVID-19 on the Global Vehicle Exhaust Pipe Market: https://www.researchdive.com/connect-to-analyst/8352
According to our analysts, with the increasing demand for adequate smoke extraction systems in auto garages, the market is expected to grow exponentially during the forecast period. The growing need to create a healthy working environment in car garages and workstations in order to limit carcinogenic factors to human health caused by the combustion process of diesel vehicle engine is the main factor that is expected to drive the growth of the market. market during the forecast period. Furthermore, new product innovations in automotive industries are further expected to create massive growth opportunities for the Automotive Exhaust Pipes market during the analysis period. However, the global economic slowdown may hamper the market growth over the estimated period.
Global Vehicle Exhaust Pipe Market Segments
The report has divided the market into different segments based on type, application, and region.
Type: single layer sub-segment to be the most lucrative
The single-layer sub-segment is expected to bring in $ 377.7 million and is expected to continue to grow steadily during the forecast period. This is mainly due to the advantageous characteristics of the single-layer type of overall vehicle exhaust pipe, including high flexibility, sturdiness and higher compressibility rate. In addition, the outstanding external abrasion resistance of these pipes due to their construction with metal bands, coated steel wire and fabric is the major factor expected to increase the growth of the pipe market sub-segment. vehicle exhaust during the analysis period.
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Application: Commercial Vehicle Sub-Segment Must Be Most Profitable
The commercial vehicles sub-segment is expected to generate sales of $ 446.1 million during the forecast period. This is mainly due to the increasing development of business operations in the field of logistics and the considerable improvement in economies in developing countries. Moreover, the increasing development and supply of advanced hose reels for removing hazardous fumes from the workspace is further expected to promote the growth of the market sub-segment during the forecast period.
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Region: The North America region will offer vast opportunities for growth
The North American region is expected to generate revenue of $ 211.2 million and hold the maximum market share during the estimated period. This is major due to the huge demand for innovative vehicle exhaust gas removal systems and the stringent emission standards and regulations in this region. In addition, the increasing investments in research and development and business expansion of major manufacturing companies in this region are further expected to drive the regional growth of the Automotive Exhaust Pipe market throughout the analysis period.
Key players in the global vehicle exhaust pipes market
1. Masterflex Group.
2. Air Cleaning Specialists, Inc.
3. Nederman Holding AB
4. Novaflex Group
6. Flexaust inc.
7. Precision pipe and expansion joints
8. BISCO Enterprise, Inc.
9. Dayco Products, LLC
10. KEMPER GmbH.
These players are working to develop new tactics and business strategies to gain leadership positions in global industries.
For example, in December 2020, Eurovac, specialist in dust and fume extraction systems, launched an advanced fume extractor called Boxair, which is considered a perfect fume extractor. Boxair is a suitable option for installations that require a continuous duty fume extraction system in the workspace.
In addition, the report also summarizes other important aspects including SOWT analysis, financial performance for the year, product portfolio and the latest strategic developments. Click here for a summary report on Top Business Development Strategies.
TREND RELATIONSHIPS WITH COVID-19 IMPACT ASSESSMENT
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