The global hydraulics market size is expected to grow from USD 37.4 billion in 2020 to USD 42.1 billion by 2025, at a CAGR of 2.4%. The growth of this market is mainly driven by growing construction activities drive significant demand for hydraulic equipment, increasing demand for material handling equipment, rising demand for advanced agriculture equipment, growing adaptation of hydraulic equipment by various industries ,. However, factors such as High high manufacturing and maintenance costs and Increased concerns regarding oil leaks are restraining the market growth.
" Mobile hydraulics to grow at highest CAGR during the forecast period”
The increasing requirement of using hydraulic power at remote and difficult terrains leads to the installation of hydraulic cylinders in mobile equipment. Advancements in hydraulics technology have resulted in easy lifting and moving of heavy objects or equipment. The increased level of stability provided by mobile hydraulic systems during the lifting of heavy loads has made mobile hydraulics preferable for companies. The rise in the adoption of automated heavy construction and mining vehicles is fueling the growth of the mobile segment of the hydraulics market.
“Construction Industry to hold a significantly large share of hydraulics market by 2025”
The rise in population in emerging countries such as China and India is driving the growth of the construction industry. The US is also expected to witness major growth in the construction industry. The application of hydraulic cylinders in construction equipment and mobile equipment is supporting market growth. Hydraulic cylinders in construction equipment are used in hitches, excavators, skid steer loaders, backhoes, wheel loaders, motor graders, dumper trucks, dozers, trenchers, road rollers, and other types of equipment used for heavy loading, high cycle rating, and accurate movement.
“Market in APAC to grow at highest CAGR during the forecast period”
The rapid urbanization and industrialization in developing countries, such as China, Japan, and India, increasing automation activities in the industries are some of the reasons for the growth of the hydraulics products market in APAC. However, COVID-19, a global health emergency and an economic crisis, has impacted the hydraulics market growth in 2020 adversely. Moreover, Hydraulic equipment is a major component in both construction equipment and agricultural equipment. Since both equipment have high demand in APAC, the market for hydraulics is expected to grow at a substantial rate in the next few years.
Breakdown of the profiles of primary participants:
- By Company Type: Tier 1 - 35%, Tier 2 - 50%, and Tier 3 - 15%
- By Designation: C-level Executives - 40%, Directors - 45%, and others - 15%
- By Region: North America - 30%, Europe - 25%, APAC - 40%, and RoW - 5%
Major players profiled in this report are as follows: Bosch Rexroth (Germany), Parker Hannifin Corporation (US), Danfoss (Denmark), Eaton (Ireland), KYB Corporation (Japan), SMC Corporation (Japan), HYDAC ( Germany), Wipro Enterpises(India).
In this report, the hydraulics market has been segmented based on components, type, industry, and region. The hydraulics market based on component has been segmented into cylinders, pumps, motors, valves, filters, accumulators, transmissions, and others systems. Based on the type, the market has been segmented into mobile and industrial. The study also forecasts the size of the market in four main regions?North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
The report would help market leaders/new entrants in this market in the following ways:
- This report segments of the hydraulics market comprehensively and provides the closest approximation of the overall market size and subsegments that include components, type, industry, and region.
- The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the hydraulics market.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes the competitor ecosystem, as well as growth strategies such as product launches, acquisitions, and expansions carried out by major market players.