[Research Report] The automotive hydraulic cylinders market is projected to grow from US$ 888.42 million in 2022 to US$ 1,207.58 million by 2028; it is estimated to grow at a CAGR of 5.2% from 2022 to 2028.
A hydraulic cylinder is a tube that produces linear actuation utilizing hydraulic pressure. The cylinder comprises a steel tube, a piston with an attached rod, and mounting accessories. The hydraulic fluid pressure forces a piston to move in a pushing or pulling motion. Hydraulic cylinders are durable and create more amount of force when compared to pneumatic, mechanical, and electrical systems. The cylinders require a significant amount of force for various tasks such as lifting, pushing, and pressing. They are used in numerous mobile applications, including excavators, dump trucks, graders, loaders, dozers, and backhoes, that move heavy loads. Single acting and double acting cylinders are two types of hydraulic cylinders used in automotive applications. The existence of key players providing automotive hydraulic cylinders plays a crucial role in the competitive market. With technological innovations, hydraulic cylinders are expected to be highly efficient in the coming years. Increasing demand from the construction industry and the growing use of hydraulic cylinders in mining vehicles are among the factors driving the automotive hydraulic cylinders market growth.
The automotive hydraulic cylinders market in North America is segmented into Canada, the US, and Mexico. The automotive hydraulic cylinders market in North America is growing at a significant rate due to the presence of several automotive vehicle manufacturers across the region. The presence of production plants of automotive such as off-highway vehicles across the US and Canada is catalyzing the growth of the regional market. Europe also accounted for a significant share of the global automotive hydraulic cylinders market owing to the presence of several market players, including Hyva Holding BV, Binotto SRL, Montanhydraulik GmbH, and Gidrolast Corp.
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Automotive Hydraulic Cylinders Market: Strategic Insights
Market Size Value in US$ 888.42 Million in 2022 Market Size Value by US$ 1,207.58 Million by 2028 Growth rate CAGR of 5.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Automotive Hydraulic Cylinders Market: Strategic Insights
| Market Size Value in | US$ 888.42 Million in 2022 |
| Market Size Value by | US$ 1,207.58 Million by 2028 |
| Growth rate | CAGR of 5.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Automotive Hydraulic Cylinders Market Growth
The COVID-19 outbreak adversely affected the world and is continuing to shatter several countries. The outbreak disrupted various primary industries, such as automobiles and construction. A negative pandemic impact on the growth of these industries limited the automotive hydraulic cylinders market growth. Factory shutdowns, trade bans, and border lockdowns to combat the coronavirus infection spread disrupted the working of automobile component companies across the world. APAC was hindered by the increasing number of COVID-19 confirmed cases in India, China, and other countries across the region in 2020. China and India are two prominent automotive manufacturing countries in the region that consistently catalyzes the demand for automotive hydraulic cylinders. The heavy vehicle sector in APAC countries witnessed a decline due to subsequent lockdowns to control the spread of the virus infection. The disruption in the supply chain and the closing of manufacturing plants hindered the market from the supply side.
Lucrative Regions for Automotive Hydraulic Cylinders Market
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Market Insights – Automotive Hydraulic Cylinders Market
Growing Use of Hydraulic Cylinders in Waste Management Vehicles to Drive Automotive Hydraulic Cylinders Market Growth in Future
The ongoing trend of industrialization and economic growth has resulted in increased municipal solid waste especially in cities with high populations. The increasing volume of waste damages the environment and negatively impacts the surrounding habitat. Failing to address such problems strategically leads to long-term impacts on the environment and public health, influencing economies in a destructive way. According to the World Bank Group, the world generates 1.82 metric tons of municipal solid waste every year. Further, World Bank Group expects 3.08 metric tons of global waste by 2050, which is more than double population growth over the same period. East Asia and Pacific generate 23% of the world’s waste, which is higher than any other region. Due to such factors, economies are increasingly focusing on waste management strategies and adopting waste management vehicles. Hydraulic cylinders are commonly used in waste management vehicles such as garbage trucks, trash compactors, and others for pushing or dumping waste. Nearly every garbage truck uses hydraulic systems as they help easily load, lift, and transport solid and liquid waste types. Thus, increasing the use of hydraulics cylinders in waste management vehicles for controlling, lifting, filling, compacting, and dumping waste drives the market growth during the forecast period.
Type-Based Automotive Hydraulic Cylinders Market Insights
Based on type, the automotive hydraulic cylinders market is bifurcated into single acting cylinders and double acting cylinders. In 2021, the single acting cylinder segment held the largest share in the automotive hydraulic cylinders market share owing to its low cost and maintenance. Single acting cylinders involve few components, making them simple and easy to maintain. They are generally considered reliable due to low chances of failure. Single hydraulic cylinders are ideal for their capacity to serve high-end automotive applications, driving the growth of the global automotive hydraulic cylinders market growth for the single-acting cylinder segment.
Players operating in the automotive hydraulic cylinders market mainly adopt inorganic growth strategies to stay competitive in the market ecosystem.
- In May 2021, Wastequip, a North American waste-handling equipment manufacturer, acquired Wastebuilt Environmental Solutions, LLC, an equipment, parts, and services provider for specialty and refuse fleet applications.
- In August 2021, Muncie Power Products acquired a building at Interstate. Muncie, which produces power take-offs that transmit power to hydraulic equipment widely utilized in various industries will consolidate some of its operations into the building.
Company Profiled:
- Delta Hydraulics Pty Ltd
- Wastebuilt Environmental Solutions LLC
- Wipro Enterprises Ltd
- Gidrolast Corp
- Ashun Fluid Power Co Ltd
- Montanhydraulik GmbH
- Muncie Power Products Inc
- Jiaheng Hydraulic cylinder Co Ltd
- Binotto SRL
- Hyva Holding BV
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Truck Type, and Mounting Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The Automotive Hydraulic Cylinders Market was estimated to be US$ 888.42million in 2022 and is expected to grow at a CAGR of 5.2%, during the forecast period 2022 - 2028.
Increasing Demand for Construction Equipment and Vehicles, The construction industry accounts for ~6–8% of the global GDP. A surge in urbanization, and residential and commercial infrastructure construction activities is a major force driving the growth of this industry. The rapid expansion of metropolitan cities propels the demand for commercial construction projects. Many new infrastructure development plans and projects are in the pipeline in various countries. For instance, in February 2022, France partnered with China for 7 infrastructure projects worth ~US$ 1.7 billion in Africa, Southeast Asia, and Eastern Europe. These projects were planned for infrastructure development, environmental protection, and new energy generation and distribution facilities
Technological innovation is allowing manufacturers to introduce new compact, modular, and intelligent hydraulic systems that can be integrated with different electronics. Smart hydraulic systems, incorporated with sensors and other electronic components, are popularly being used in a wide range of vehicles, from lighter-duty agricultural vehicles to heavy-duty construction and mining equipment. Smart hydraulic cylinders use linear transducers (sensors) to communicate a cylinder’s piston position back to the overall hydraulic system, thereby enhancing the accuracy and efficiency of systems. Hydraulic cylinders enabled with position sensing (SMART) technology are extremely reliable, even in harsh environments and high temperature conditions; moreover, they exhibit greater efficiency, improved safety, and unprecedented performance levels. Thus, smart hydraulic cylinders are emerging as a significant trend in the automotive hydraulic cylinder market.
The key players, holding majority shares, in Automotive Hydraulic Cylinders Market includes HYVA; Jiaheng Hydraulic cylinder Co.,ltd; Wipro Enterprises; Montanhydraulik GmbH; and Delta Hydraulics
APAC is the fastest growing regional market, followed by North America and Europe.
China and US are expected to register high growth rates during the forecast period.
The China held the largest market share in 2021, followed by US.
The incremental growth, expected to be recorded for the automotive hydraulic cylinders market during the forecast period, is US$ 198.34 million.
The List of Companies - Automotive Hydraulic Cylinders Market
- Delta Hydraulics Pty Ltd
- Wastebuilt Environmental Solutions LLC
- Wipro Enterprises Ltd
- Gidrolast Corp
- Ashun Fluid Power Co Ltd
- Montanhydraulik GmbH
- Muncie Power Products Inc
- Jiaheng Hydraulic cylinder Co Ltd
- Binotto SRL
- Hyva Holding BV
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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