The Automotive Hydraulic Cylinders Market size is expected to reach USD 1,207.58 Million by 2028; registering at a CAGR of 5.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners
The construction industry accounts for ~6–8% of the global GDP. A surge in urbanization, and residential and commercial infrastructure construction activities is driving the growth of the 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 seven 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.
Hydraulic cylinders are used in various construction vehicles to offer resistance against corrosion, abrasion, extreme temperature conditions, and weather changes. With the ability to withstand these conditions, these vehicles can be used continuously for extended periods. The rise in construction activities in various countries reflects increased demand for hydraulic equipment. Various earth-moving equipment such as excavators, loaders, bulldozers, and cranes are commonly used at construction sites of roads, railways, housing, infrastructure, and airport projects, among others. According to the OEC World, large construction vehicles were the world's 90th most traded products in 2020, with a total trade of US$ 38.9 billion. Japan (US$ 8.24 billion), China (US$ 5.05 billion), the US (US$ 3.71 billion), Germany (US$ 3.24 billion), and South Korea (US$ 2.98 billion) were the top exporters of large construction vehicles.
Automotive Hydraulic Cylinders Market Share – by Region, 2021
Automotive Hydraulic Cylinders Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Single Acting Cylinders and Double Acting Cylinders), Truck Type (Car Carriers, Garbage Compactors, Hook Loader, Side Tipper, Drop Deck Trailer, and Modular Trailer), and Mounting Type (Rod End and Cap End)
Automotive Hydraulic Cylinders Market Size, Growth and Forecast by 2028
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Source: The Insight Partners Analysis
Thus, the adoption of heavy construction vehicles equipped with hydraulic cylinders is increasing with the continued proliferation of the construction industry, which, in turn, drives the automotive hydraulic cylinders market growth.
Impact of COVID-19 Pandemic on Automotive Hydraulic Cylinders Market
During COVID-19 pandemic, the shutdown of production factories of automobile and its components adversely affected the automotive hydraulic cylinders market growth in Europe. The automotive industry has experienced disruptions in the value chain as the supply of required raw materials like hydraulic cylinders was hampered due to the major restrictions on goods transportation. Due to the impact of the pandemic, the demand for automotive vehicles such as trailers and car carriers was declined. However, with the ease in restrictions from Q2 of 2020 and the introduction of the vaccine, the automotive market in Europe started to revive. The demand for hydraulic cylinders also started to increase owing to the revival of demand from construction equipment manufacturers. These factors are contributing to the revival of the European automotive hydraulic cylinders market.
In recent years, the UK has witnessed significant investments by major vehicle manufacturers, boosting the sales of automotive vehicles in the country. The UK government is also taking measures to boost EV adoption. According to SMMT VEHICLE DATA, in the UK, heavy goods vehicle registrations reached 10,034 in Q3 2022 from 7,715 in Q3 2021. The UK government has set a new target to increase the number of electric car chargers more than ten times to 300,000 by 2030. Thus, the rising investment and government support are increasing the production of electric vehicles, fueling the growth of the automotive industry and increasing the need for automotive hydraulic cylinders in the country. Furthermore, according to Construction Equipment Association (CEA) data, construction equipment sales in the UK have risen by 73%, reaching 18,000 units in the first half of 2021. Thus, rising construction equipment sales in the UK are propelling the automotive hydraulic cylinders market in the country. Further, the growth in construction and earthmoving machinery sales for June 2021 was 75% higher than in June 2020. All these mentioned factors are contributing to the growth of the automotive hydraulic cylinders market share in the UK.
The automotive hydraulic cylinders market size is segmented on the basis of type, truck type, and mounting type. Based on type, the market is bifurcated into single acting cylinders and double acting cylinders. By truck type, the market is segmented into car carriers, garbage compactors, hook loaders, tipper, drop deck trailers, and modular trailers. Based on mounting type, the automotive hydraulic cylinders market size is bifurcated into rod end and cap end. The market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
HYVA; Jiaheng Hydraulic cylinder Co., ltd; Wipro Enterprises; Montanhydraulik GmbH; and Delta Hydraulics are a few key players operating in the automotive hydraulic cylinders market. During this study, several major market players were analyzed to get a holistic view of the global market and its ecosystem.
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