PUBLISHER: The Business Research Company | PRODUCT CODE: 1392477
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392477
“Automotive Hydraulics System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive hydraulics system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive hydraulics system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive hydraulics system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive hydraulic systems are power transmission systems that facilitate the transmission of energy or signals through the static or dynamic forces of liquids. This technology is regarded as more precise compared to traditional mechanical drive systems, as mechanical systems may experience efficiency losses over time due to friction. Hydraulic systems utilize fluids to transfer energy between two points, leveraging pressure differences for efficient energy storage and release, surpassing the efficiency of batteries.
Key components in automotive hydraulic systems include the master cylinder, slave cylinder, reservoir, and hoses. These systems find application in various vehicle types, including passenger cars, light commercial vehicles, and heavy commercial vehicles. In passenger cars, automotive hydraulic systems are employed for dynamic height adjustments. Notably, hydraulic braking systems are a prevalent application in passenger cars, utilizing brake fluid to apply pressure to braking pads, which in turn press against the axel to prevent vehicle movement. Automotive hydraulic systems are versatile, serving purposes in brakes, clutches, suspension, and tappets. The primary end users of these systems are original equipment manufacturers (OEMs) and the aftermarket.
The automotive hydraulics system market research report is one of a series of new reports from The Business Research Company that provides automotive hydraulics system market statistics, including automotive hydraulics system industry global market size, regional shares, competitors with an automotive hydraulics system market share, detailed automotive hydraulics system market segments, market trends and opportunities, and any further data you may need to thrive in the automotive hydraulics system industry. This automotive hydraulics system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive hydraulics system market size has grown strongly in recent years. It will grow from $40. 62 billion in 2023 to $44 billion in 2024 at a compound annual growth rate (CAGR) of 8. 3%. The growth observed during the historical period can be attributed to the widespread adoption of power steering systems, increased demand for heavy commercial vehicles, adherence to safety regulations, and the utilization of hydraulic systems in construction, mining equipment, and material handling equipment.
The automotive hydraulics system market size is expected to see strong growth in the next few years. It will grow to $60. 15 billion in 2028 at a compound annual growth rate (CAGR) of 8. 1%. The anticipated growth in the forecast period can be attributed to factors such as the increased focus on electrification and hybridization, the adoption of lightweight materials, the integration of advanced driver assistance systems (ADAS), growth in the construction industry, advancements in precision agriculture, and the implementation of condition monitoring and predictive maintenance practices. Major trends expected during this period include the emergence of electro-hydraulic systems, the development of energy-efficient hydraulic systems, the implementation of intelligent hydraulic control mechanisms, the rise of hydraulic hybrid vehicles, the adoption of modular and scalable designs, and the use of eco-friendly hydraulic fluids.
The trajectory of the automotive hydraulics system market is anticipated to soar, propelled by the escalating production of vehicles worldwide. Vehicles, serving as transportation mediums for both people and goods, rely on hydraulic systems capable of efficiently storing and discharging energy-a more effective mechanism than electric batteries. These systems notably aid drivers by alleviating steering effort in vehicles. A testament to this growth is reflected in data provided by the India Brand Equity Foundation (IBEF), projecting a production of 22. 93 million vehicles in India for the year 2022, thereby substantiating the driving force of increased vehicle production behind the automotive hydraulics system market's expansion.
Heightened apprehensions regarding road traffic and vehicle safety standards are poised to be influential factors fueling the growth of the automotive hydraulic system market. The global surge in road accidents has prompted intensified attention toward road infrastructure and passenger safety. Automotive hydraulic systems emerge as pivotal components in enhancing braking performance, stability control, and overall safety features within vehicles, thereby catalyzing market growth. Evidently, Federal Data recorded an alarming 10. 5% increase in anticipated road accident-related fatalities in the US, totaling an estimated 42,915 deaths in 2021 compared to the previous year. This worrisome trend underscores the pressing need for automotive hydraulic systems to address vehicle safety concerns, thereby stimulating market demand.
A dominant trend shaping the landscape of the automotive hydraulics system market revolves around product innovations, driving market growth and consumer preference. Major industry players within the automotive hydraulics sector are directing their efforts towards pioneering new product innovations to augment market expansion. Notably, Continental, a renowned Germany-based automotive parts manufacturer, introduced the MK C2 electro-hydraulic brake systems in November 2021. This innovative system boasts a lightweight design, reduced component count, simplicity, robustness, and high cost optimization, enabling seamless integration into multi-vehicle platforms. It stands out for its ability to generate brake pressure within a remarkable 150 milliseconds whenever necessitated by driver assistance systems, positioning it as a paradigm of technological advancement within the automotive hydraulic system domain.
Prominent entities within the automotive hydraulic systems market are pioneering innovative solutions, notably exemplified by the development of intelligent connected hydraulics. These cutting-edge systems integrate the functionalities of both hydraulic and electrical systems with predictive analytics, heralding a digital technology transformation aimed at optimizing efficiency, productivity, return on investment (ROI), and maintenance reduction. A case in point is Bosch Rexroth AG, an esteemed engineering firm, which in February 2021, introduced intelligent connected hydraulics. These systems, equipped with predictive analytics capabilities, facilitate advanced maintenance strategies, intending to elevate hydraulic efficiency, compactness, and resilience through the amalgamation of digital intelligence into traditional hydraulic systems.
In a strategic move dated February 2023, Bosch Rexroth AG, a prominent Germany-based engineering firm, executed the acquisition of HydraForce, marking a significant development within the industry. This undisclosed acquisition by Bosch Rexroth is projected to fortify the company's presence in North America while extending its global distribution network, thereby offering customers an extensive array of compact hydraulic solutions. HydraForce, renowned as a US-based designer and manufacturer specializing in motion control systems encompassing hydraulic cartridge valves, complements Bosch Rexroth's strategic goals by enhancing its market position and diversifying its hydraulic solutions portfolio on a worldwide scale.
Major companies operating in the in the automotive hydraulics system market report are JTEKT Corporation, ZF Friedrichshafen AG, Toyota Motor Corporation, Aisin Corporation, Schaeffler Technologies AG & Co. KG, BorgWarner Inc., Robert Bosch GmbH, GKN Ltd., Fte Automotive GmbH, Continental Hydraulics Inc., Warner Electric LLC, Altra Industrial Motion Corp., Dantal Hydraulics Pvt. Ltd., RR Parkon LLC, Brakes India Limited, Bosch Rexroth Corporation, Eaton Corporation, Parker Hannifin Corporation, KYB Corporation, WABCO Holdings Inc., Hawe Hydraulik SE, Linde Hydraulics GmbH & Co. KG, Voith Group, Danfoss Power Solutions AS, Marzocchi Pumps USA, Sun Hydraulics LLC, Bucher Hydraulics GmbH, Oilgear Company, Duplomatic Oleodinamica S. p. A., HydraForce Inc.
Asia-Pacific was the largest region in the automotive hydraulics system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive hydraulics system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive hydraulics system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive hydraulic systems market consists of sales of hydraulic pumps, hydraulic motors and cylinders, aviation hydraulic system, open center hydraulic system and closed-loop hydraulic system. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.