Global Automotive Hydraulics System Market Overview
The key driver impacting the automotive hydraulics system market is the growing automotive sector across the globe. It is due to the rising demand for commercial and passenger vehicles. For instance, As per the International Organization of Motor vehicle manufacturers (OICA), the 2019 passenger car sales is raised by about 5%, and it reached 69.5 million units. As per Crescendo Worldwide Organization, the global automobile production in 2019 was estimated as 92 MN Vehicles, and it is anticipated to grow by a CAGR of 20.78% by 2028. It is expected to reach around $ 9 trillion by 2030. Moreover, the development of infrastructure in emerging economies countries creates the demand for construction vehicles with advanced power moving technologies vehicles contributes to the automotive hydraulics system market growth in the coming years. Whereas with regards to volume, the market was calculated XX Units in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the globally automotive hydraulics system market size was valued at around USD 37500 million in 2020, and it is estimated to grow at a CAGR of about 6% during the forecast period 2021 to 2027.
The growing construction sector and rising e-commerce activities, due to the expanding industrial sector globally, give rise to the demand for material transportation, which, in turn, augmented the sales of commercial vehicles. For instance, According to the International Organization of Motor vehicle manufacturers, commercial vehicle production is increased. Around 23.8 million units of commercial vehicles were produced in the year 2017 than about 22 million units in the year 2016. In 2019 commercial vehicles segment also showed a constant climb as the sales touched 24 million units. However, the high cost inccured in maintenance of hydraulic systems may hamper the market in the long run. Also, the replacement of hydraulic systems with fully electrical systems market negatively impacts the market. The current industry trends, such as the growing technological advancements in vehicle braking and suspension systems with escalating application scope of electro-hydraulic systems, are expected to offer new lucrative market opportunities for the key players.
The automotive hydraulics system market is vast, with many local and global players. The automotive hydraulics system market is extensive, with many regional and international players. The important market leaders follow numerous strategies to improve their market position, such as acquisitions, extending product portfolio, contracts, amalgamation, contracts, acquisitions, product upgrades to enlarge their market share across the globe. The major players studied in the report include Aisin Seiki, Fte Automotive, Bosch, GKN, BorgWarner, Wabco, ZF, and JTEKT.
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In this research report, the automotive hydraulics system market is segmented by component, application, and region.
Analysis by Component:
By component, the report is categorized into the master cylinder, slave cylinder, reservoir, and hose. The slave cylinder segment dominates the component segment with over 30% share in 2020. It is due to its broad applications in several types of vehicles. Moreover, it is an integral part of the way a manual transmission system works, and it eliminates the fork, and the release bearing, thus creates a huge demand for slave cylinders in the forecast period.
Analysis by Application:
By application, the report is categorized into brakes, clutch, suspension, and other applications. The brakes hydraulic application dominates the application segment with over 27.5% share in 2020. It is due to the considerable applications in the automotive hydraulics system. Also, hydraulic brakes wear out less than the mechanical brakes due to the absence of joints in their construction contributes to the high demand for the hydraulic brake segment in the forecast period.
Analysis by Region:
In the regional outlook of the global automotive hydraulics system market, the Asia Pacific region dominates globally with a 40% market share in the forecast period. It is due to the rapidly expanding automotive sector and the increased demand for fuel-efficient vehicles. Moreover, the strict government norms for manufacturing low carbon emission vehicles and high laborers' availability at low cost contribute to tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Application
- Brakes
- Clutch
- Suspension
- Other Applications
By Component
- Master Cylinder
- Slave Cylinder
- Reservoir
- Hose
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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