Automotive Hydraulic Cylinders Market Growth by 2031
The automotive hydraulic cylinders market size is projected to reach US$ 1839.17 million by 2031 from US$ 950.57 million in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. Increasing demand from the construction industry and the growing use of hydraulic cylinders in mining vehicles are among the factors driving the growth of the automotive hydraulic cylinders market. Further, increasing strategic activities such as expansion, partnership, acquisition, and collaboration by market players would provide lucrative growth opportunities for the market during the forecast period. The development of smart hydraulic cylinders is expected to emerge as a trend in the automotive hydraulic cylinders market during 2023–2031.
Automotive Hydraulic Cylinders Market Analysis
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.
Automotive Hydraulic Cylinders Market Overview
A hydraulic cylinder is a tube that generates linear actuation applying hydraulic pressure. The cylinder includes mounting accessories, a piston with an attached rod, and a steel tube. The hydraulic fluid pressure pushes a piston to move in a forward and backward linear motion. Hydraulic cylinders are durable and create more amount of force when compared to electrical, mechanical, and pneumatic systems. The cylinders require a substantial amount of force for many tasks such as pressing, pushing, and lifting.
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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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Automotive Hydraulic Cylinders Market Drivers and Opportunities
Growing Use of Hydraulic Cylinders in Waste Management Vehicles
The ongoing trend of industrialization, urbanization and economic growth have resulted in an increased municipal solid waste especially in cities with high population. Increasing volume of waste negatively impacts every aspect of society of a country damaging to the environment and surrounding habitat. Failing to address such problems strategically leads to long term impact on environment and public health influencing national economies on destructive way. For instance, according to the World Bank Group, the world generates 2.01 billion tons of municipal solid waste every year. Further, the company expects 3.40 billion tons of global waste by 2050 which is more than double population growth over the same period. The East Asia and Pacific region 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 thus gradually adopting waste management vehicles.
Strategic Initiatives by Market Players
The significantly rising demand for hydraulic cylinders encourages manufacturers to make various strategic decisions to address this demand. They prefer engaging in strategic alliances such as partnerships, collaborations, and agreements to strengthen their positions in the automotive hydraulic cylinder market.
- In November 2022, Norrhydro opened a production facility in Rovaniemi, Finland. The construction of this new production facility started in May 2021, and it was completed in August 2022. With this production facility, the company aims to achieve the serial production of a high-end hydraulic cylinder.
- In September 2022, Leggett & Platt, Incorporated announced the acquisition of Pacoma Group, the leading provider of hydraulic cylinders. With this acquisition, the company will leverage Pacoma’s portfolio of hydraulic cylinders.
- In January 2021, Advanced Motion & Controls Ltd., a HyperCyl brand of hydraulic cylinders, entered into a partnership with Aries Engineering Co. Inc. (AEC) to make its line-up of cylinders and other products available in Canada. AEC has a large customer base across electronics, appliances, aerospace, military, medical, and automotive industries, which will help HyperCyl to enhance its customer base in the market.
Thus, such strategic decisions by the market players are enhancing the availability of products and the positions of companies in the automotive hydraulic cylinder market, providing opportunities for their growth in the future.
Automotive Hydraulic Cylinders Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive hydraulic cylinders market analysis are type, truck type and mounting type.
- Based on the type, the market is divided into single acting cylinders and double acting cylinders. The single acting cylinder segment held a larger market share in 2023.
- Based on truck type, the global automotive hydraulic cylinders market is divided into below car carriers, garbage compactors, hook loader, side tipper, drop deck trailer, and modular trailer. The tipping vehicles segment held a larger market share in 2023.
- Based on the mounting type, the market is divided into rod end and cap end. The cap end segment held a larger market share in 2023.
Automotive Hydraulic Cylinders Market Share Analysis by Geography
The global automotive hydraulic cylinders market is segmented into five major regions— North America, Europe, APAC, Middle East and Africa (MEA), and South America (SAM). APAC accounted for the largest market share in 2021 and is expected to register the highest CAGR from 2022 to 2028. APAC has two of the fastest-growing economies across the world, namely China and India. Over the last 10 years, these countries have experienced huge investments in public and private infrastructure developments, including the construction of hospitals, airports, railway stations, commercial complexes, and residential complexes. High investments in the construction industry across the two developing countries are significantly propelling the need for heavy construction vehicles, which is accelerating the demand for automotive hydraulic cylinders from construction equipment manufacturers. All these factors are contributing to the growth of the APAC automotive hydraulic cylinders market.
The automotive hydraulic cylinders market in North America is also 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.
Automotive Hydraulic Cylinders Market Report Scope
Automotive Hydraulic Cylinders Market News and Recent Developments
The automotive hydraulic cylinders market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In January 2022, Tecno 3 S.r.l., an Italy-based and state-of-the-art manufacturer of double-acting cylinders for special applications, has joined the Binotto Group. The recent acquisition of Tecno 3 delivers customers with a more comprehensive range of solutions, potential applications, and unique interests in Binotto products. It also implements the unique specialization and expertise of Binotto Group in the hydraulic industry. (Source: Tecno 3 S.r.l., Press Release)
- In April 2021, Wastebuilt Environmental Solutions is announced plans to grow its network of regional parts distribution centers to include Northern California. With this new facility in the San Francisco Bay Area, Wastebuilt will operate 13 regional parts centers across the U.S. (Source: Wastebuilt, Press Release)
Automotive Hydraulic Cylinders Market Report Coverage and Deliverables
The “Automotive Hydraulic Cylinders Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Automotive hydraulic cylinders market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
- Automotive hydraulic cylinders market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Automotive hydraulic cylinders market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Automotive hydraulic cylinders market landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
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
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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