Hydraulic Equipment Market by Application, Component, and Geography - Forecast and Analysis 2020-2024
Global Hydraulic Equipment Market: About this market
Technavio’s hydraulic equipment market analysis considers sales from various type of components such as pump and motor, valve, cylinder, accumulator and filter, and others. Our report also provides a detailed analysis of the market in APAC, Europe, MEA, North America, and South America. In 2019, the mobile application segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing demand for earthmoving equipment, material handling equipment, drilling rigs, and commercial vehicles will play a significant role in the mobile application segment to maintain its market position. Also, our global hydraulic equipment market report looks at factors such as growing e-commerce industry, and increasing construction activities. However, rigidity of hydraulic equipment, volatility of manufacturing cost, and increasing replacement of hydraulic tools with electric and pneumatic tools may hamper the growth of the hydraulic equipment industry over the forecast period.
Global Hydraulic Equipment Market: Overview
Increasing construction activities
The growth of the real estate industry, especially the increase in the residential and industrial construction is driving the growth of the global hydraulic equipment market. The demand for construction machinery is growing due to an increase in investments in such infrastructure projects. To cater to the increasing construction activities, vendors are focusing to expand their machine manufacturing capabilities. This will lead to the expansion of the global hydraulic equipment market at a CAGR of almost 5% during the forecast period.
Increasing adoption of electric vehicles
The increase in adoption of electric vehicles is due to the presence of regulations on carbon emissions and environment safety. This has led the vendors to develop new hydraulic equipment for electric vehicles to reduce carbon footprints. For instance, Webasto SE has developed a technology called Eco Innovation which can charge the battery of electric vehicles and operate their hydraulic systems. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global hydraulic equipment market during the forecast period 2020-2024, click here.
With the presence of several major players, the global hydraulic equipment market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hydraulic equipment manufacturers, that include Daikin Industries Ltd., Eaton Corp. Plc, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Parker-Hannifin Corp., Robert Bosch GmbH, Siemens AG, WEBER-HYDRAULIK GmbH, and Wipro Enterprises (P) Ltd.
Also, the hydraulic equipment market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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