June 22, 2020
According to the research report titled ‘Global Automotive Hydraulic Systems Market Size study with COVID-19 impact, by Component (Hydraulic Master Cylinder, Hydraulic Slave Cylinder, Hydraulic Reservoir, Hydraulic Hose), by Application (Hydraulic Brakes, Hydraulic Clutch, Hydraulic Suspension, Hydraulic Tappets), by On-Highway Vehicles (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by Off-Highway Vehicles (Agricultural Equipment, Construction Equipment) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global automotive hydraulic systems market generated revenues worth USD 34.3 billion in the year 2019 and is expected to showcase a y-o-y growth rate of 6% between 2020 and 2026.
Notably, automotive hydraulic system plays a significant role in vehicle and is used to provide hydraulic fluid where heat is developed. It also helps in repairing the mechanical system and is vital during development of automobiles. For instance, hydraulic system is used in designing of automotive suspension, steers, gears and brakes. It offers lubrication which helps in resisting corrosion and limiting deterioration of vehicle components, thereby maintaining the vehicle efficiency.
Proliferating sales of commercial as well as passenger vehicles coupled with increasing cognizance of passive & active vehicle safety are major factors driving the growth of automotive hydraulic systems industry. According to OICA (International Organization of Motor Vehicle Manufacturers), total sale of commercial vehicles worldwide was 26 million in 2018, which grew by 3.85% to reach 27 million units in 2019.
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Robust technological developments in electro-hydraulic automotive applications is further aiding the market expansion. However, high maintenance costs along with easy availability of hydraulic system alternatives may act as restraining factors to the overall market growth. Additionally, the emergence of COVID-19 pandemic has plummeted the production of off-highway and on-highway vehicles, which is further inhibiting the expansion of automotive hydraulic systems market.
Based on component terrain, the market is classified into hydraulic hose, hydraulic reservoir, hydraulic slave cylinder, and hydraulic master cylinder. As per application spectrum, the industry is split into hydraulic tappets, hydraulic suspension, hydraulic clutch, and hydraulic brakes. Speaking of on-highway vehicle types, automotive hydraulic systems market is categorized into heavy commercial vehicles, light commercial vehicles, and passenger cars. While the off-highway vehicles segment is divided into construction equipment and agriculture equipment.
Considering the geographical landscape, Asia-Pacific automotive hydraulic systems industry is predicted to expand significantly during the estimated timeframe. Favorable regulatory scenario which promotes vehicular safety and increasing automobile production in India and China are favoring the market outlook in APAC.
FTE Automotive Group, GKN Driveline, Wabco, Schaeffler, Continental, Jtekt, BorgWarner, ZF Friedrichshafen, Bosch and Aisin Seiki are the major companies operating in automotive hydraulic systems market.