The technological advancements in the automotive sector coupled with massive demand for automobiles have boosted the growth of automotive hydraulics system market. Market Research Future (MRFR) has asserted in its latest study that the global automotive hydraulics system market will expand moderately through the forecast period 2017 to 2023 at 6% CAGR. —
The advantage of hydraulics system over the traditional system in terms of accuracy is likely to catalyze the automotive hydraulics system market expansion. Furthermore, efficiency drop is relatively higher in the traditional system as compared to the hydraulic system, which is expected to aid the market growth and development over the next few years.
The intensified competition present in the market is encouraging innovations and product developments. This is poised to increase revenue creation for automotive hydraulics system market participants passively.
Furthermore, the hydraulic system is more consistent and efficient compared to the traditional mechanical drive system and can be integrated with one another, such as a single master cylinder can be used for driving two or more slave cylinders. Thus, the demand for automotive hydraulics system is estimated to exhibit an upswing.
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By application, automotive hydraulics system market is segmented into tappet, brake, clutch, and suspension. The brake segment will account for the largest share of the market due to the technological developments introduced in the segment.
By component, the global automotive hydraulics system market has been segmented into reservoir, hose, master cylinder, and slave cylinder. The slave cylinder will remain highly lucrative during the forecast period due to its use in a wide range of applications.
By end market, the automotive hydraulics system market is segmented into Original Equipment Manufacturers (OEM), and aftermarket. Both the segments have grown exponentially in recent times. The trend is projected to continue through the assessment period.
By vehicle type, the global automotive hydraulics system market has been segmented into Passenger vehicle, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV).
Some of the key players profiled by MRFR in its report for a deeper understanding of the market dynamics are JTEKT Corporation (Japan), WABCO Holdings, Inc. (U.S.), ZF Friedrichshafen AG (Germany), Aisin Seiki Co., Ltd. (Japan), Robert Bosch GmbH (Germany), GKN plc (U.K.), Schaeffler Technologies AG & Co. KG (Germany), BorgWarner Inc. (US), FTE Automotive Group (Germany), and Continental AG (Germany). The strategies devised and implemented by the market operators for gaining control over market share include technological advancements, product innovations, acquisitions & mergers, strategic alliances, joint ventures, research & development activities, etc.
By region, the global automotive hydraulics market has been segmented into North America, Asia Pacific, Europe, and Rest of the World. North America is estimated to be the largest market for automotive hydraulics system due to a surge in demand for cars in the automotive sector. The presence of key players in the region is also propelling the market growth and expansion. The U.S. and Canada are expected to accelerate the revenue generation for market participants.
Asia Pacific is poised to exhibit a steep rise in the growth of the automotive hydraulics system market. The presence of fast-developing economies such as India and China are leading the growth of the automotive sector in the region. Asia Pacific is expanding as manufacturing hubs for automotive makers which is likely to propel the market expansion.
The developed and technologically advanced automotive sector of Europe is expected to complement the growth and expansion of the automotive hydraulics system market.
Rest of the World will show a sluggish growth during the assessment period. The factors that are responsible for holding the growth of the market include limited technological penetration and poor economic conditions in specific regions.
In August 2018, Ohio based Kyntronics has developed SMART Hydraulic Actuator (SHA), which is intended for actuation in markets and applications such as automotive, aerospace, defense, etc.
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