According to the latest market research study released by Technavio, the global hydraulic equipment market for mobile applications is expected to grow at a CAGR of almost 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Click here to request a free sample of this report
Technavio research analysts categorize the global hydraulic equipment market for mobile applications based on application:
Global hydraulic equipment market for mobile applications share by application 2015
|
Construction and material handling |
37.16% |
|
Automotive |
19.94% |
|
Others |
15.82% |
|
Aerospace |
14.77% |
|
Marine |
12.31% |
Source: Technavio
The top three revenue contributing application segments are discussed below:
Construction and material handling
In 2015, the construction and material handling segment accounted for around 37% of the global hydraulic equipment market for mobile applications. In this segment, the mobile applications of hydraulic equipment include earthmoving equipment for manufacturing, material handling equipment, agricultural tractors, rail equipment, drilling rigs, commercial vehicles, road building and construction machinery, and industrial tractors. The high growth in the construction and material handling segment is mainly due to the constant growth in these application areas. The cumulative demand for hydraulic earthmoving, material handling equipment, and commercial vehicle equipment is expected to contribute significantly to the growth of the segment. It is anticipated that the rising investments in the construction industry and the government initiatives to develop infrastructure will increase the use of earth moving equipment, especially in the APAC region. The growing demand for hydraulic material handling equipment such as scissor lift tables, hydraulic lifts, car lifts, hydraulic hand pallet trucks, hydraulic beam trolleys, drum stackers, hydraulic pallet stackers, and dock levelers will contribute to the growth of the segment. Factors that determine growth in this segment are the surging demand for automated forklifts in developing countries, growing requirement for automated guided vehicles and conveyors, increase in industrial and infrastructure development activities, strong replacement demand in developed countries, and shift toward automation and modernization of production processes.
“The material handling market is expected to register significant growth during the forecast period. An increase in the number and size of distribution centers together with the creation of stock-keeping units in the e-commerce industry will contribute to the high growth of the market,” says Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools.
Mobile hydraulic equipment that is used in the mining sector includes surface mining equipment, underground mining machinery, and other mining equipment like draglines, shovels, bucket-wheel excavators, stacker-reclaimers, and heavy haul trucks.
Automotive
The automotive segment contributed around 20% to the global hydraulic equipment market for mobile applications in 2015. The improved economic situation has changed the lifestyle of the consumer, leading to the increase in demand for new, fuel-efficient, and technologically advanced cars equipped with more safety features. The sales of automobiles is also propelled by the low auto loan rates in both the developed and developing countries. Several MNC automobile manufacturers such as Ford, Volkswagen, BMW, Toyota Motors, Honda Motors, Daimler, Fiat, and Tata Motors have made substantial investments in their production facilities in developing countries including in India, Thailand, and Mexico. Technavio forecasts that the steady growth in the global commercial vehicles sales will contribute significantly to the increasing demand for hydraulic equipment. Several types of hydraulic equipment such as hydraulic pumps and motors (axial piston pumps and motors, external gear pumps, and motors), power take-offs, tipping valves, hydraulic power packs, hydraulic air packs, and hydraulic transmissions are used in commercial vehicles.
Aerospace
In 2015, the aerospace segment accounted for around 15% of the global hydraulic equipment market for mobile applications. The segment can be characterized into three subsectors: commercial aerospace, defense applications, and business jets. The commercial aerospace sector is the major consumer of hydraulic equipment. In modern aircraft applications, especially in bigger commercial aircraft, hydraulic equipment is becoming an essential component due to its enhanced accuracy and ease of control of an aircraft. It also generates a large and unlimited force by using minimal strength on the control system and makes it stand apart from the mechanically operated aircraft. The various parts of an aircraft that use hydraulic equipment are elevator, rudder, and ailerons in case of primary flight control, flaps, spoilers, and stats in the secondary flight control, and landing gear, brakes, gear steering, cargo stairs and passenger stairs in the utility systems. Several modern-day military and commercial aircraft widely use hydraulic systems for various operations. For instance, the F-22 stealth tactical fighter aircraft uses hydraulic systems to generate power for the landing gear operation. The evolution of air freight movement and passenger traffic will increase the demand for new aircraft, leading to the rise in demand for hydraulic equipment.
The top leading vendors operating in the global hydraulic equipment market for mobile applications are:
- Bosch Rexroth
- Eaton
- Kawasaki Heavy Industries
- Parker Hannifin
Other prominent vendors in the market are Brevini Fluid Power, Dongyang Mechatronics, Moog, WEBER-HYDRAULIK, and Wipro Infrastructure Engineering.
A more detailed analysis is available in the Technavio report titled, ‘Global Hydraulic Equipment Market for Mobile Applications 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Hydraulic Equipment Market 2016-2020
- Global Hydraulic Actuators Market 2016-2020
- Global Artificial Lift Pumps Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
