Rising Demand For Energy-Efficient Vehicles To Promte The Automotive Hydraulics System Market

Global Automotive Hydraulics System Market: Key Highlights

• According to the new market research report “AUTOMOTIVE HYDRAULICS SYSTEM MARKET by Component (Hydraulic Reservoir, Hydraulic Hoses, Hydraulic Slave Cylinder, and Hydraulic Master Cylinder) by Application (Brakes, Clutch, Tappets, Suspension, Power Steering, and Others) by Vehicle Type (On-Road and Off-Road) by Sales Channel (OEM and Aftermarket) by Region (Asia Pacific, North America, Europe, Middle East & Africa, and South America) – Global Forecast from 2020 To 2027”, the global Automotive Hydraulics System Market is estimated to reach USD 57.1 Billion in 2027 at a CAGR of 6.7% during the review period 2020-2027.
• Growing need for energy-efficient vehicles is expected to drive the automotive hydraulics system market in coming years.
• However, high service cost is projected to hamper the market growth during the assessment period.

Global Automotive Hydraulics System Market: Key Market Dynamics

• Growing vehicle production and sales will increase the demand for the automotive hydraulics system market during the forecast period.
• Hydraulic systems are an efficient transmitter of power and in addition to this, strict emission norms are imposed due to this vehicle manufacturer are producing energy-efficient vehicles. Thus, the rise in demand for energy-efficient vehicles is likely to propel the demand for automotive hydraulics system market.
• Hydraulic fluid is expensive so replacing it before time results in effective functioning of the vehicle also using incorrect fluid increases repairing cost. Thus, high maintenance cost acts as a restraint to the market growth.
• Rising demand for electro-hydraulic systems is expected to open up new growth avenues for the automotive hydraulics system market in future
• Reliability issue and high noise levels are likely to act as a challenge for market growth

Global Automotive Hydraulics System Market: Regional Overview

• Asia-Pacific

The growth in the automotive sector in Asia-Pacific is mainly attributed to the increasing demand for vehicle sales and infrastructure development. This results in Asia-Pacific to be the largest contributor to the automotive hydraulics system market. Furthermore, supportive government regulations such as Bharat Stage Emission Standards regarding vehicle’s active and passive safety are attributing the growth of automotive hydraulics systems.

• Europe         

The growing automotive sector in the region is the prominent factor pushing the overall economy. In Europe, the rising demand for vehicle production leads to an increased need for high-end vehicles which has boosted the automotive hydraulics system market. In Europe, 19.2 million vehicles are manufactured every year as per the data shared by the European Automobile Manufacturers Association (ACEA).           

Global Automotive Hydraulics System Market: Key Players Overview

• Robert Bosch GmbH:

Robert Bosch GmbH is a German-based company that operates through 4 business segments, which are, mobility solutions, industrial technology, consumer goods, and energy and building technology. The company offers a range of products which includes driver assisting systems, driving safety systems, connectivity solutions, and infotainment solutions. In 2019, Robert Bosch Automotive Steering acquired 26% stake of ZF Steering Gar India, which is a leading supplier of ball and nut integral hydraulic power, worm, and roller mechanical steering system.

• Continental AG:

Automotive manufacturing company Continental AG operates globally and is engaged in developing brake system, interior electronics, safety solutions, and automotive components. In 2019, Continental AG received EuroBrake 2018 award for hydraulic brake system due to its contribution in the field of Noise, Vibration, and Harshness (NVH).

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