Hydraulic Cylinders Market to Reach Valuation of USD 18.15 Billion by 2028 - Increasing Demand for Hydraulic Cylinders Market in Retail Sector to Drive the Market Growth

Vantage Market Research

Apr 15, 2022

From the period 2022 to 2028, the Global Hydraulic Cylinders Market is expected to reach USD 18.15 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 4.20%. The rising demand for heavy construction and mining vehicles from the construction, mining, and oil & gas sectors is largely responsible for the market's growth. The increasing usage of material handling equipment across sectors throughout the world is a primary driver of market expansion. The rising demand for heavy construction and mining vehicles from the construction, mining, and oil & gas sectors is largely responsible for the market's growth. The increasing usage of material handling equipment across sectors throughout the world is a primary driver of market expansion.

Key Highlights from the Report

  • Based on Specification, the in-dash navigation systems market can be segmented into Welded, Tie Rod, Telescopic, and Mill types. In 2021, the hydraulic cylinder market was dominated by welded Hydraulic Cylinders. The large market size is due to the dominance of welded Hydraulic Cylinders in mobile hydraulic applications such as construction equipment, material handling equipment, mining equipment, and forklifts. Because of their short length and compact shape, they are chosen where the room is limited. This allows them to fit easier into the tight confines of equipment. They last longer than tie-rod cylinders and do not fail to owe to tie rod stress at high pressures and lengthy strokes.

  • Based on Bore size, the market is divided into <50 MM, 50–150 MM, and >150 MM. Hydraulic Cylinders with a bore size of 50 to 150 mm accounted for the majority of the hydraulic cylinder market in 2021. Hydraulic Cylinders are used in a variety of construction, earthmoving, material handling, and agricultural machines. The need for Hydraulic Cylinders with bore sizes ranging from 50 to 150 mm has been spurred by rising building activities, quickly increasing storage and material handling infrastructure, and the modernization of farm equipment.

  • Asia Pacific is the fastest regional segment. In terms of growth, Asia Pacific is expected to have the highest Compound Annual Growth Rate (CAGR) among all regions. Because it has become a center for Western markets to outsource the manufacturing of their Hydraulic Cylinders, Asia Pacific dominates the worldwide Hydraulic Cylinders Market. In the last five years, the quickly rising emerging economies, particularly China and India in terms of both economy and infrastructure, have greatly raised the demand for Hydraulic Cylinders. In the Asia-Pacific area, Hydraulic Cylinders are mostly sold in India and China.

Some of the key players in the Hydraulic Cylinders Market include - Parker-Hannifin Corporation (US), Caterpillar (US), KYB Corporation (Japan), Bosch Rexroth (Germany), Eaton (Ireland), Enerpac Tool Group (US), SMC Corporation (Japan), HYDAC (Germany), Wipro Enterprises (India), Jiangsu Hengli Hydraulic Co., Ltd. (China).

Market Dynamics:

Significant demand from the construction industry

Construction projects are growing in size and complexity. Many new infrastructure development plans and projects, particularly in developing nations, are in the works, which would likely fuel the demand for construction equipment. Backhoes, excavators, trenchers, road construction planers, grinders, concrete or asphalt laying machines, concrete cutting saws, dozers, motor graders, dumpers, and skid steers are examples of Hydraulic Cylinders used in the construction industry. These cylinders are resistant to corrosion, abrasion, severe temperatures, and weather changes, and they may be used indefinitely. These benefits have boosted their popularity in the building sector.

Increasing need for lifting equipment in the shipping industry

Hundreds of feet of shipping containers of various sizes and weights are routinely piled hundreds of feet high at dockyards. Containers with typical sizes of 20, 40, 45, 48, and 53 feet and weights of 30 to 42 tonnes may be found all over the world. Lifting machinery is utilized to transport these large containers. Shipping is the most essential means of international commerce facilitation on the planet. Ships deliver the bulk of goods, including electronics, autos, textiles, raw metals, and oil and gas. The rise of the shipping sector is fueled by favorable institutional and technological factors such as the adoption of industrial IoT and government backing, which supports the need for lifting equipment at ports. Despite the fact that the usage of lifting equipment is still in its infancy, it is expected to develop significantly in the next years, resulting in a significant increase in demand for Hydraulic Cylinders.

Leading market participants are investing in the market to provide services to end-use industries such as construction, agriculture, aerospace and defense, mining, and marine, among others. In the forecasted period, the global construction industry is expected to be led by three major countries: China, the United States, and India. In the coming years, the United States' construction sector will grow faster than China's, as China's growth may slow due to decreased housing construction output.