Automotive Hydraulic Cylinders Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Single Acting Cylinders and Double Acting Cylinders), Truck Type (Car Carriers, Garbage Compactors, Hook Loader, Side Tipper, Drop Deck Trailer, and Modu

According to the new research report titled "Automotive Hydraulic Cylinders Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the Automotive Hydraulic Cylinders market is expected to reach US$ 1,207.58 million by 2028 and register a CAGR of 5.2% from 2022 to 2028.

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The significantly rising demand for hydraulic cylinders encourages manufacturers to make various strategic decisions to address this demand. They prefer engaging in strategic alliances such as partnerships, collaborations, and agreements to strengthen their positions in the automotive hydraulic cylinder market.

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• In November 2022, Norrhydro opened a production facility in Rovaniemi, Finland. The construction of this new facility started in May 2021, and it was completed in August 2022. With this facility, the company aims to achieve the serial production of a high-end hydraulic cylinder.

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• In September 2022, Leggett & Platt, Incorporated announced the acquisition of Pacoma Group, a provider of hydraulic cylinders. With this acquisition, the company will leverage Pacoma's portfolio of hydraulic cylinders.

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• In January 2021, Advanced Motion & Controls Ltd., a HyperCyl brand of hydraulic cylinders, entered into a partnership with Aries Engineering Co. Inc. (AEC) to make its line-up of cylinders and other products available in Canada. AEC has a large customer base across electronics, appliances, aerospace, military, medical, and automotive industries, which will help HyperCyl to enhance its customer base in the market.

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Thus, such strategic decisions by the market players are enhancing the availability of products and the positions of companies in the automotive hydraulic cylinder market, providing opportunities for their growth in the future.

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Canada is one of the top ten light vehicle producers across the world. Stellantis, Ford, General Motors, Honda, and Toyota are major five OEMs across the world constructing more than 2 million vehicles annually in their respective Canadian assembly factories. The increase in the sales of vehicles is bolstering the demand for automotive hydraulic cylinders, which drives the market growth. As per the data published by Statistics Canada, the sale of vehicles increased from 1,592,119 units in 2020 to 1,675,633 in 2021, which is below the pre-pandemic sales in 2019. Thus, such growth prospects in the sale of automotive vehicles augment the demand for hydraulic cylinders, which fuels the automotive hydraulic cylinders market growth in Canada.
North America is one of the leading regions in developing and adopting new technologies due to the favorable government policies that boost innovation and strengthen infrastructure capabilities. Hence, any hindrance to the growth of the industrial sector hampers the economic growth of the region. The US is the worst-affected country across the world due to the COVID-19 outbreak. The automobile companies and automobile component manufacturers temporarily closed manufacturing plants due to the outbreak, which reduced the demand for automotive hydraulic cylinders. The temporary shutdown of construction activities across North America decreased the need for construction vehicles, which restrained the demand for hydraulic cylinders from construction equipment manufacturers during the pandemic.
The automotive hydraulic cylinders market size is segmented on the basis of type, truck type, and mounting type. Based on type, the automotive hydraulic cylinders market is bifurcated into single acting cylinders and double acting cylinders. By truck type, the automotive hydraulic cylinders market is segmented into car carriers, garbage compactors, hook loaders, tipper, drop deck trailers, and modular trailers. Based on mounting type, the automotive hydraulic cylinders market size is bifurcated into rod end and cap end. The automotive hydraulic cylinders market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM)).

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Key Findings of Study:

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APAC accounted for the largest share of the automotive hydraulic cylinders market in 2021 and is expected to register the highest CAGR from 2022 to 2028. APAC has two of the fastest-growing economies across the world-China and India. Over the last 10 years, these countries have experienced huge investments in public and private infrastructure developments, including the construction of hospitals, airports, railway stations, commercial complexes, and residential complexes. High investments in the construction industry across the two developing countries are significantly propelling the need for heavy construction vehicles, which is accelerating the demand for automotive hydraulic cylinders from construction equipment manufacturers. All these factors are contributing to the growth of the APAC automotive hydraulic cylinders market share.
The automotive hydraulic cylinders market share in North America is also growing at a significant rate due to the presence of several automotive vehicle manufacturers across the region. The presence of production plants of automotive such as off-highway vehicles across the US and Canada is catalyzing the growth of the regional market. Europe is also contributing to significant share of the global automotive hydraulic cylinders market growth owing to the presence of several market players, including Hyva Holding BV, Binotto SRL, Montanhydraulik GmbH, and Gidrolast Corp.

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