Automotive Hydraulics System Market Size advances with the Growth of Commercial Vehicles
Market Overview
The automotive
hydraulics system market size 2020 can
presumably achieve a decent CAGR of close to 6% between 2017 and 2023
(appraisal period), says Market Research Future (MRFR). We will provide COVID-19
impact analysis with the report, offering all the key developments that can
affect the market post the coronavirus disease outbreak.
Top Boosters and Key Barriers
The COVID-19
outbreak has uprooted every business around the world, disrupting the global
economy to a large extent. One of the hardest hit could be the automotive
industry, with the major affected divisions expected to be the production lines
and the worldwide supply chain. The advent of widespread lockdown, travel
restrictions and school closures to curb the spread of SARS-CoV-2 has also been
quite detrimental. With the closing down of production lines following the
pandemic, automakers are now more focused on becoming agile to address the crisis.
Also, the novel coronavirus has presented with the automotive industry with a
significant opportunity in the form of digital supply chains. These types of transparency
solutions are being increasingly adopted by the leading players, as these help reveal
any kind of problems faster and facilitate regular self-reporting with important
suppliers.
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The COVID-19
impact on the economy has been brutal, weakening the consumer demand and
dampening vehicle sales. This has been the short impact of the pandemic, while
the long term impact of COVID-19 can be the change in consumer preference, which
could be hard to keep up with in the coming years. On the bright side, with
governments imposing strict policies pertaining to carbon emissions, the demand
for hydraulic systems can spike since these ensure proper functioning of the engine
and lower carbon emission. In the SARS-CoV-2 era, the Automotive Hydraulics
System Market Size is also finding respite from the sustained demand for light
commercial vehicles, passenger cars and heavy commercial vehicles.
Technological
advancements and new product launches seem to some of the top favored growth
strategies that the leading players are employing to maintain their market
position post the novel coronavirus crisis.
To cite a
reference, in June 2020, Nissan has reengineered its Rogue model by adding new
features, which includes an Intelligent All-Wheel Drive system that has an
advanced electro-hydraulic controlled clutch that can manage the torque more
quickly and effectively by foreseeing any front wheel slippage. This provides a
more responsive torque distribution at the car’s rear.
Market Segmentation
The Automotive Hydraulics System Market Size industry can be considered with respect to
application, component, end market and vehicle type.
The
applications include clutch, suspension, brake and tappet.
Component-based
categories are hose, reservoir, slave cylinder as well as master cylinder.
The use of hydraulic systems is more
extensive in slave cylinder compared to other segments, on account of the
diverse applications of this type of cylinder, including gear mechanism and clutch.
The End market-based
segments can be OEM/original equipment manufacturers along with after-market.
Both the segments have equal growth scope,
given the increasing worldwide automobile production and the innovations in the
after-sales service technology.
Vehicle types
considered in the market study include LCV/light commercial vehicles, passenger
and HCV/heavy commercial vehicles.
Regional Insight
Asia Pacific/APAC,
North America, Europe, as well as RoW/Rest of the World are the key markets for
automotive hydraulic systems.
North
America, with Canada and the U.S. at the forefront, is the highest gainer in
the global market. The region boasts of a highly lucrative automotive market in
the world, with most of the population preferring personal vehicles for daily commutes.
Given the high demand for different automobile models and the cheap cost of
vehicle production on a large scale, it can be assumed that hydraulic systems
will note an even higher demand in the coming years.
APAC is
another strong contender in the global market, thanks the consistent growth in
the infrastructure, improvement in road conditions, and supportive government
policies. The mounting awareness level regarding the passive and active safety aspect
in vehicles among consumers and the increasing advancements in automotive electro-hydraulic
systems can do wonders for the regional market during the given period.
Europe is
known for its large-scale of high-end cars that have advanced hydraulic systems,
which works in favor of the regional market. In general, the sale of various automobiles
in the region has shot up in recent years on account of the expanding population,
rising rate of migration, and the growing need for personal vehicles instead of
public transport. These can be some of the prime growth boosters in the
European market.
Renowned Industry Competitors
Some of the
renowned industry competitors include Continental AG (Germany), Robert Bosch
GmbH (Germany), JTEKT Corporation (Japan), GKN PLC (U.K.), WABCO Holdings, Inc.
(U.S.), Aisin Seiki Co. Ltd. (Japan), ZF Friedrichshafen AG (Germany),
Schaeffler Technologies AG & Co. KG (Germany), BorgWarner Inc. (US), FTE automotive Group (Germany), to list a
few.
Latest Developments
July 2020
Hyundai has added the iMT/ intelligent Manual
Transmission technology in its Hyundai VENUE, which the first connected SUV
every launched in India. The iMT technology has a transmission gear shift lever
with an advanced hydraulic actuator, transmission control unit as well as intention
sensor that facilitate a smoother driving experience.
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