The Hydraulic Components Market Size was valued at USD 45.8 billion in 2022. The Hydraulic Components market industry is projected to grow from USD 48.23 Billion in 2023 to USD 72.89 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.30% during the forecast period (2024–2032). Increased concerns regarding oil leaks in hydraulic systems and rising demand from the construction and aviation industry's growing use of material handling equipment are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Companies worldwide are grappling with the challenges posed by rising labor costs, which can lead to a decline in relative productivity. Several factors contribute to increased labor costs, such as government regulations, a disparity between labor supply and demand, and a shortage of skilled workers. This growing demand for automation is particularly evident in industries such as metal, automotive, construction, and mining, where material handling plays a crucial role. Hydraulics is increasingly employed to enhance material handling equipment's performance, controllability, power, and safety. This trend is anticipated to drive the market for material handling equipment in the coming years. Thus, the increasing demand for material handling equipment drives the hydraulics market CAGR.
Additionally, one of the key strategies industry players employ is increased investment in the research and development (R&D) of hydraulic cylinders to develop advanced variants that meet market requirements. Leading manufacturers such as Danfoss, KYB Corporation, and Parker-Hannifin Corporation have significantly invested in R&D activities to enhance their hydraulic technology. For example, KYB Corporation has developed hydraulic cylinders with reinforced chromium plating to improve wear resistance. Similarly, companies like SMC Corporation, Parker-Hannifin Corporation, and Bosch Rexroth offer customized hydraulic cylinders to meet specific customer needs. Weber-Hydraulik has developed tailor-made hydraulic cylinders for Liebherr Telescopic Mobile (LTM) cranes, among the world's largest cranes capable of carrying up to 1,200 tons and reaching heights of 188 meters.
Furthermore, the increased usage of agricultural machinery is expected during the forecast period. Safety and machine performance are crucial considerations during the design and development phase. Properly handling all types of shutdowns and restarts is critical for machine safety and integration, necessitating well-designed programs that include hydraulic systems to restart the machine to a predetermined safety position and resume the automatic cycle with minimal operator intervention. Hydraulic components are preferred in industries such as chemical and mining due to their spark-free operation, ensuring safety. Consequently, the need to enhance machinery safety and operation is expected to drive the expansion of the hydraulic components market in the forecast period. Thus, driving the Hydraulic Components market revenue.
Based on Product, the Hydraulic Components market segmentation includes pumps, motors, valves, cylinders, and others. The pumps segment dominated the market due to their essential role in fluid transfer and power transmission, high demand across various industries, continuous technological advancements, and the emphasis on energy efficiency. Moreover, Manufacturers continuously innovate to develop pumps with improved performance, higher efficiency, and enhanced durability. These advancements enable end-users to achieve higher productivity and cost-effectiveness in their operations, further driving the demand for pumps.
Based on application, the Hydraulic Components market segmentation includes industrial and mobile. The industrial segment dominated the market due to the extensive use of hydraulic systems in industrial applications, the continuous growth of the industrial sector, technological advancements, and the focus on safety and precision in industrial processes. Furthermore, the industrial sector's emphasis on safety and precision further drives the demand for hydraulic components.
Figure 1: Hydraulic Components Market, by Application 2024 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on end users, the Hydraulic Components market segmentation includes Construction, agriculture, material handling, automotive, oil & gas, and others. The construction segment dominated the market because of the extensive use of hydraulic machinery in construction activities, the growth of the construction industry, the industry's focus on productivity and safety, and the technological advancements catering to construction needs. Moreover, the construction industry's focus on productivity, efficiency, and safety further contributes to the dominance of this segment. Hydraulic components enable construction machinery to perform tasks more efficiently, increasing productivity on construction sites. Additionally, hydraulic systems offer precise control and smooth operation, enhancing safety measures in construction processes.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American hydraulic components market area will dominate this market; owing to the increasing adoption of automated and mechanized agriculture practices across the Region will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Hydraulic Components Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Hydraulic Components market accounts for the second-largest market share because of growing demand for machinery and equipment for applications in growing manufacturing, agriculture, mining, and oil and gas sectors in the Region and the early adoption of new and efficient technologies of hydraulic components. Further, the German Hydraulic Components market held the largest market share, and the UK Hydraulic Components market was the fastest-growing market in the European Region.
The Asia-Pacific Hydraulic Components Market is expected to grow at the fastest CAGR from 2023 to 2032.Owing to rising applications and requirements in various machinery and equipment used in agriculture, forestry, manufacturing sector, marine, and mining industry across this Region. Moreover, China’s Hydraulic Components market held the largest market share, and the Indian Hydraulic Components market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the hydraulic components market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The hydraulic Components industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer’s use in the Hydraulic Components industry to benefit clients and increase the market sector. The Hydraulic Components industry has offered some of the most significant advantages in recent years. Major players in the Hydraulic Components market, including Eaton Corporation PLC, Komatsu Ltd., Caterpillar Inc., DY Power Corporation, Hunan Teli Hydraulic Co. Ltd., Changjiang Hydraulic Component Co., Ltd., Parker-Hannifin Corporation, Ligon Industries LLC, Weber-Hydraulik GmbH., and others, are attempting to increase market demand by investing in research and development operations.
HAWE is a trusted development partner specializing in various mechanical and plant engineering fields. Leveraging our highly adaptable modular system, which includes hydraulic power packs, pumps, valves, and sensors, along with our expertise in electronic components and software, we provide intelligent solutions tailored to meet specific needs. One notable product introduced by HAWE is the HICON mini hydraulic power pack. This compact unit, originally designed for recreational boats, offers exceptional benefits in various applications. Its waterproof construction ensures resistance to splash water and temporary immersion, making it suitable for reliable operation in challenging environments.
Robert Bosch GmbH, commonly called Bosch, is a renowned engineering and technology company headquartered in Gerlingen, Germany. Established by Robert Bosch in Stuttgart in 1886, the company is committed to innovation and advancement. With the majority ownership held by the Robert Bosch Stiftung, a charitable organization, Bosch continues to significantly contribute to various industries. In line with its focus on electrification, Bosch made strategic investments in BRUSA HyPower to enhance its eLION product portfolio for off-highway vehicle electrification. Major companies, including Bosch, recognize the importance of strategic acquisitions and investments in emerging firms as a key area of focus to drive growth and stay at the forefront of technological advancements.
August 2022: HAWE, a leading provider in the hydraulic industry, has recently introduced the HICON mini hydraulic power pack. This innovative product is specifically designed for usage in recreational boats and brings distinct benefits across various applications. Notably, the HICON power pack is waterproof, ensuring its resistance to water splashes and temporary immersion during operation. This feature enhances its reliability and durability in marine environments, making it an ideal choice for boat owners seeking high-performance hydraulic solutions.
July 2022: Bosch, a renowned German engineering and technology company, has strategically invested in BRUSA HyPower. This investment is a valuable addition to Bosch's eLION product portfolio, specifically aimed at electrifying off-highway vehicles. Bosch recognizes the importance of strategic acquisitions and investments in emerging companies as part of its growth strategy. This proactive approach allows major companies to stay at the forefront of technological advancements and Moving forward, such strategic initiatives are expected to remain a key focus for leading companies in various industries.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 45.8 billion |
| Market Size 2023 | USD 48.23 billion |
| Market Size 2032 | USD 72.89 billion |
| Compound Annual Growth Rate (CAGR) | 5.30% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Eaton Corporation PLC, Komatsu Ltd., Caterpillar Inc., DY Power Corporation, Hunan Teli Hydraulic Co. Ltd., Changjiang Hydraulic Component Co., Ltd., Parker-Hannifin Corporation, Ligon Industries LLC, Weber-Hydraulik GmbH |
| Key Market Opportunities | Increased concerns regarding oil leaks in the hydraulic system |
| Key Market Dynamics | Rising demand from Construction and aviation industry, Growing use of material handling equipment |
Frequently Asked Questions (FAQ) :
The Hydraulic Components market was valued at USD 45.8 Billion in 2022.
The market is estimated to grow at a CAGR of 5.30% during the forecast period, 2024-2032.
North America witnessed the largest share of the market.
The major players in the market are Eaton Corporation PLC, Komatsu Ltd., Caterpillar Inc., DY Power Corporation, Hunan Teli Hydraulic Co. Ltd., Changjiang Hydraulic Component Co., Ltd., Parker-Hannifin Corporation, Ligon Industries LLC, Weber-Hydraulik GmbH.
The Pumps Hydraulic Components category dominated the market in 2022.
Construction had the largest share of the market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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