Automotive Hydraulics System Market Overview
The Automotive Hydraulics System Market 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.
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.
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 helps 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.
The Automotive Hydraulics System Market 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.
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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 Automotive Hydraulics System 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.
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