Hydraulic Pumps Market
Growing Demand from Automotive Industry to Fuel Hydraulic Pumps Market Growth During Forecast Period
Hydraulic pumps are highly used in industries such as aerospace, construction, agriculture, and automotive for lifting heavy loads. The expansion of these industries is creating a demand for hydraulic pumps among users. The automotive industry extensively uses hydraulic pumps in numerous applications, such as brakes, power steering, and transmission systems. Hydraulic pumps make steering the vehicle easier and more comfortable for the driver. Hydraulic pumps are widely used in automobiles for energy production and vehicle propulsion. The market is growing due to the recent trend of electric vehicles (EVs) and the increasing use of robots in automotive manufacturing. For instance, according to the International Energy Agency (IEA), electric vehicle sales increased by 10 million in 2022. Approximately 14% of all new cars sold across the globe were electric. The increasing sales of electric cars globally raised the adoption of hydraulic pumps among automotive manufacturers. Hydraulic pumps are used in advanced braking systems in electric vehicles. Hydraulically operated brakes can deploy quickly and are much more responsive than electric ones, increasing their adoption among consumers.
Hydraulic pumps are in demand by automotive users to provide rapid response needed when the brake pedal is depressed. The pumps also support the driver to regulate the ABS and power steering systems. Hydraulic pumps improve vehicles’ performance, range, and overall energy usage, enabling faster response times and better power distribution by reducing the load on the battery, which increases their demand among consumers.
Hydraulic Pumps Market: Industry Overview
The hydraulic pumps market is categorized based on type, application, and geography. Based on type, the hydraulic pumps market is segmented into gear pump, piston pump, and vane pump. By application, the hydraulic pumps market is segmented into construction, commercial vehicles, agriculture vehicles, aircraft, and others. The hydraulic pumps market, based on geography, is categorized into North America, Europe, Asia-Pacific, Middle East and Africa, and South and Central America.
Germany, France, the UK, and Italy are among the key countries contributing to the growth of the Europe hydraulic pumps market. The prominent manufacturing industries in European countries include automotive, aerospace, construction, and military vehicles. The increase in government investments in infrastructure development is creating opportunities for the hydraulic pumps market in the region. For instance, in June 2023, the European Commission invested US$ 6.8 million in efficient, safe, and sustainable transport infrastructure. The commission plans to use 80% of the investment to support 107 transport infrastructure projects that deliver more efficient, smarter, and greener railways, maritime routes, and inland waterways network along the trans-European transport (TEN-T) network. New construction and renovation of infrastructure are boosting the hydraulic pumps market in Europe. Hydraulic pumps are highly used in locomotives for strengthening essential functions such as suspension systems, braking systems, and propulsion systems. The pumps provide a reliable and responsive stopping power by ensuring safe operations in the locomotive.
Moreover, the automotive industry contributes substantially to the GDP of several countries in the European Union (EU). Europe is the leading producer of motor vehicles due to the presence of several premium automotive manufacturers, including General Motors, Jeep, Ford, Chevrolet, Toyota, Nissan, and Stellantis. As per the European Automobile Manufacturers’ Association (ACEA), 861,062 new car units were registered in Europe as of September 2023. The region has nearly 300 vehicle manufacturing and assembly facilities across ~26 countries. The growth of the automotive industry drives the hydraulic pumps market. Hydraulic pumps are used to power the critical systems, including steering, brakes, and suspension. The pumps generate force that enables the smooth operation of the automobile, driving the market in the region.
Hydraulic Pumps Market: Competitive Landscape and Key Developments
Bosch Rexroth Corporation; Danfoss; Linde Hydraulics GmbH & Co. KG.; Dynamatic Technologies Limited; HYDAC International GmbH; Parker Hannifin Corp; Kawasaki Heavy Industries, Ltd; Daikin Industries, Ltd.; Bucher Industries; and HAWE Hydraulik SE; are among the leading market players profiled in the hydraulic pumps market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
- In August 2023, HAWE Hydraulik expanded its presence in Canada and made management changes. HAWE Hydraulik expanded its global presence with its subsidiary in Mississauga, Ontario. As of July 1, the 100% subsidiary HAWE Hydraulik Canada Inc. was focused on compact power units assembled as system solutions. This move was in line with HAWE Hydraulik SE’s strategy to focus more strongly on the North America market, thus consistently pursuing its three-continent sales strategy.
- In April 2022, Daikin Industries, Ltd. acquired Duplomatic MS S.p.A, an Italian hydraulic equipment manufacturer. The acquisition was completed in June 2022, when Daikin obtained all shares from Alcedo Sgr S.p.A., an Italian private equity firm, and the management of Duplomatic.
- In May 2020, Kawasaki Heavy Industries completed a hydraulic pump and motor manufacturing plant in India. With a focus on capitalizing on the growing demand for hydraulic excavators in India, the company built its 125,000 square meter plant in Bengaluru, Karnataka, India.
- In March 2022, Parker Aerospace, a business segment of Parker Hannifin Corporation, announced that the Sikorsky-Boeing team had selected multiple Parker technologies for the DEFIANT X entrant in the Future Long-Range Assault Aircraft (FLRAA) competition that included main hydraulic pumps, auxiliary pumps, flight control modules, main rotor servoactuators (MRS) and the hydraulic tail actuation system.
