Market Size of Automotive Hydraulic Systems Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 37.27 Billion |
| Market Size (2029) | USD 49.29 Billion |
| CAGR (2024 - 2029) | 5.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Hydraulic Systems Market Analysis
The Automotive Hydraulic Systems Market size in terms of Equal-5.75 is expected to grow from USD 37.27 billion in 2024 to USD 49.29 billion by 2029, at a CAGR of 5.75% during the forecast period (2024-2029).
The automotive hydraulic systems market has been growing at a steady pace in recent years. The continuous rise in global automotive production, particularly in emerging markets such as China and India, is a primary driver for the automotive hydraulic systems market. The increasing demand for passenger and commercial vehicles propels the adoption of hydraulic systems for various applications, including braking and power steering. For instance:
- In China, the total commercial vehicle sales in 2022 totaled 3,300,458 units, while India and Japan registered 933,116 and 753,023, respectively.
The low cost at which hydraulic systems can be fit into vehicles is a major advantage and has proven to be one of the most important factors driving the market studied. Hydraulic systems can store and discharge energy more efficiently than electric batteries. Vehicles that require a lot of power are finding hydraulic hybrid drives to be more efficient than electric drives. The most common use of hydraulic systems in an automobile is power steering, shock absorbers, and brakes.
The integration of advanced technologies, such as electro-hydraulic systems and smart hydraulic components, is enhancing the overall performance and efficiency of automotive hydraulic systems. This trend is gaining momentum as automakers prioritize technological innovation to stay competitive.
However, the increasing adoption of electric vehicles poses a challenge to traditional hydraulic systems. As the automotive industry shifts toward electrification, the demand for hydraulic systems in certain applications, like power steering, may decline.
Despite the challenges, the automotive industry's hydraulic systems market is expected to continue its growth trajectory, albeit at a slower pace.
