Report : Europe Automotive Hydraulic Cylinders Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Single Acting Cylinders and Double Acting Cylinders), Truck Type (Car Carriers, Garbage Compactors, Hook Loader, Tipping Vehicles, Drop Deck Trailer, and Modular Trailer), and Mounting Type (Rod End and Cap End)
At 4.0% CAGR, the Europe Automotive Hydraulic Cylinders Market is speculated to be worth US$ 214.85 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe automotive hydraulic cylinders market was valued at US$ 169.63 million in 2022 and is expected to reach US$ 214.85 million by 2028, registering a CAGR of 4.0% from 2022 to 2028. Growing demand for construction equipment and vehicles and rising use of hydraulic cylinders in waste management vehicles are the critical factors attributed to the Europe automotive hydraulic cylinders market expansion.
The significantly rising demand for hydraulic cylinders encourages manufacturers to make various strategic decisions to address this demand. They prefer engaging in strategic alliances such as partnerships, collaborations, and agreements to strengthen their positions in the automotive hydraulic cylinder market. In November 2022, Norrhydro opened a production facility in Rovaniemi, Finland. The construction of this new production facility started in May 2021, and it was completed in August 2022. With this production facility, the company aims to achieve the serial production of a high-end hydraulic cylinder. In September 2022, Leggett & Platt, Incorporated announced the acquisition of Pacoma Group, the leading provider of hydraulic cylinders. With this acquisition, the company will leverage Pacoma’s portfolio of hydraulic cylinders. Thus, such strategic decisions by the market players are enhancing the availability of products and the positions of companies in the automotive hydraulic cylinder market, providing opportunities for their growth in the future. This is expected to drive the Europe automotive hydraulic cylinders market during the forecast period.
On the contrary, suboptimal performance and price concerns regarding oil leakage hurdles the growth of Europe automotive hydraulic cylinders market.
Based on type, the Europe automotive hydraulic cylinders market is bifurcated into single acting cylinders and double acting cylinders. The single acting cylinders segment held 63.3% market share in 2022, amassing US$ 107.40 million. It is projected to garner US$ 127.13 million by 2028 to expand at 2.8% CAGR during 2022–2028.
Based on truck type, the Europe automotive hydraulic cylinders market is categorized into car carriers, garbage compactors, hook loader, tipping vehicles, drop deck trailer, and modular trailer. The tipping vehicles segment held 38.9% market share in 2022, amassing US$ 65.97 million. It is projected to garner US$ 84.51 million by 2028 to expand at 4.2% CAGR during 2022–2028.
Based on mounting type, the Europe automotive hydraulic cylinders market is bifurcated into rod end and cap end. The cap end segment held 74.1% market share in 2022, amassing US$ 125.62 million. It is projected to garner US$ 152.90 million by 2028 to expand at 3.3% CAGR during 2022–2028.
Based on country, the Europe automotive hydraulic cylinders market has been categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 34.4% market share in 2022. It was assessed at US$ 58.35 million in 2022 and is likely to hit US$ 79.39 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the Europe automotive hydraulic cylinders market are Wipro Enterprises Ltd; Gidrolast Corp; Montanhydraulik GmbH; Muncie Power Products Inc.; Binotto SRL; and Hyva Holding BV, among others.
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