Report : Asia Pacific 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 5.8% CAGR, the Asia Pacific Automotive Hydraulic Cylinders Market is speculated to be worth US$ 591.33 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific automotive hydraulic cylinders market was valued at US$ 420.96 million in 2022 and is expected to reach US$ 591.33 million by 2028, registering a CAGR of 5.8% from 2022 to 2028. Increasing demand for construction equipment and vehicles and growing use of hydraulic cylinders in waste management vehicles are the critical factors attributed to the Asia Pacific automotive hydraulic cylinders market expansion.
The ongoing trend of industrialization, urbanization and economic growth have resulted in an increased municipal solid waste especially in cities with high population. Increasing volume of waste negatively impacts every aspect of society of a country damaging to the environment and surrounding habitat. Failing to address such problems strategically leads to long term impact on environment and public health influencing national economies on destructive way. The East Asia and Pacific region generate 23% of the world’s waste which is higher than any other region. Due to such factors, economies are increasingly focusing on waste management strategies and thus gradually adopting waste management vehicles. Waste management vehicles are used for picking up waste and then moving it to landfills or other places where waste materials were managed and treated. Hydraulic cylinders are commonly used in waste management vehicles such as garbage trucks, trash compactors and others, for pushing or dumping waste out. Nearly every garbage truck uses hydraulic systems as hydraulic systems makes far easier to load, lift, and transport both solid and liquid types of waste. Additionally, hydraulic systems are commonly found at dumpsites and landfills to lift and dump the garbage. Trash compactors need a huge amount of power to compact waste efficiently, which depends on hydraulic systems. Waste management vehicles uses multiple hydraulic cylinders to dump a standard-issue garbage bin into the truck’s side hopper. Without reliable hydraulic systems, waste management systems are not effective and are a challenging task. Due to such factors, key market players were increasingly focusing on developing efficient waste management vehicles deployed with hydraulic cylinders. For instance, FULONGMA GROUP Co., Ltd. is providing pure electric garbage compactor truck composed of sealed garbage compartments, hydraulic systems, and operating systems. Thus, increasing the use of hydraulics cylinders in waste management vehicles for controlling, lifting, filling, compacting, and dumping waste, drives the Asia Pacific automotive hydraulic cylinders market growth in the forecast period. This is expected to drive the Asia Pacific automotive hydraulic cylinders market during the forecast period.
On the contrary, suboptimal performance and cost concerns regarding oil leakage hurdles the growth of Asia Pacific automotive hydraulic cylinders market.
Based on type, the Asia Pacific automotive hydraulic cylinders market is bifurcated into single acting cylinders and double acting cylinders. The single acting cylinders segment held 64.7% market share in 2022, amassing US$ 272.16 million. It is projected to garner US$ 358.41 million by 2028 to expand at 4.7% CAGR during 2022–2028.
Based on truck type, the Asia Pacific 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 38.4% market share in 2022, amassing US$ 161.72 million. It is projected to garner US$ 225.48 million by 2028 to expand at 5.7% CAGR during 2022–2028.
Based on mounting type, the Asia Pacific automotive hydraulic cylinders market is bifurcated into rod end and cap end. The cap end segment held 73.2% market share in 2022, amassing US$ 307.94 million. It is projected to garner US$ 411.77 million by 2028 to expand at 5.0% CAGR during 2022–2028.
Based on country, the Asia Pacific automotive hydraulic cylinders market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 54.3% market share in 2022. It was assessed at US$ 228.66 million in 2022 and is likely to hit US$ 333.16 million by 2028, exhibiting a CAGR of 6.5% during the forecast period.
Key players dominating the Asia Pacific automotive hydraulic cylinders market are Delta Hydraulics Pty Ltd; Wipro Enterprises Ltd; Gidrolast Corp; Ashun Fluid Power Co Ltd; Montanhydraulik GmbH; Muncie Power Products Inc.; Jiaheng Hydraulic cylinder Co Ltd; Binotto SRL; and Hyva Holding BV, among others.
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