At 4.9% CAGR, Asia Pacific Hydraulic Pumps Market is Projected to be Worth US$ 6,009.28 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific hydraulic pumps market was valued at US$ 4,086.91 million in 2022 and is expected to reach US$ 6,009.28 million by 2030, registering a CAGR of 4.9% from 2022 to 2030. Growing demand from automotive industry and growing wastewater treatment projects are among the critical factors attributed to drive the Asia Pacific hydraulic pumps market growth.

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 are used to make easier and comfortable for the driver to steer when driving. 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 raise 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 brakes, which increases their adoption among consumers.

Hydraulic pumps are demanded by automotive users to provide rapid response needed when the brake pedal is depressed and slowing down the vehicles speed. 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

On the contrary, high cost and complexities associated with hydraulic pumps hurdle the growth of Asia Pacific hydraulic pumps market.

Based on type, the Asia Pacific hydraulic pumps market is segmented into gear pump, piston pump, and vane pump. The gear pump segment held 54.1% market share in 2022, amassing US$ 2,210.25 million. It is projected to garner US$ 3,426.33 million by 2030 to register 5.6% CAGR during 2022-2030.

In terms of application, the Asia Pacific hydraulic pumps market is segmented into construction, commercial vehicles, agriculture vehicles, aerospace, and others. The construction segment held 34.0% share of Asia Pacific hydraulic pumps market in 2022, amassing US$ 1,387.90 million. It is anticipated to garner US$ 2,287.47 million by 2030 to expand at 6.4% CAGR during 2022-2030.

Based on country, the Asia Pacific hydraulic pumps market is categorized into China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.1% share of Asia Pacific hydraulic pumps market in 2022. It was assessed at US$ 1,188.88 million in 2022 and is likely to hit US$ 1,903.98 million by 2030, registering a CAGR of 6.1% during 2022-2030.

Key players operating in the Asia Pacific hydraulic pumps market are Bosch Rexroth Ltd, Danfoss LLC, Linde Hydraulics GmbH & Co KG, Dynamatic Technologies Ltd, HYDAC International GmbH, Parker Hannifin Corp, Kawasaki Heavy Industries Ltd, Daikin Industries Ltd, and Bucher Hydraulics GmbH, among others.

• In 2023, Danfoss Power Solutions has introduced the latest in its H1 series of pumps and motors, the new H1F fixed-displacement bent-axis hydraulic motor. The new motor is designed for both open- and closed-circuit applications in agricultural, construction, and forestry machines.
  
  

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