Hydraulic Cylinder Market

Global Market Study on Hydraulic Cylinders: Mobile Industrial Equipment to Remain Major Application Area

Key Questions Answered in Report

  • What is the expected growth rate for the global hydraulic cylinder market through 2031?

    By value, Persistence Market Research has projected around 4.5% CAGR for hydraulic cylinder sales during 2021-2031. In terms of volume, demand is expected to increase at around 4.4% CAGR over the same period.

  • Which are the most lucrative markets for hydraulic cylinder manufacturers?

    As per Persistence Market Research’s projections, China and USA are markets expanding at high CAGRs. Together, North America and East Asia are projected to hold around 35% of market share through 2031.

  • Who are the prominent Hydraulic Cylinder manufacturers?

    Top suppliers of hydraulic cylinders include tier-1 companies such as Eaton Corporation, Parker Hannifin Corp, Caterpillar Inc., Bosch Rexroth AG, Liebherr Group and others, which together accounted for around 35% share of global revenue in 2020.

Find Out More about the Report Coverage

Companies

  • Bosch Rexroth AG
  • Actuant Corporation
  • Eaton Corporation
  • Parker Hannifin Corp
  • Caterpillar Inc.
  • Jiangsu Hengli Hydraulic Co., Ltd.
  • HYDAC
  • Wipro Enterprises Limited

Report Also Addresses:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Hydraulic Cylinders and How to Navigate
  • Recommendation on Key Winning Strategies

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Sales of Hydraulic Cylinder in 2016 to 2020 Vs Projections for 2021 to 2031

Historically from 2016 to 2020, use of hydraulic cylinders witnessed declined growth at 1.3% CAGR, mainly due to the COVID-19 pandemic which devastated construction industry growth, where countries such as the U.S., China, and others held significant share in the global market.

On a global scale, industrial and mobile equipment prices have increased significantly due to rising raw material cost in the past few years, which can be attributed to rising expenditure on R&D activities conducted by major players in the automotive industry.

The main trait of hydraulic cylinders is converting pressurized hydraulic fluid flow to useful energy across various applications. Manufacturers are looking into material innovation as an expansion strategy to attract more customers. It is very important for car manufacturers to provide comfort, safety, and reliability to users. As such, it is important for hydraulic cylinder manufacturers to adhere to the needs of their customers and provide high quality parts.

Considering these statistics and shift in dynamics, the market for hydraulic cylinders is forecast to expand at a healthy CAGR of around 4.5% over the coming 10 years.

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What are the Key Opportunities for Hydraulic Cylinder Manufacturers?

Manufacturers are focused on manufacturing hydraulic cylinder systems with high operational efficiency and long-lasting service life. They are concentrating on collaborating with original equipment manufacturers (OEMs) to offer their products as per requirements. Also, various suppliers and distributors are engaged in serving the aftermarket across the world.

Construction and mining equipment require almost the same number of hydraulic cylinder systems. Demand for hydraulic cylinder connections in industrial and mobile equipment is set to surge over the coming years.

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What are the Roadblocks for Hydraulic Cylinder Suppliers?

Automotive and off- road vehicle hose suppliers have been struggling with counterfeit products and supply of components through grey market trading. Counterfeit products lack quality and are a threat to equipment and consumer safety.

With increasing stringent regulatory standards for hydraulic cylinders, companies often use standard products from OEMs. Hydraulic cylinder manufacturing companies are not happy due to the additional cost of investment in research & development. Low-cost and poor quality auto parts for industrial and mobile equipment are supplied to dealers in the aftermarket, which is a major market restraint.

Which Region Offers the Largest Opportunity for Sales of Hydraulic Cylinders?

With an absolute dollar opportunity of around US$ 2.2 Bn, East Asia is expected to be the most lucrative market for hydraulic cylinder suppliers. China is leading the East Asian market, and is expected to witness significant growth during 2021-2031.

With fast-paced growth of its economy and changes in lifestyle, Chinese consumers’ inclination towards new construction and industrial equipment has grown in the recent past. Rapidly increasing industrialization and urbanization is complementing market expansion.

Hydraulic Cylinder Market

Country-wise Analysis

What’s Driving Hydraulic Cylinder Sales in the U.S.?

The U.S market holds over 21% market share and it is likely to expand at a CAGR of around 3% during the forecast period. Due to substantial sales of hydraulic cylinders in the United States, different market players have launched new dimensions and designs with added features.

Manufacturers are introducing products that are designed to last a long time, require little maintenance, and are rust-free throughout their lifetime. U.S. hydraulic cylinder manufacturers are relying more on product development, investment in manufacturing facilities, and research & development.

The U.S. also has a growing number of emerging and leading hydraulic cylinder manufacturers, which makes the country a leading market that is expanding at a steady rate.

What Makes China a Hub for Hydraulic Cylinder Demand?

In 2020, China accounted for over 13% share of the global market for hydraulic cylinders. The market is expected to expand at close to 6% CAGR over the projection period.

China also supplies raw materials for the production of hydraulic cylinder, which is why many major companies have set up manufacturing plants at various locations across the country. China does business with many countries such as the U.S., Japan, Germany, and others.

Why is Demand for Hydraulic Cylinders Increasing in India?

Demand in India is expected to rise at nearly 7% CAGR over the forecast period. The market is backed by ongoing and upcoming industrial and infrastructure projects across the country, largely supported by the government. It is not surprising that India has the most elevated level of expenditure on infrastructure in South Asia & Pacific.

India is recognized as a primary market, and is expected to continue exhibiting high demand for hydraulic cylinders over the coming years. Moreover, rising key development activities, presence of several major players, and increasing demand for agriculture and forestry equipment are creating attractive opportunities for hydraulic cylinder manufacturers in the country.

Category-wise Insights            

Which Bore Size Holds the Highest Growth Potential for Hydraulic Cylinders?

51 - 100 mm bore hydraulic cylinders account for more than 37% share of the global market. These cylinders are divided into various categories based on application, such as industrial equipment and mobile equipment.

The 51 - 100 mm segment is majorly responsible for demand growth of hydraulic cylinders. Hydraulic cylinders are widely used for the movement of construction and mining equipment. With high investments, growing number of OEM manufacturers, and high replacement of hydraulic cylinders in construction & mining equipment, the market is likely to see an upward trend over the coming years.

For Which Application Does Hydraulic Cylinders Hold Higher Significance?

Mobile instruments have higher significance and accounted for more than 66% of the market share in 2020.

There are different equipment types installed with various hydraulic cylinders based on their handling capacity and application. These hydraulic cylinders exhibit different functions based on equipment type.

Among all these equipment types, or application, mobile equipment holds a major market value share. The main reason being growing demand for construction and mining equipment in both, developed and developing economies.

Why are Double Acting Hydraulic Cylinders Highly Sought-after?

Double acting hydraulic cylinders held the highest market share of around 48% in 2020. These cylinders offer longer resistance and flexibility, and are capable of transferring hydraulic fluids or output forces in both, extending and retracting directions.

There is high requirement for efficient hydraulic cylinders that bring better operational efficiency and performance in construction equipment. Thus, double acting hydraulic cylinders are the perfect choice and expected to experience high sales over the coming years.

How Has COVID-19 Impacted Sales of Hydraulic Cylinders?

COVID-19 has significantly hindered demand for hydraulic cylinders, as production and sales of industrial and mobile equipment declined in 2020 due to lockdowns imposed by various countries across the globe. The hydraulic cylinder industry, which was growing at around 4.5% annually, witnessed a year-on-year shrinking of nearly 5% in 2020 due to the onset of COVID-19.

Sudden decline of production created a downfall of sales in the first two quarters of 2020; however, manufacturers soon ramped up production in a few countries to meet elevated demand. With disrupted distribution, manufacturers also increased their distribution reach to boost sales across the globe.

Competitive Landscape

Persistence Market Research has profiled the following key hydraulic cylinder manufacturers in its report:

  • Bosch Rexroth AG
  • Actuant Corporation
  • Eaton Corporation
  • Parker Hannifin Corp
  • Caterpillar Inc.
  • Jiangsu Hengli Hydraulic Co., Ltd.
  • HYDAC
  • Wipro Enterprises Limited
  • SMC Corporation
  • Weber-Hydraulik GmbH
  • Pacoma GmbH
  • Texas Hydraulics, Inc.
  • JARP Industries, Inc.
  • Liebherr Group
  • Best Metal Products Company, Inc.

Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks. Some of the key developments are:

  • In April 2019, Pennar Industries Limited (PIL), a leading value-added engineering products and solutions company, announced plans to expand its hydraulic cylinder manufacturing capacity to 200,000 cylinders per annum (pa) from the then current capacity of 75,000 cylinders pa.
  • In April 2021, Liebherr expanded its capacity for the production of hydraulic cylinders in the Components Division in China. These hydraulic cylinders for the Chinese market consist of products for a wide variety of stationary and mobile applications such as plant engineering and construction machinery.

Similarly, recent developments related to companies manufacturing hydraulic cylinders have been tracked by the team at Persistence Market Research, which are available in the full report.

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Million for Value and Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • the Middle East & Africa

Key Countries Covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN countries
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • South Africa

Key Segments Covered

  • Bore size
  • Product type
  • Application
  • Operating Principle and Region

Key Companies Profiled

  • Bosch Rexroth AG
  • Actuant Corporation
  • Eaton Corporation
  • Parker Hannifin Corp
  • Caterpillar Inc.
  • Jiangsu Hengli Hydraulic Co., Ltd.
  • HYDAC
  • Wipro Enterprises Limited
  • SMC Corporation
  • Weber-Hydraulik GmbH
  • Pacoma GmbH
  • Texas Hydraulics, Inc.
  • JARP Industries, Inc.
  • Liebherr Group
  • Best Metal Products Company, Inc.

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  • Is the market research conducted by Persistence Market Research?

    Yes, the report has been compiled by expert analysts of Persistence Market Research, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

  • What research methodology is followed by Persistence Market Research?

    Persistence Market Research follows a methodology that encompasses the demand-side assessment, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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  • What are the sources of secondary research?

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Market Segmentation by Category

Bore Size

  • <50 mm Hydraulic Cylinders
  • 51 - 100 mm Hydraulic Cylinders
  • 101 - 150 mm Hydraulic Cylinders
  • 151 - 300 mm Hydraulic Cylinders
  • Above 300 mm Hydraulic Cylinders

Product

  • Tie-rod Hydraulic Cylinders
  • Threaded Hydraulic Cylinders
  • Welded Hydraulic Cylinders
  • Bolted/ Mill Hydraulic Cylinders
  • Telescopic Hydraulic Cylinders
  • Other Cylinders

Application

  • Hydraulic Cylinders for Industrial Equipment
    • Lifts & Aerial Work Platforms
    • Rams & Presses
    • Loading Docks
    • Injection Molding Machines
    • Oil & Gas and Offshore Applications
    • Others
  • Hydraulic Cylinders for Mobile Equipment
    • Agricultural & Forestry Vehicles
    • Construction Equipment’s
    • Mining & Material Handling Equipment’s
    • Others

Operating Principle

  • Single Acting Hydraulic Cylinders
  • Double Hydraulic Cylinders
  • Multi-stage/ Tandem Hydraulic Cylinders

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Middle East and Africa (MEA)

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