The global hydraulic cylinder market size is expected to grow from USD 14.9 billion in 2019 to USD 19.4 billion by 2024 at a CAGR of 5.4%. The market growth is fuelled by rising demand from the construction industry, growing use in mining equipment, and increasing demand for material handling equipment.
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The hydraulic cylinder market for double-acting hydraulic cylinders to grow at highest CAGR from 2019 to 2024
Double-acting hydraulic cylinders are used in aerospace, automotive, agriculture, and several other industries owing to their retraction property. Double-acting hydraulic cylinders have a higher demand in mobile applications such as lifting equipment, tractors, harvesters, telescopic loaders, earth moving equipment, forklifts, and heavy trucks.
Hydraulic cylinder market for aerospace & defense to exhibit high growth during the forecast period
The aerospace & defense industry is expected to register the highest CAGR during the forecast period. The aerospace & defense industry is expected to witness high growth in the near future. The increase in aircraft passengers globally has led to the rise in investments in the aircraft industry. With more investments in the aircraft industry, more production of aircraft is expected to drive the market for double-acting hydraulic cylinders used in different applications of commercial and military aircraft..
Hydraulic cylinder market in APAC to grow at highest CAGR during the forecast period
The hydraulic cylinder industry in APAC is expected to grow at the highest CAGR during the forecast period. Japan is expected to continue to account for the largest hydraulic cylinder market share in APAC during the forecast period, followed by Australia and China. The growth of the market in APAC can be attributed to rapid industrialization and infrastructure development. Hydraulic cylinders are major components in both construction equipment and agricultural equipment. Since both equipment has high demand in APAC, the market for hydraulic cylinders is expected to grow at a substantial rate in the next few years.
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Key Market Players
Actuant (US), Bosch Rexroth (Germany), Caterpillar (US), Eaton (Ireland), KYB Corporation (Japan), Parker Hannifin (US), SMC Corporation (Japan), Jiangsu Hengli Hydraulic (China), Wipro Enterprises (India), and Hydac (Germany) were the major players in the hydraulic cylinder market.