Hydraulic Cylinder Market on Track for US$ 24 Billion by 2033

The global hydraulic cylinder market is expected to advance at 4.6% between 2023 and 2033. The valuation is expected to exceed US$ 24 billion by 2033. In 2023, the estimation is likely to be at US$ 15.3 billion.

Automotive factories face a massive demand for hydraulic cylinders. In 2021, the automotive market had a mammoth valuation of US$ 2.8 trillion and is expected to grow at a robust rate during the forecast period. These figures display massive prospects for the market going ahead.

Hydraulic cylinders are used in the construction sector as well. These are deployed for the preparation of concretes, and also for transferring heavy loads to the construction site. Rapid urbanization in major parts of the world presents a slew of opportunities for the market.

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The ability to provide variable speed control ensures that the machine doesn’t deteriorate because of extreme working conditions. Certain kinds of hydraulic cylinders occupy less space, and despite not possessing a massive build, they perform flawless operations. The investors are ready to pour huge amounts of money because of their ability to deliver efficient power-to-weight ratios. All these factors are expected to surge the sales of hydraulic cylinder during the forecast period.

However, the lack of availability of raw materials because of the ongoing supply chain issues is expected to hinder the market growth.

Thus, from the insights provided by the FMI analysts, it can be inferred that the ‘massive automotive market, surging construction sector, the ability to work in extreme conditions and lots of other factors are expected to surge the growth of hydraulic cylinder market during the forecast period.’

Key Takeaways From the Market Study:

The market is expected to record a CAGR of 4.6% during the forecast period.
In 2023, the valuation is expected to be at US$ 15.3 billion.
By 2033, the market size is expected to surge past US$ 24 billion.
Asia Pacific is expected to be the dominant market during the forecast period.
The United States market is expected to record a CAGR of 3.5%.
The United Kingdom market is expected to register a CAGR of 3.9%.
China’s market is anticipated to post a growth rate of 6.3%.
Japan market is projected to surge at 5.1%.
South Korea market is anticipated to advance at 5.4%.
Based on product type, welded hydraulic cylinder is expected to be the dominant segment, and is expected to grow at 4.6%.
Based on application, mobile equipment is anticipated to be the leading segment and is projected to grow at 4.5%.

Competitive Landscapes

The manufacturers operating in the hydraulic cylinder market are expected to invest in crucial acquisitions. This comes at a time when all the pending projects are done on a priority basis after a brief gap. Apart from that, the intention is to grab the lion’s share of the market. The key players are also pumping in millions of dollars in research and development activities. A lot of emphasis is being laid on sustainable initiatives. With governments worldwide adopting stringent measures to cut down carbon emissions, the key players have started adopting eco-friendly practices, and are making use of green technology.

Recent Developments

In October 2022, Caterpillar announced the expansion of its construction industry portfolio with four battery electric machines.
In December 2022, Eaton expanded its cybersecurity services and added global customer experience sites to help customers address critical infrastructure vulnerabilities.

Other significant players profiled: