Market Overview
The automotivehydraulics system market 2020 can presumably achieve a decent CAGR of closeto 6% between 2017 and 2023 (appraisal period), says Market Research Future(MRFR). We will provide COVID-19 impact analysis with the report, offering allthe key developments that can affect the market post the coronavirus diseaseoutbreak.
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Top Boosters and Key Barriers
The COVID-19 outbreak hasuprooted every business around the world, disrupting the global economy to alarge extent. One of the hardest hit could be the automotive industry, with themajor affected divisions expected to be the production lines and the worldwidesupply chain. The advent of widespread lockdown, travel restrictions and schoolclosures to curb the spread of SARS-CoV-2 has also been quite detrimental. Withthe closing down of production lines following the pandemic, automakers are nowmore focused on becoming agile to address the crisis. Also, the novelcoronavirus has presented with the automotive industry with a significantopportunity in the form of digital supply chains. These types of transparencysolutions are being increasingly adopted by the leading players, as these helpreveal any kind of problems faster and facilitate regular self-reporting withimportant suppliers.
The COVID-19 impact on theeconomy has been brutal, weakening the consumer demand and dampening vehiclesales. This has been the short impact of the pandemic, while the long termimpact of COVID-19 can be the change in consumer preference, which could behard to keep up with in the coming years. On the bright side, with governmentsimposing strict policies pertaining to carbon emissions, the demand forhydraulic systems can spike since these ensure proper functioning of the engineand lower carbon emission. In the SARS-CoV-2 era, the automotive hydraulicssystem market is also finding respite from the sustained demand for lightcommercial vehicles, passenger cars and heavy commercial vehicles.
Technological advancements andnew product launches seem to some of the top favored growth strategies that theleading players are employing to maintain their market position post the novelcoronavirus crisis.
To cite a reference, in June2020, Nissan has reengineered its Rogue model by adding new features, whichincludes an Intelligent All-Wheel Drive system that has an advancedelectro-hydraulic controlled clutch that can manage the torque more quickly andeffectively by foreseeing any front wheel slippage. This provides a moreresponsive torque distribution at the car’s rear.
Market Segmentation
The automotive hydraulics systemindustry can be considered with respect to application, component, end marketand vehicle type.
The applications include clutch,suspension, brake and tappet.
Component-based categories arehose, reservoir, slave cylinder as well as master cylinder. The use ofhydraulic systems is more extensive in slave cylinder compared to othersegments, on account of the diverse applications of this type of cylinder,including gear mechanism and clutch.
The End market-based segments canbe OEM/original equipment manufacturers along with after-market. Both thesegments have equal growth scope, given the increasing worldwide automobileproduction and the innovations in the after-sales service technology.
Vehicle types considered in themarket study include LCV/light commercial vehicles, passenger and HCV/heavycommercial vehicles.
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Regional Insight
Asia Pacific/APAC, North America,Europe, as well as RoW/Rest of the World are the key markets for automotivehydraulic systems.
North America, with Canada andthe U.S. at the forefront, is the highest gainer in the global market. Theregion boasts of a highly lucrative automotive market in the world, with mostof the population preferring personal vehicles for daily commutes. Given thehigh demand for different automobile models and the cheap cost of vehicleproduction on a large scale, it can be assumed that hydraulic systems will notean even higher demand in the coming years.
APAC is another strong contenderin the global market, thanks the consistent growth in the infrastructure,improvement in road conditions, and supportive government policies. Themounting awareness level regarding the passive and active safety aspect invehicles among consumers and the increasing advancements in automotiveelectro-hydraulic systems can do wonders for the regional market during thegiven period.
Europe is known for itslarge-scale of high-end cars that have advanced hydraulic systems, which worksin favor of the regional market. In general, the sale of various automobiles inthe region has shot up in recent years on account of the expanding population,rising rate of migration, and the growing need for personal vehicles instead ofpublic transport. These can be some of the prime growth boosters in theEuropean market.
Renowned Industry Competitors
Some of the renowned industrycompetitors include Continental AG (Germany), Robert Bosch GmbH (Germany),JTEKT Corporation (Japan), GKN PLC (U.K.), WABCO Holdings, Inc. (U.S.), AisinSeiki Co. Ltd. (Japan), ZF Friedrichshafen AG (Germany), SchaefflerTechnologies AG & Co. KG (Germany), BorgWarner Inc. (US), FTE automotive Group (Germany), to list afew.
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