Automotive Hydraulic System Market - Forecasts from 2024 to 2029

Automotive Hydraulic System Market - Forecasts from 2024 to 2029

The automotive hydraulic system market is predicted to grow at a CAGR of 6.57% thereby reaching US$49.382 billion in 2029 from US$35.925 billion in 2024.

A hydraulic system uses fluid power to adjust speed and acceleration dynamically. It is majorly used in the automotive sector for various applications, such as steering, brakes, and active suspension. The ongoing adoption of modern technological approaches to enhance overall vehicle performance has provided a new scope for the hydraulic systems market.

Moreover, the growing prevalence of car accidents, followed by investments to bolster innovations in brakes and power steering, has further stimulated market growth. Major automotive manufacturers have formed strategic tie-ups with major players to bolster their vehicles' safety, energy efficiency, and performance, which has led to an upward market trajectory. However, despite their performance benefits, the high cost of production is expected to act as a major market restraint, hampering the overall expansion.

Automotive Hydraulic System Market Drivers:

Growing technological adoption to bolster vehicle performance has accelerated the market expansion.

Hydraulic systems have become a key aspect for automotives since they find usage in many systems ranging from active suspension and brake-by-wire to power steering. The automotive sector's shift towards new technology to enhance vehicle performance and address current dynamics has opened up growth opportunities for hydraulic systems.

Various major companies are forming strategic collaborations to promote their hydraulic systems. For instance, in September 2023, Continental AG formed a strategic partnership with DeepDive to develop hydraulic drive and brake components that will be directly mounted on wheels. The partnership will have the technical expertise of both players in the brake system. Likewise, in May 2022, Nexteer Automotive and Continental expanded their CNXMotion’s “Brake-To-Steer” technology to improve safety redundancies across electric power steering applications.

Automotive Hydraulic System Market Geographical Outlook:

Asia Pacific will show significant growth during the forecast period.

Geography-wise, the automotive hydraulic system market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The APAC region is expected to account for a remarkable portion of the market as it houses major automotive manufacturing nations, namely China, Japan, India, and South Korea. These countries have experienced significant growth in production capacity over the past couple of years.

OICA data states that in 2023, automotive production in Asia Pacific reached 55.11 million units, accounting for nearly 58% of the global production volume. Production in China reached 30.160 million units, showcasing an 11.6% growth, whereas production in India, Japan, and South Korea experienced growth of 7.3%, 14.8%, and 13.1%, respectively.

North America is estimated to show significant growth fueled by the establishment of hydraulic hose and brake production plants in regional economies, namely the United States and Mexico. Likewise, the European region is projected to show constant growth during the time frame.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The Automotive Hydraulic System market is segmented and analyzed as given below:

By Application

Brakes
Steering
Shock Absorbers

By Component

Master Cylinder
Slave Cylinder
Reservoir
Hose

By Vehicle Type

Passenger Vehicles
Light Commercial Vehicles
Medium & Heavy Commercial Vehicles

By Geography

North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Thailand
Others