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Hydraulic Cylinder Market Size
Hydraulic Cylinder Market was valued at USD 15 billion in 2023 and is estimated to grow at a CAGR of 4.6% from 2024 to 2032. The increasing demand for material handling equipment, coupled with ongoing construction activities contributing to economic development will drive market growth. The rising application of hydraulic cylinders in luffing cranes, overhead traveling cranes, forklifts, and agricultural machines will further boost product demand in the projected timeframe.
The rising demand for advanced agricultural machinery, along with the growing population, will stimulate the need for hydraulic cylinders. Additionally, expanding infrastructure development in developing economies will further drive the business landscape. For instance, India plans to spend USD 1.4 trillion on infrastructure through the 'National Infrastructure Pipeline' over the next five years, which is expected to positively impact market growth.
Why is the hydraulic cylinder industry booming in North America?
North America hydraulic cylinder market is forecasted to exceed USD 6.5 billion by 2032 due to the shift towards sustainable practices and stringent environmental regulations.
Why is the use of mobile hydraulic cylinder rising?
The mobile segment in the hydraulic cylinder market is expected to record 4.1% CAGR through 2032, due to the increasing integration of electrical components with mobile hydraulic systems.
How big is the hydraulic cylinder market?
The market size of hydraulic cylinder was reached USD 15 billion in 2023 and is anticipated to register 4.6% CAGR between 2024 and 2032, driven by rising infrastructural investment in emerging economies and emerging demand of industrial equipment.
Who are the major hydraulic cylinder industry players?
Aggressive, Inc., Best Metal Products, Bosch Rexroth (India) Private Limited., Caterpillar, Eaton Corporation, ENERPAC, Hydrosila, Montanhydraulik GmbH, Norrhydro Oy, and Pacoma GmbH, among others.