Nov 19, 2019 (AB Digital via COMTEX) -- Market Overview
The automotive hydraulic system deals with a transmission system that employs a pressurized hydraulic fluid to fuel a mechanical system. Therefore, the hydraulic system techniques on the shift of energy owing to the pressure difference between two situations. This is profoundly different compared to the conventional mechanical structure, which depends on the system functioning because of the flow of kinetic energy. The hydraulic system is regarded as more precise in comparison to the standard mechanical drive systems as the mechanical system can go through a drop in efficacy with time owing to friction. There is gamut of factors that are accountable for the development of automotive hydraulics system market in the worldwide arena. Initially, with the growing rivalry, automobile manufacturers premeditate to extend a different and technologically enhanced product to stand out and fetch the attention of the customer. Secondly, the hydraulic structure is more well-organized and constant relatively to the traditional mechanical drive system. Thirdly, the hydraulic system can be incorporated within a single master cylinder which can be integrated to run two or more slave cylinders; consequently, extending with ease of maintenance and operation. The worldwide automotive hydraulics system market is expected to develop at almost 6% CAGR throughout the assessment period of 2017-2023.
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The worldwide automotive hydraulics system is segmented based on component, application, vehicle type, and end market. Based on component, the global automotive hydraulics system market is classified into master cylinder, reservoir, slave cylinder, and hose. The slave cylinder is likely to project a lucrative growth owing to the high usefulness of slave cylinder. Based on application, the worldwide automotive hydraulics system market is segmented into clutch, brake, suspension, and tappet. The hydraulic brake system is anticipated to attain a significant worth during the review period. Based on end market, the automotive hydraulics system market is segmented into After Market and OEM. Both the segments are anticipated to possess equal opportunities for their development.
Global automotive hydraulics market is dominated by key players such as ZF Friedrichshafen AG (Germany), JTEKT Corporation (Japan), Aisin Seiki Co., Ltd. (Japan), WABCO Holdings, Inc. (U.S.), BorgWarner Inc. (US), Schaeffler Technologies AG & Co. KG (Germany), GKN plc (U.K.), Robert Bosch GmbH (Germany), Continental AG (Germany), and FTE Automotive Group (Germany).
On the basis of geography, the automotive hydraulic system market has been segmented across Asia Pacific, Europe, North America, and the Rest of the World (RoW). North America experiences a poor public transport system which requires the people to go for personal modes of transport. This trend is estimated to spike up the demand for automotive hydraulic system in the North America market. Canada and the United States are projected to record a surged growth rate owing to their enduring economic condition. Furthermore, the growth in sales volume of vehicles is also predicted to stimulate the adoption of automotive hydraulic system by manufacturers. Therefore, it is considered to be an eminent factor that is estimated to propel the automotive hydraulic system growth within the North America market. The prevalence of renowned automobile producers within the region is expected to boost the automotive hydraulic system demand in North America market. In the APAC market, the demand for automotive hydraulic system is likely to reap an advanced growth rate over the assessment period. The expanding application of automotive hydraulic system is expected to grow beyond its adoption rate. As a result, the increasing requirement for automotive hydraulic system is expected to fuel the expansion of automotive hydraulic system market throughout the assessment period. Besides, the infrastructural improvement, government regulations, and better road conditions, are fueling the adoption of automotive hydraulic system to a large extent.
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