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Hydraulic Pumps Market Share, Size, Key Players, Research and Forecasts to 2024 | Hexa Research
“The global hydraulic pumps market to reach USD 11,400 million by 2024, driven by the rising demand for mobility and industrial sector.�
The global hydraulic pumps market to reach USD 11,400 million by 2024, driven by the rising demand for mobility and industrial sector. Asia-Pacific was the largest market accounting for over one-third of the market share in the year 2016 owing to growing agriculture and construction industry in countries such as India and China. North America and Europe followed the suit, where the regions are expected to grow over the forecast period. Growth in the automobile industry that uses the hydraulic pump in cars, trucks and other vehicles as a power generating mechanism shall propel the demand over the next few years. Usage of hydraulic pumps in excavators, cranes, loaders, tractors, vacuum trucks, dump trucks, and other such vehicles that are extensively used in construction and industrial sector will also present growth opportunities. Competitive landscape The global hydraulic pump market is highly competitive and is expected to grow over the forecast period. With technological advancement, product innovation, and product extensions the competition is further expected to get intensified.
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