The hydraulic system is a prominent part in an automobile, which helps lubricate and dissipate heat from the various components in a vehicle. The linkages in a vehicle are likely to cause the wear of the components. The components also experience corrosion, as they are made of metal. Lubrication is important in order to resist corrosion and wear of the components. Furthermore, lubrication helps the various mechanical systems in the vehicle to function properly. Hydraulic systems are used to provide the fluid to the parts where heat is generated. This fluid helps to dissipate the heat generated in the parts.
The ever-increasing production of vehicles and the rising demand for commercial vehicles are projected to boost the hydraulic system market for automotive during the forecast period. Regulatory bodies, worldwide, have imposed stringent norms on carbon emissions from automobiles in order to protect the environment. The hydraulic system helps the engine to function properly, and ultimately, controls emission. This factor is anticipated to propel the hydraulic system market for automotive in the near future. All these factors are likely to drive the hydraulic system market for automotive in the next few years.
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Changing hydraulic fluid, replacement, high cost, and integration in the vehicle are some restraints of the hydraulic system market for automotive.
The hydraulic system market for automotive can be segmented based on application, component, sales channel, vehicle type, and region.
Based on application, the hydraulic system market for automotive can be segmented into clutch and other three broad segments. Clutch is a mediator between the engine and transmission. Therefore, proper functioning of the clutch is very important for the proper running of the vehicle. This can be achieved by the hydraulic system.
Based on vehicle type, the hydraulic system market for automotive can be classified into passenger vehicles (PVs), commercial vehicles (CVs), and off road vehicles. The passenger vehicles segment is further sub-segmented into hatchbacks, sedans, multi-purpose vehicles (MPVs), and sport utility vehicles (SUVs). The commercial vehicles segment can be further split into lightweight commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). Off road vehicles are used in the various applications such as agriculture, mining, and construction. Expansion of these industries makes the off road vehicle segment highly lucrative for the hydraulic system market for automotive.
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Based on components, the hydraulic system market for automotive can be segregated into master cylinder and three more segments.
Based on sales channel, the hydraulic system market for automotive can be classified into Original Equipment Manufacturing (OEM) and Aftermarket.
Based on geography, the global hydraulic system market for automotive can be segmented into North America, Europe, Asia Pacific, and Rest of World (RoW). Asia Pacific accounts for a major share of the global hydraulic system market for automotive, owing to the high rate of adoption of automotive hydraulic systems and boom in the automotive sector in the region, leading to increased production of vehicles with automotive hydraulic systems, especially in China and India.
Key players operating in the global hydraulic system market for automotive include Aisin Seiki (Japan), Bosch (Germany), Fte Automotive, GKN, Wabco, ZF (Germany), BorgWarner (US), and JTEKT (Japan).