The latest market research report by Technavio on the global hydraulic cylinder marketpredicts a CAGR of more than 4% during the period 2018-2022.
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Technavio has announced a new market research report on the global hydraulic cylinder market from 2018-2022. (Graphic: Business Wire)
The report segments the global hydraulic cylinder market by end-user (CMMH, agriculture, A&D, and IE), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global hydraulic cylinder market, according to Technavio heavy industry researchers:
- Mechanization of agriculture and growth in agriculture machinery market: a major market driver
- Growth in e-commerce: emerging market trend
- The Americas dominated the global hydraulic cylinder marketwith over 36% share in 2017
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Mechanization of agriculture and growth in agriculture machinery market: a major market driver
Mechanization of agriculture and growth in agriculture machinery market is one of the major factors driving the global hydraulic cylinder market A global increase in the demand for food is witnessed due to growth in the global population and decrease in the amount of agricultural land. A major challenge for the agricultural industry will be meeting the global agricultural productivity target to cater to the estimated food, fuel, and fiber demand by 2050. Increasing mechanization can overcome the major challenging factors such as limited arable land and resources, and dearth of skilled labor.
According to a senior analyst at Technavio for tools and componentsresearch, "The use of hydraulic equipment is replacing jobs that were formerly carried out manually or by farm animals. Also, using hydraulic equipment improves the overall efficiency of diverse agricultural operations. Therefore, agricultural mechanization boosts large-scale production and improves the quality of agriculture produce."
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Growth in e-commerce: emerging market trend
Increased Internet penetration has been driving the e-commerce industry over the last few years. Access to the internet has spread to all age groups due to the drastic increase in the sales of smartphones. The growth in e-commerce is expected to provide a significant expansion and diversification opportunities for the vendors during the forecast period. Manufacturers of hydraulic cylinders are increasingly adopting e-commerce channels as an extension to traditional sales mediums.
The expanding capabilities of e-commerce channels regarding the optimization of supply chains prove advantageous for hydraulic cylinder vendors. Factors such as enhanced inventory management and optimization of manufacturing and operational costs support the adoption of e-commerce by vendors of hydraulic cylinders.
Global market opportunities
In terms of regional dominance, the Americas led the global hydraulic cylinder market, followed by APAC and EMEA in 2017. Although, America accounted for the major share of the market it is was closely followed by APAC. Greater mechanization in agriculture will significantly impact the total factor productivity (TFP) and influence its growth. This is expected to lead to a rise in the production due to improved management of inputs.
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