The global hydraulic cylinder market size is expected to grow from USD 13.4 billion in 2020 to USD 15.8 billion by 2025 at a CAGR of 3.3%. The market growth is fueled by significant demand from the construction industry and growing use in mining equipment. Moreover, the increasing demand for material handling equipment is also driving the demand for hydraulic cylinders.

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COVID-19 impact on the Global Hydraulic Cylinder Market

COVID-19 has emerged as a global pandemic that has spread across more than 200 countries worldwide and disrupted various industries around the world. The dynamics upon which various industries used to operate are set to change drastically. As the world continues to fight this crisis, multiple industries continue to experience a constant decline. A sharp decline in demand from end-use industries such as aerospace, automotive, construction, mining, and oil & gas is likely to affect the market. The demand for hydraulic cylinders from these industries is reducing as the COVID-19 pandemic is reducing manufacturing output as well as consumer confidence. The overcapacity caused by lower demand from these industries is anticipated to reduce average profit margins in FY2020. Two majorities of the areas impacted by the pandemic in industries such as aerospace & defense, automotive, construction, mining, and oil & gas are the on-site deployment of personals for operations that cannot be carried out remotely and the demand for industrial equipment (including equipment that use hydraulic cylinders) owing to the global economic slowdown. All these factors are expected to negatively impact the growth of the global hydraulic cylinder market.

The hydraulic cylinder market for double-acting hydraulic cylinders to grow at highest CAGR from 2020 to 2025

Double-acting hydraulic cylinders are used in agriculture, automotive, and several other industries owing to their retraction property. Double-acting hydraulic cylinders have a higher demand in mobile applications such as lifting equipment, tractors, harvesters, telescopic loaders, earth moving equipment, forklifts, and heavy trucks.

Hydraulic cylinder market for agriculture to exhibit high growth during the forecast period

Demand for agricultural equipment is on the rise in agriculture-based economies of APAC such as India, Nepal, and Myanmar, where the production of wheat, rice, cotton, and sugarcane is increasing to address the export demands from the US, Hong Kong, Germany, and Vietnam among others. This has increased investments in machines and equipment for precision agriculture, which is likely to drive the demand for hydraulic cylinders in agriculture industry.

Hydraulic cylinder market in APAC to grow at highest CAGR during the forecast period

The hydraulic cylinder industry in APAC is expected to grow at the highest CAGR during the forecast period. Japan is expected to continue to account for the largest hydraulic cylinder market share in APAC during the forecast period, followed by Australia and China. The growth of the market in APAC can be attributed to rapid industrialization and infrastructure development. Hydraulic cylinders are major components in both construction equipment and agricultural equipment. Since both equipment has high demand in APAC, the market for hydraulic cylinders is expected to grow at a substantial rate in the next few years.

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Key Market Players

Enerpac Tool Group (US), Bosch Rexroth (Germany), Eaton (Ireland), KYB Corporation (Japan), Parker-Hannifin Corporation (US), Caterpillar (US), SMC Corporation (Japan), Jiangsu Hengli Hydraulic (China), Wipro Enterprises (India), HYDAC (Germany) were the major players in the market.