The increasing sales recorded in the automobile sector have set a positive tone for the development of hydraulic gear pumps. Market reports linked with the automobile industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market for hydraulic gear pumps market is expected to record a CAGR of 4% in the upcoming forecast period.
The rising usage of construction equipment is expected to have a positive effect on the growth of the hydraulic gear pump market. The development of the construction sector is expected to create further impetus for the hydraulic gear pumps as they are an integral part of the structure of construction machinery. The escalating level of usage of agriculture machine is expected to create new opportunities for market growth. Furthermore, the increasing level of investment by market players towards product development and manufacturing is expected to further spur the expansion of the hydraulic gear pump market in the forecast period.
The segmentation of the hydraulic gear pump market is carried out on the basis of product type, vehicle type, operating pressure, distribution channel, application, and region. Based on vehicle type, the hydraulic gear pump market has been segmented into heavy-duty vehicles, light-duty vehicles, and material handling vehicles. Based on product type, the hydraulic gear pump market has been divided into internal gear pump and external gear pump. Based on operating pressure, the hydraulic gear pump market has been segmented into 100–300 Bar, less than 100 Bar, and above 300 Bar. Based on applications, the market for hydraulic gear pumps has been segmented into electrohydraulic powered steering, transmission/clutches, hybrid propulsion, and lifting application. Based on distribution channel, the market has been divided into aftermarket and original equipment manufacturer (OEM). The regions that are considered in the hydraulic gear pump market are Asia Pacific, North America, Europe, and the Rest of the World.
Detailed Regional Analysis
The region-based analysis of the hydraulic gear pump market globally has been segmented into regions such as Europe, North America, Asia Pacific and the Rest of the World. The North American region is projected to control the chief market share through the forecast period, due to the increasing agricultural and construction activities. Factors such as amplified construction spending across many countries. Additionally, the European region is projected to hold significant market share throughout the forecast period.
The market competitors find themselves in a favorable position with the ability to manage the pace of change. The market trends hint at favorable development of the products that can bring in novelty to the product range and address the customer need better. The market also shows potential for demonstrating a greater comparative or differential value. The presence of a productive entity is expected to generate more sales or superior margins compared to its market rivals. The advent of new technology has boosted the growth potential of the market. Substantial cutbacks in administrative finances are bringing further development to the market. The development of a strong value chain is moreover motivating the expansion of the market.
The prominent contenders functioning in the hydraulic gear pump market globally are Linde Hydraulics GmbH & Co. Kg (Germany), Kawasaki Heavy Industries, Ltd (Japan), Bucher Hydraulics GmbH (Switzerland), Eaton Corporation Plc (Republic of Ireland), Parker Hannifin Corp (US), Bosch Rexroth AG (Germany), Dynamatic Technologies Limited (India), Sapricon Hydraulic Industries(India), HYDAC(Germany), Marzocchi Pompe S.p.A. (Italy), Gemma Automotive (Turkey), and Daikin Industries, Ltd. (Japan), are among others.