Report ID: SQMIG25A2318
Report ID:
SQMIG25A2318 |
Region:
Global |
Published Date: November, 2024
Pages:
224
|
Tables:
143 |
Figures:
75
Automotive Hydraulics System Market size was valued at USD 42.5 Billion in 2023 and is poised to grow from USD 44.07 Billion in 2024 to USD 58.18 Billion by 2032, growing at a CAGR of 3.7% during the forecast period (2025-2032).
Increasing demand for on-highway and off-highway vehicles has increased the demand for in-vehicle plumbing systems across the globe. Increasing urbanization or increasing construction activities has increased the demand for construction vehicles with advanced electric propulsion and this in turn can create lucrative growth opportunities for vehicle fluid transportation change the market. Increasing upward trend due to increasing technology is also boosting the growth of automotive hydraulic system in the market. Growing technological advances in the use of electric and hydrocarbons coupled with government mandates for active and passive vehicle safety will further increase the demand for automotive hydraulic systems.
Trends in automotive manufacturing and sales significantly influence the automotive fluid system market. As the automotive industry expands, especially in emerging economies, the demand for vehicles equipped with hydraulic systems for braking, power steering, transmission and suspension applications will increase. Continuous advancement in hydraulic system technology is driving the market growth. Innovation focuses on improving system performance, durability and performance by reducing weight and size. Manufacturers are investing in research and development to develop new water features, materials and designs that are in line with evolving industry standards and customer requirements. Stringent regulations on automotive safety, emissions and fuel efficiency impact the automotive fluid system market. Compliance with safety standards such as ABS (Anti-Lock Braking System) and ESC (Electronic Stability Control) is driving the adoption of hydraulic braking systems with advanced features.
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Report ID: SQMIG25A2318