The hydrostatic transmission market is anticipated to expand at a CAGR of 5.9% during the forecast period of 2021-2031. Increasing uptake of hydrostatic transmission can be attributed to the increasing demand for precise power transmission by off road equipment.
Hydrostatic transmission offers flexibility and is ideal for various end users. It is expected to find application in mining, agricultural, and construction. These applications require high torque and accurate movement at lower speed that hydrostatic transmission can deliver.
The construction industry is flourishing in Asia Pacific due to economic expansion in China and India. This has resulted in increased investment in infrastructure development which has encouraged demand for equipment or vehicle in the construction industry.
Remote control and real time monitoring for stationary or mobile machines are two trends that will create lucrative opportunities in hydrostatic transmission market during the forecast period.
Numerous industries such as logistics and transportation utilizes energy and power intensively therefore they exhibit high demand hydrostatic transmission equipment.
“Various industries demand customized hydrostatic transmission therefore, key players are focusing on expanding product portfolio to capture larger consumer base,” remarks the FMI analyst
- Asia Pacific is expected to lead the global hydrostatic transmission market due to rise in agricultural activities and government initiatives.
- Western Europe will lead the global hydrostatic transmission market with around 27% shares through 2031 due to presence of major original equipment manufacturers (OEMs).
- The medium-duty equipment segment will hold leading share in the hydrostatic transmission market as it minimizes effort to shift gear and makes it more ergonomic for driver or operator.
- The construction segment is expected to rise in the global market due to economic expansion and increase in planned construction in developing economies. For instance, China planned constructing 60 new airports by 2020.
- Mining and agriculture industries are exhibiting high demand for vehicles that are equipped with hydrostatic transmission due to rise in demand for metals and minerals.
- Rising investment in defense sector is bolstering demand for vehicles equipped with hydrostatic transmission.
- Hydrostatic transmission demand will grow during the forecast period as the device is used for assisting movements of heavy machinery with huge power demand.
- Increasing demand for customized hydrostatic transmission is the major factor dictating hydrostatic transmission market.
- The global hydrostatic transmission market witnessed sales decline due to COVID-19 pandemic.
- High buying and installation cost will hamper demand for hydrostatic transmission in the global market.
The key players in the market are increasingly investing in product certification and innovations to provide variety of hydrostatic transmission to retain and attract consumers. They are also adopting other strategies such as contracts and agreements, technological advancement, and research & development activities.
- In March 2021, Eaton Corporation announced acquisition of Tripp Lite to diversify its its power quality business in the U.S.
- Eaton launched its FT1380e electronic crimper, an all-in-one hose assembly crimp machine that delivers precision. It aids in reducing wte, operator error, and assembly time.
- Komatsu, a leading heavy equipment company partnered with Anglo American, a gold mining company to plant around 9000 trees at Anglo American’s Dawson Mine, Central Queensland’s Bowen Basin to re-established native plan species and for agricultural use.
Some of the leading players in the hydrostatic transmission market profiled by FMI are:
- Parker Hannifin Corp.
- Dana Incorporated
- Eaton Corporation plc.
- Komatsu America Corp.
- Kawasaki Heavy Industries, Ltd.
- Tuff Torq Corporation
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More Insights on FMI’s Hydrostatic Transmission Market
The latest market study on the global hydrostatic transmission market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
- Light Duty
- Medium Duty
- Heavy Duty
- Construction & Mining
- Logistics & Transport
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- Middle East & Africa