Mobile Hydraulic Equipment Market: Expansion and Innovation in Mobile Hydraulic Equipment to boost the market growth

Global Mobile Hydraulic Equipment Market size was valued at USD 49.26 Bn in 2023 and Mobile Hydraulic Equipment market revenue is expected to reach USD 64.82 Bn by 2030, at a CAGR of 4% over the forecast period.
Mobile Hydraulic Equipment Market Overview
Mobile Hydraulic Equipment refers to machines that are used in various types of environments. Mobile Hydraulic Equipment includes Forklifts, Cranes, Diggers, Harvesters, and many more equipment. Some of the hydraulics on board could be referred to as industrial, while others like the drilling rig could be referred to as mobile. Advancement in mobile hydraulic equipment is expected to boost the Mobile Hydraulic Equipment market growth.To know about the Research Methodology :- Request Free Sample Report
Mobile Hydraulic Equipment Market Dynamics
Increasing Demand for Construction and Infrastructure Development to boost the Mobile Hydraulic Equipment Market growth

Hydraulic equipment is extensively used in applications such as excavators, loaders, cranes, and aerial work platforms, among others, to facilitate efficient and precise operations in construction projects. The agricultural industry extensively utilizes mobile hydraulic equipment, such as tractors, harvesters, and sprayers, to enhance operational efficiency and productivity. With the increasing demand for food due to population growth, there is a need for advanced agricultural machinery, which is expected to boost the Mobile Hydraulic Equipment industry growth. The growing focus on renewable energy sources, such as wind and solar power, drives the demand for mobile hydraulic equipment. Hydraulic systems are employed in wind turbines and solar tracking systems to facilitate precise positioning, movement, and control, thereby enhancing energy generation efficiency.

The mining and material handling industries heavily depend on mobile hydraulic equipment for excavation, transportation, and processing operations. The expanding mining sector, driven by the demand for minerals and metals, creates a significant market opportunity for hydraulic machinery manufacturers. Government initiatives promoting infrastructure development, such as the construction of roads, bridges, railways, and airports, are instrumental in driving the demand for mobile hydraulic equipment. Additionally, increased infrastructure investments in emerging economies contribute to market growth. Increasing adoption of compact designs and longer service life provided by OEMs for mobile vehicles are the trends attributing to the market growth.

High maintenance and equipment cost to restrain the Mobile Hydraulic Equipment Market growth

The associated costs of maintenance, repair, and replacement of hydraulic components add to the overall operational expenses for businesses, which deter some potential buyers and is expected to restrain the Mobile Hydraulic Equipment market growth. The effective operation and maintenance of mobile hydraulic equipment often require specialized technical expertise. However, the availability of skilled personnel, including hydraulic technicians and engineers, is limited in certain regions or industries. The lack of a skilled workforce poses challenges in terms of installation, troubleshooting, and efficient operation of hydraulic systems. While hydraulic systems provide advantages in terms of energy efficiency, and face environmental scrutiny due to the potential risks of hydraulic fluid leaks and disposal. Leakage or spillage of hydraulic fluids have adverse effects on the environment and requires proper containment and disposal measures. Increasing environmental regulations and the focus on sustainability restraints the adoption of hydraulic equipment in some industries. An increasing trend in the adoption of electric actuation system in the mobile equipment instead of hydraulic actuation is the key factor considered to hamper the market growth.

Mobile hydraulic equipment finds extensive use in various sectors, there are limitations to its applicability in certain industries or applications. For instance, industries with strict weight restrictions or confined spaces may prefer alternative solutions that offer compactness or lightweight characteristics. The mobile hydraulic equipment industry is influenced by economic fluctuations and uncertainties. During periods of economic downturn, industries reduce their investments in new equipment, impacting the demand for hydraulic machinery. Moreover, global economic and geopolitical factors affect market growth, trade patterns, and investment decisions, which is expected to restrain the Mobile Hydraulic Equipment Market penetration.
Opportunities in Mobile Hydraulic Equipment Market
Growing Demand for Automation and Industry 4.0: The increasing adoption of automation and Industry 4.0 technologies presents significant opportunities for the mobile hydraulic equipment market. As industries aim for enhanced efficiency, productivity, and connectivity, hydraulic equipment integrated with sensors, actuators, and advanced control systems play a vital role in achieving these goals.

Expansion of Renewable Energy Sector: The expanding renewable energy sector, including wind and solar power, offers substantial opportunities for mobile hydraulic equipment. Hydraulic systems are crucial in wind turbine pitch control, solar tracking systems, and energy storage applications.

Integration of Electric and Hybrid Technologies: The integration of electric and hybrid technologies with hydraulic systems offers opportunities for the market. Hybrid hydraulic systems combining hydraulic power with electric energy storage or electrically driven components can enhance energy efficiency, reduce emissions, and improve overall system performance, aligning with the growing demand for greener solutions.

Collaborations and Partnerships: Collaborations and partnerships between mobile hydraulic equipment manufacturers and technology providers, system integrators, and end-users can lead to joint innovation and market expansion. Collaborative efforts can leverage complementary expertise, resources, and market reach, enabling the development of innovative solutions and addressing emerging customer needs.
Mobile Hydraulic Equipment Market Regional Insight
Growing construction and infrastructure development is expected to boost the Asia Pacific Mobile Hydraulic Equipment Market growth

Asia Pacific region held the largest Mobile Hydraulic Equipment Market share in 2023 and is expected to dominate the market over the forecast period. Increasing automation practices by prominent players in the region with increasing adoption of vehicle safety systems and growing adoption of hybrid/diesel-powered technology is expected to boost the regional market growth. Moreover, increasing irrigation and infrastructure practices across the region of China, India, Japan, Korea and others and increased funding of governments in the projects are the factors expected to dominate the APAC market during the forecast period. The Asia Pacific region has a thriving mining industry, and mobile hydraulic equipment plays a crucial role in mining and material handling operations. Hydraulic excavators, dump trucks, and material handling equipment are extensively used in mining activities, contributing to the market's growth. The energy sector, including oil and gas exploration and power generation, also contributes to the demand for mobile hydraulic equipment. Additionally, the growing focus on renewable energy sources, such as wind and solar power, creates opportunities for hydraulic equipment used in these sectors.

MEA is expected to pose as the fastest-growing region in the Mobile Hydraulic Equipment Market owing to increasing domination and mining and oil and gas piping projects across the GCC countries and African regions. In addition, demand for highly powered hydraulic machinery and 700 volt heavy-duty equipment for abundant diamond and bauxite mines in African region has adhered to the growth of the market in the region.

North America holds a prominent share in the market owing to high technological adoptions and growing safety awareness across mobile hydraulic equipment manufacturers in the region. According to HMA, increasing demand for electric and remote operated vehicles across the region is expected to hamper the market growth. The US holds a prominent share in the regional market owing to the rapid growth of sensory system manufacturers across the region but also is a key driver for the hydraulic system market decline.
Mobile Hydraulic Equipment Market Segment Analysis
Based on Product, the market is segmented into Valves, Transmission, Motors, Pumps, Cylinders, Accumulators, and Others. The cylinder segment dominated the market in 2023 and is expected to hold the largest Mobile Hydraulic Equipment Market share over the forecast period. Cylinders are the most important parts of the mobile hydraulic system. Cylinders provide much-needed working pressure to the hydraulic fluid present in the buckets of cranes, truck loaders, excavator cavities, and other mechanical equipment applications. Cylinders provide reliability to the mechanism and improve the system efficiency in rough working conditions. Cylinders accounted for approximately 46% of unit sales in the year 2019 in terms of market share.

Pumps and motors are the second dominating segments in the market owing to the need for suitable motor capability in the hydraulic fluid transfusion in the system and electrification of the applications in mobile electronics.

Based on Application, the market is segmented into Industrial and Commercial. Industrial segment dominated the market in 2023 and is expected to hold the largest Mobile Hydraulic Equipment market share over the forecast period. According to World Bank, Global construction industry accounted for approximately 12,700 billion USD in the year 2019 and expected to register a CAGR of approximately 6.2% during the forecast period owing to strong infrastructure and technological improvements across the globe and low-interest rates in many of the emerging economies. The use of autonomous construction vehicles and real-time data monitoring with data tracking and RFID sensor implementation are the key trends in the construction industry domination across the globe. According to EU Statistics Department, prominent players in the mobile hydraulic equipment industry including Caterpillar, Komatsu, and others are heavily investing in construction hydraulic equipment manufacturing owing to the construction industry success rate and increasing digitization across the globe.

Residential construction accounted for approximately 3 billion USD in terms of market share owing to residential land planning and developments across the globe. Improved ergonomics in light machinery and high productivity was given by hydraulic systems in residential construction vehicles are the factors expected to drive the growth of the construction industry and thereby mobile hydraulic systems in the market.
Mobile Hydraulic Equipment Market Competitive Landscape
The competitive landscape of the Mobile Hydraulic Equipment market is characterized by the presence of several global, regional, and local players. These companies strive to gain a competitive edge by offering a wide range of mobile hydraulic equipment, technological advancements, customer-centric solutions, and extensive service networks. The Mobile Hydraulic Equipment manufacturers leverage their extensive research and development capabilities, technological expertise, and global distribution networks to cater to various industries and customer segments.

To maintain a competitive edge, players in the Mobile Hydraulic Equipment industry prioritize customer satisfaction, after-sales support, and the development of long-term relationships with clients. They also focus on sustainability initiatives, such as reducing environmental impact through energy-efficient designs and promoting eco-friendly practices in hydraulic equipment manufacturing.
Mobile Hydraulic Equipment Market Scope: Inquire before buying



Mobile Hydraulic Equipment Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 49.26 Bn.


Forecast Period 2024 to 2030 CAGR:
4%
Market Size in 2030:
US $ 64.82 Bn.


 Segments Covered:
by Product
Valves
Transmission
Motors
Pumps
Cylinders
Accumulators
Others


by Application
Industrial
Commercial


by End User
Material handling
Construction
Oil and gas
Mining
Agriculture
Others



Mobile Hydraulic Equipment Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Mobile Hydraulic Equipment Key Players include
1. Trident Hydraulic
2. Caterpillar Inc. (United States)
3. Bucher Hydraulics
4. Linde Hydraulics
5. JWF Technologies
6. Volvo Construction Equipment
7. Hitachi Construction Machinery Co., Ltd.
8. Sany Group
9. Doosan Infracore Co., Ltd.
10. JCB Ltd.
11. CNH Industrial N.V.
12. Kobelco Construction Machinery Co., Ltd.
13. Hyundai Construction Equipment Co., Ltd.
14. Sumitomo Heavy Industries Construction Crane Co., Ltd.
15. Mahindra Construction Equipment
16. Sany Heavy Industry Co., Ltd.
17. L&T Construction Equipment Limited
18. Haulotte Group
19. United Rentals, Inc.
Frequently Asked Questions:
1] What is the growth rate of the Global Mobile Hydraulic Equipment Market?
Ans. The Global Mobile Hydraulic Equipment Market is growing at a significant rate of 4% over the forecast period.

2] Which region is expected to dominate the Global Mobile Hydraulic Equipment Market?
Ans. Asia Pacific region is expected to dominate the Mobile Hydraulic Equipment Market over the forecast period.

3] What is the expected Global Mobile Hydraulic Equipment Market size by 2030?
Ans. The market size of the Mobile Hydraulic Equipment Market is expected to reach USD 64.82 Bn by 2030.

4] Who are the top players in the Global Mobile Hydraulic Equipment Industry?
Ans. The major key players in the Global Mobile Hydraulic Equipment Market are Trident Hydraulic, Caterpillar Inc. (United States), Bucher Hydraulics, and Linde Hydraulics.

5] Which factors are expected to drive the Global Mobile Hydraulic Equipment Market growth by 2030?
Ans. Increasing construction industry is expected to drive the Mobile Hydraulic Equipment Market growth over the forecast period (2024-2030).