The hydraulic pump market is expected to show a CAGR of 5.0% during the forecast period 2024-2031. The market growth is driven by the growth in building and construction activities globally, high sales of automobiles, rising mining activities, and increasing automation in the industries. Applying the hydraulic pump in the electric vehicle is expected to provide a significant opportunity for the market during the forecast period. The global hydraulic pump market is segmented by type (gear pump, piston pump, screw pump, vane pump, other pump), by application (construction equipment, industrial machinery, oil & gas, automotive, other), and by geography (into North America, Europe, Asia-Pacific, and the Rest of the World).
Asia-Pacific is expected to grow at a significant CAGR during the forecast period, owing to the significant growth of the building and construction industry in the region. Additionally, an increase in the average cost of vehicles and rising mining activities are contributing to the growth of the regional market.
The major companies serving the hydraulic pump market are Bosch Rexroth AG, Eaton Corporation Plc., Danfoss A/S, Parker Hannifin Corp., and Daikin Industries Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches.
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