The demand for hydrostatic transmission went through a negative phase amid the spread of the Covid-19 crisis. The sales level in this market witnessed a downturn creating potential losses for the global manufacturers. As the condition is normalizing in 2021 due to strong and stringent government efforts, the top manufacturers are trying to recuperate the losses incurred through product diversifications and innovations.
Prominent manufacturers including Parker Hannifin Corp., Dana Incorporated., Eaton Corporation plc., Komatsu America Corp., Kawasaki Heavy Industries, Ltd., Tuff Torq Corporation. and others are focusing on product innovations and product certifications for ensuring improved varieties of the hydrostatic transmission to attract and retain the customers. The well-known manufacturers are adopting contracts and agreements, research & developments, technological advancements, and mergers & acquisitions to maintain and strengthen their respective market shares globally.
For instance, in March 2021, Eaton Corporation announced the completion of the acquisition of Tripp Lite. With this acquisition, Eaton will be able to expand its power quality business in America.
In addition to this, Eaton announced the launch of its new FT1380e electronic crimper, which is an all-in-one hose assembly crimp machine delivering a new level of precision. The latest launch helps reduce assembly time, operator error, and waste. This is due to the easy validation and accuracy which is a result of pre-loaded crimp specs and color assembly photos.
Komatsu, a leading heavy equipment company, joined hands and entered into a new mine rehabilitation partnership with Anglo American, a gold mining company, to plant more than 9,000 trees at Anglo American’s Dawson Mine in Central Queensland’s Bowen Basin. The partnership aims at developing the mined land for agricultural use and contributes towards the re-establishment of native plant species using the latest reclamation methods.
In terms of growth, Asia Pacific is projected to hold a dominant share in the global hydrostatic transmission market owing to the increasing agricultural activities and government guidelines on infrastructural activities such as the development of new and improved roads.
The North American region is expected to retain its commanding position throughout the course of the forecast period. All the other key regions are driving the market growth and opening various opportunities for manufacturers.
In terms of value, the global hydrostatic transmission market is likely to witness a CAGR of over 5.9% during the forecast period, representing a promising scenario through the next decade.
Western Europe is expected to be the largest market for hydrostatic transmission, accounting for nearly 27% of the global market share through 2031. Growth of Western European market for hydrostatic transmission is attributed to strong presence of multiple OEMs, involved in manufacturing of material handling equipment.
Demand for hydrostatic transmission sways with the performance of construction equipment, agricultural equipment, and mining equipment in the forthcoming years.
Precise power transmission demanded by off road equipment cannot be sufficed by usual mechanical transmission system, which has been a key factor responsible for increasing preference for hydrostatic transmission equipped with fluid coupling. Additionally, the flexibility shown by hydrostatic transmission enables it to become an attractive prospect for various end uses.
Industries such agriculture, construction, mining rely on heavy duty machinery for a wide range of applications. These applications require precise movement and high torque at low speed, which are met through the implementation of hydrostatic transmission within the equipment.
Logistics & transport applications to surpass construction & mining, in terms of end uses
Among all the end users, the global hydrostatic transmission market is foreseen to witness maximum traction in the agriculture industry in form of agricultural machinery sales, followed by the logistics and transport sector. Although construction and mining currently accounts for a considerable market value share of over 20%, it will reportedly experience a slight decline against applications in the thriving logistics and transport industry. Other end users include turf equipment and airport ground support equipment.
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The market segmentation offered in the report study is mentioned below:
- Light Duty
- Medium Duty
- Heavy Duty
By Operation Type
By End User
- Construction & Mining
- Logistics & Transport
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- Middle East & Africa