Hydraulic Cylinder And System Market

The global hydraulic cylinder and system market is projected to continue its upward consumption trend over the next eight years, with an anticipated CAGR of +4.4%. Market performance is forecast to accelerate, expanding with a projected market volume of 87M units and a market value of $58B by the end of 2030. Despite a decrease in consumption in 2022, the market has shown overall growth over the past decade. The United States, China, and India are the top consuming countries, while China remains the largest producer and exporter of hydraulic cylinders and systems. Imports and exports have seen notable growth, with China leading in export volume and the United States leading in import volume. Overall, the market is expected to continue its growth trajectory, with various countries experiencing different rates of growth in consumption, production, import, and export.

Market Forecast

Driven by increasing demand for hydraulic cylinders and systems worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market volume to 87M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $58B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hydraulic Cylinders And Systems

In 2022, consumption of hydraulic cylinders and systems decreased by -6.3% to 62M units, falling for the second consecutive year after nine years of growth. The total consumption volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs at 68M units in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global hydraulic cylinder and system market revenue fell to $41.1B in 2022, reducing by -5.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the peak level at $44.4B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (13M units), China (7.1M units) and India (5.7M units), with a combined 41% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +10.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($6.2B), India ($5.8B) and China ($3.5B) appeared to be the countries with the highest levels of market value in 2022, together comprising 38% of the global market.

In terms of the main consuming countries, India, with a CAGR of +7.5%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of hydraulic cylinder and system per capita consumption in 2022 were the United States (37 units per 1000 persons), Poland (35 units per 1000 persons) and Germany (23 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the United States (with a CAGR of +9.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Hydraulic Cylinders And Systems

In 2022, after three years of decline, there was growth in production of hydraulic cylinders and systems, when its volume increased by 0.6% to 62M units. The total output volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 12% against the previous year. Global production peaked at 66M units in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, hydraulic cylinder and system production reached $41.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when the production volume increased by 11%. Global production peaked at $44.4B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (17M units) remains the largest hydraulic cylinder and system producing country worldwide, accounting for 28% of total volume. Moreover, hydraulic cylinder and system production in China exceeded the figures recorded by the second-largest producer, India (5.6M units), threefold. Indonesia (3M units) ranked third in terms of total production with a 4.9% share.

In China, hydraulic cylinder and system production increased at an average annual rate of +8.1% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+6.0% per year) and Indonesia (+4.6% per year).

Imports

World Imports of Hydraulic Cylinders And Systems

In 2022, supplies from abroad of hydraulic cylinders and systems increased by 21% to 24M units, rising for the seventh consecutive year after two years of decline. In general, imports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2020 when imports increased by 33%. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, hydraulic cylinder and system imports rose notably to $7.3B in 2022. Overall, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +34.7% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 21%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports By Country

The United States represented the major importing country with an import of around 12M units, which finished at 49% of total imports. China (2.4M units) ranks second in terms of the total imports with a 10% share, followed by Russia (5%) and Germany (4.5%). The following importers - Brazil (952K units), Austria (569K units), the UK (428K units) and Japan (362K units) - together made up 9.8% of total imports.

The United States was also the fastest-growing in terms of the hydraulic cylinders and systems imports, with a CAGR of +26.4% from 2012 to 2022. At the same time, China (+14.1%), Russia (+9.7%), Austria (+8.7%), the UK (+7.0%), Brazil (+6.6%) and Germany (+4.9%) displayed positive paces of growth. By contrast, Japan (-1.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States increased by +34 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.6B) constitutes the largest market for imported hydraulic cylinders and systems worldwide, comprising 22% of global imports. The second position in the ranking was taken by Germany ($588M), with an 8% share of global imports. It was followed by China, with a 6% share.

In the United States, hydraulic cylinder and system imports expanded at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+2.7% per year) and China (-2.9% per year).

Import Prices By Country

In 2022, the average hydraulic cylinder and system import price amounted to $310 per unit, which is down by -8.3% against the previous year. Overall, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2018 an increase of 10% against the previous year. Global import price peaked at $659 per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($822 per unit), while the United States ($140 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+1.8%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Hydraulic Cylinders And Systems

In 2022, shipments abroad of hydraulic cylinders and systems increased by 56% to 24M units, rising for the second consecutive year after two years of decline. Overall, exports enjoyed a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hydraulic cylinder and system exports stood at $7.9B in 2022. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.8% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 23%. Over the period under review, the global exports reached the peak figure in 2022 and are likely to continue growth in the near future.

Exports By Country

China prevails in exports structure, finishing at 12M units, which was near 52% of total exports in 2022. It was distantly followed by Germany (1.5M units), the United States (1.4M units) and South Korea (1.2M units), together comprising a 17% share of total exports. Ireland (870K units), Bulgaria (821K units), Japan (663K units), Italy (518K units) and the Philippines (388K units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +43.0% from 2012 to 2022. At the same time, the Philippines (+120.2%), Ireland (+9.5%), the United States (+9.1%), South Korea (+8.6%), Bulgaria (+7.0%), Italy (+6.1%) and Germany (+2.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in the world, with a CAGR of +120.2% from 2012-2022. By contrast, Japan (-2.1%) illustrated a downward trend over the same period. While the share of China (+47 p.p.) and the Philippines (+1.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Italy (-1.8 p.p.), South Korea (-2.1 p.p.), the United States (-2.1 p.p.), Bulgaria (-2.3 p.p.), Japan (-8.3 p.p.) and Germany (-10.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.3B), China ($1.1B) and Germany ($1B) constituted the countries with the highest levels of exports in 2022, together comprising 43% of global exports. South Korea, the Philippines, Bulgaria, Japan, Italy and Ireland lagged somewhat behind, together accounting for a further 20%.

The Philippines, with a CAGR of +110.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average hydraulic cylinder and system export price stood at $330 per unit in 2022, dropping by -28.8% against the previous year. Over the period under review, the export price saw a deep contraction. The most prominent rate of growth was recorded in 2018 an increase of 4%. Over the period under review, the average export prices attained the peak figure at $649 per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($908 per unit), while China ($90 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+2.8%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform