The new hydrostatic transmission market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Hydrostatic Transmission Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the increasing demand for customized hydrostatic transmission", says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the hydrostatic transmission market size to grow by USD 606.73 million during the period 2020-2024.
Hydrostatic Transmission Market Segment Highlights for 2020
The hydrostatic transmission market is expected to post a year-over-year growth rate of -3.25%.
Based on the end-user, the market saw maximum demand for hydrostatic transmission from the agriculture industry in 2019. This is due to the increased use of hydrostatic transmission systems in various farming applications.
The market growth in the segment will be significant during the forecast period.
47% of the growth will originate from the APAC region.
The APAC region is expected to offer significant opportunities for vendors during the forecast period.
China and Japan are the key markets for hydrostatic transmission in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The hydrostatic transmission market size is expected to accelerate at a CAGR of almost 2% during the forecast period.
The hydrostatic transmission market is segmented by End-user (Agricultural industry, Construction industry, Logistics and transportation industry, and Others), Geography (APAC, North America, Europe, MEA, and South America), and Type (Heavy-duty hydrostatic transmission, Medium-duty hydrostatic transmission, and Light-duty hydrostatic transmission).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Bosch Rexroth AG, Carraro Group, Dana Inc., Danfoss AS, Eaton Corporation Plc, GS Global Resources, Kanzaki Kokyukoki Mfg. Co. Ltd., Linde Hydraulics GmbH & Co. KG, Oil-Air Products LLC, and Parker Hannifin Corp.
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