Market Trends of Global Mobile Hydraulic Pump Industry
This section covers the major market trends shaping the Mobile Hydraulic Pump Market according to our research experts:
Construction Industry to Dominate the Market
Mobile Hydraulic Pumps, particularly gear pumps, are largely used in the construction industry. Extensive application of construction equipment in operations, such as excavation, earth-moving, and lifting and material handling, is expected to drive the market for construction equipment.
Manufacturers are expanding their investments in machine tools in developed and developing countries to improve their production processes and systems. The building industry and hydraulic systems will benefit from the maturation of both areas in the coming years.
In both developed and developing countries, manufacturers are increasing their investments in machine tools to enhance their production processes and systems. Both markets' maturity will help the construction sector and hydraulic systems throughout the next few years.
The market is being propelled forward by an increase in construction activity and rising construction spending in various countries.
Asia-Pacific to be the fastest growing market
Rapid development and urbanization in important developing nations such as China and India are driving the expansion of the hydraulic pumps industry.
Because of the expanding urban population, many countries are seeing fast industrialization. As a result, there has been an increase in consumer demands and products, affecting the expansion of end-use sectors.
Owing to the presence of the leading consumers of hydraulic gear pumps due to the presence of several manufacturing facilities for construction equipment, material handling equipment, and construction equipment, including key players such as Mitsubishi, Hangcha Group, and Komatsu Ltd. Countries in the Asia-Pacific region held the major share.
Due to the impact of COVID-19, the bulk of end-use sector companies are seeking to relocate their production facilities to India and ASEAN countries as an alternative to China. Supporting government actions may draw global players to these countries, which will directly impact the region's opportunities.
