Portland, OR, Feb. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive hydrostatic fan drive system market was estimated at $398.1 million in 2019 and is anticipated to hit $571.5 million by 2027, registering a CAGR of 6.0% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.
Stringent government regulations to reduce emissions, development of technology to lower down carbon dioxide (CO2) emissions, and innovations in engine manufacturing fuel the growth of the automotive hydrostatic fan drive system market. On the other hand, high initial & maintenance cost and increase in adoption of electric vehicles impede the growth to certain extent. Nevertheless, increase in demand for low-emission off-highway vehicles in LAMEA is expected to pave the way for multiple opportunities in the industry.
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COVID-19 Scenario-
- The outbreak of the pandemic led to huge shortage of raw materials that impacted the global market for automotive hydrostatic fan drive system negatively.
- Also, insufficient labor and OEM shutdowns made the manufacturing activities from the automotive sector face utter disruptions during the lockdown.
- However, as the lockdown restrictions loosened off, the demand for the system is expected to increase gradually and the supply chain is also projected to restore soon.
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The global automotive hydrostatic fan drive system market report is analyzed across vehicle type, component, pump type, and region. Based on vehicle type, the off road vehicles segment accounted for nearly three-fifths of the total market share in 2019 and is expected to retain its dominance throughout the forecast period. Simultaneously, the train metros and trams segment is projected to showcase the fastest CAGR of 15.1% from 2020 to 2027.
Based on component, the variable axial piston pump segment contributed to nearly half of the total market revenue in 2019 and is expected to rule the roost by the end of 2027. The hydraulic valves & sensors segment, on the other hand, would manifest the fastest CAGR of 11.1% from 2020 to 2027.
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Based on region, Asia-Pacific garnered the highest market share in 2019, holding more than two-fifths of the global market. At the same time, LAMEA would showcase the fastest CAGR of 9.1% by 2027. The other two regions studied through the report include North America and Europe.
The key market players analyzed in the global automotive hydrostatic fan drive system market report include Parker Hannifin (U.S.), JTEKT HPI (Japan), Hydraforce Hydraulics (U.S.), Eaton (Ireland), Roxroth Bosch (Germany), Casappa S.p.A. (Italy), Bucher Hydraulics (Germany), Danfoss (Denmark), Concentric AB (Sweden), and Quality Hydraulics & Pneumatics (U.S.). These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to corroborate their stand in the industry.
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