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The advantage of hydraulics system over the traditional system in terms of accuracy is likely to catalyze the automotive hydraulics system market expansion. Furthermore, efficiency drop is relatively higher in the traditional system as compared to the hydraulic system, which is expected to aid the market growth and development over the next few years.
Market Segmentation:
By end market, the automotive hydraulics system market is segmented into Original Equipment Manufacturers (OEM), and aftermarket. Both the segments have grown exponentially in recent times. The trend is projected to continue through the assessment period.
By vehicle type, the global automotive hydraulics system market has been segmented into Passenger vehicle, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV).
Regional Analysis:
By region, the global automotive hydraulics market has been segmented into North America, Asia Pacific, Europe, and Rest of the World. North America is estimated to be the largest market for automotive hydraulics system due to a surge in demand for cars in the automotive sector. The presence of key players in the region is also propelling the market growth and expansion. The U.S. and Canada are expected to accelerate the revenue generation for market participants.
Asia Pacific is poised to exhibit a steep rise in the growth of the automotive hydraulics system market. The presence of fast-developing economies such as India and China are leading the growth of the automotive sector in the region. Asia Pacific is expanding as manufacturing hubs for automotive makers which is likely to propel the market expansion.
The developed and technologically advanced automotive sector of Europe is expected to complement the growth and expansion of the automotive hydraulics system market.
Rest of the World will show a sluggish growth during the assessment period. The factors that are responsible for holding the growth of the market include limited technological penetration and poor economic conditions in specific regions.
Competitive Dashboard:
Some of the key players profiled by MRFR in its report for a deeper understanding of the market dynamics are JTEKT Corporation (Japan), WABCO Holdings, Inc. (U.S.), ZF Friedrichshafen AG (Germany), Aisin Seiki Co., Ltd. (Japan), Robert Bosch GmbH
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