The global hydraulic gear pump market is growing rapidly. The market growth attributes to the burgeoning automotive industry, creating a vast demand for the pumps. Besides, increasing automotive production, alongside the stringent emission norms, and the adoption of advanced technologies, drive market growth. Moreover, the wide-spread usages of gear pumps in LDV, HDV, and material handling vehicles escalate market growth.
According to Market Research Future (MRFR), the global hydraulic gear pump market is projected to reach exponential #heights by 2023, growing at approximately 4% CAGR during the anticipated period (2018 – 2023). Augmenting demand for environment-friendly propulsion systems creates significant market demand. Also, rising usages of hydraulic gear pump in earth moving equipment, material handling equipment, agricultural machinery, and construction equipment drive the market sales.
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Global Hydraulic Gear Pump Market – Regional Analysis
North America leads the global hydraulic gear pump market. The largest market share attributes to the spurring demand from the automotive sector in the region. Besides, the growing agricultural and construction activities in the region increase the hydraulic gear pump market size. Moreover, increased construction spending across various countries fuels market sales. The North American hydraulic gear pump market is projected to retain its dominance throughout the estimated period.