ITR’s Q1 2024 U.S. Customer Markets Forecast Report is now available. This report forecasts over 30 different popular fluid power markets. Identify which phase of the business cycle a market is in and where it is headed in the future. Forecasts for fluid power, pneumatics, and hydraulics have been updated. Highlights include:
- Total Hydraulic Shipments index is currently in phase C, slowing growth, and the forecast for the balance of 2024 remains unchanged. ITR is doubling down on forecasting a decline of -11% in 2024 but it is expected to be followed by a jump up to 9.1% in 2025.
- Construction machinery production is projected to fall -13.1% over the course of 2024 with Heavy Duty truck production close behind at -12.9%. Both markets are pulling downward on expectations for hydraulics.
- ITR forecasts a mild decline for most markets in 2024 followed by an ascent in 2025, which will continue to rise through at least 2026.
- US Electronic Components Production as well as inputs to residential constructions are predicted to be opportunistic sectors in 2024.
If you have any questions about interpreting or using the data in this report, please contact Cecilia Bart at cbart@nfpa.com.
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