ITR’s Q2 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 Shipments index is currently in phase D, recession, and the forecast for the balance of 2024 has been adjusted up to -2.6% from the previously forecasted -10.9%. Additionally, their previously predicted growth expectation of 9.9% in 2025 fell slightly to 7.0%.
- Construction machinery production expectations for 2024 remain at -13.1%, however, Heavy Duty truck production is now predicted to fall only to -3.9% as opposed to the previously forecasted -12.9%. Construction machinery production is now the only industry expected to hit negative double digits in 2024.
- Pneumatic Shipments are in a recession whereas Hydraulic Shipments are still in a slowing growth phase. The current pneumatic recessionary period is forecasted to prolong throughout the rest of 2024 and into early 2025. On a brighter note, ITR forecasts record-high levels of Pneumatic shipments in 2026.
- US Electronic Components Production and US Petroleum Refineries Production are the only two industries currently in the accelerating growth phase.
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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