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.
Like this post? Share it!
Recent Posts
Latest Economic Indicator Updates, Oxford Briefings, Webinar Recording Available
Multiple updates for our statistical programs are now available, including information NFPA’s Econ and Market Indicators (EMI) report, which has been updated for available March data. Also, Oxford’s Monthly Industry Briefings for April have been released and are available on the website. Additionally, the recording of NFPA’s May 9th Economic Update Webinar featuring Jim Meil of ACT Research. Highlights between…
Registration Now Open for the 2024 Industry & Economic Outlook Conference (IEOC)
August 13–14, 2024The Westin Chicago Northwest, Itasca, ILLearn More | Register The 2024 Industry & Economic Outlook Conference schedule is full with a lineup of industry experts, and, as always, registration is open to everyone in the fluid power supply chain—NFPA members and non-members alike. This year’s event will equip attendees with the trends and data they…
Seats Still Available for NFPA Executive Leadership Program
NFPA’s Executive Leadership Program is conducted in partnership with the Kellogg School of Management at Northwestern University, and offers a series of in-person events for a defined cohort of participants that teach both the hard and soft skills that are needed for leadership in today’s fluid power industry. The program’s second cohort of leaders will be…