The Automotive Piston Market revenue was valued at USD 30 billion in 2020 which is expected to reach USD 4.3 billion with a positive CAGR of 5.10% within the forecasted period.
Rising development of the automotive industry especially the manufacturing of fuel-efficient and high-performance automobiles has helped in the growth of the Automotive Piston Market. Along with the above-mentioned factors, rising popularity of downsizing engine will be one of the key market drivers in the coming years.
Recent Research on the Global Piston Market indicates remarkable development of the market in the past few years which is anticipated to further grow in the projected period of 2023-2032.
Like many other markets, Covid 19 has negatively impacted the market of pistons. Because of pandemic lockdowns many production plants were closed, there were also low repair works as well as reduced sales have created a negative impact on the market. But, it is expected that the Automotive Piston Market will recover from such market scenario in the foreseeable future.
Piston Market Segmentation
The Automotive Piston Market is segmented into raw material, vehicle type, fuel type, component type and region.
Based on fuel type, the market is segmented into Gasoline and Diesel.
On the basis of vehicle type, the market is segmented into commercial vehicles and passenger cars. Use of combustion engine and gasoline, diesel vehicles, mostly commercial vehicles promote the development of the Automotive Piston Market size. However, rising bent towards electric automobiles and emission laws have hindered the growth of the Automotive Piston Market. But the ICE truck industry have helped in the growth of the market in past years and is expected to drive the market in future.
Piston Market Regional Classification
On the basis of region, the market is segmented into North America, Europe, Asia Pacific and the rest of the world.
North America occupy the largest Automotive Piston Market share and the region is anticipated to find steady growth in the forecasted period. Europe also holds significant share in the market. Asia Pacific will be the fastest growing market in the projected period.
India and other ASEAN countries are expected to dominate the combustion-based automotive market due to high number of sales in the region. This region is anticipated to hold a significant share of the Automotive Piston Market revenue in the coming years and positively impact the Automotive Piston Market.
Piston Industry News
Some of the major players of the Automotive Piston Market are Federal-Mogul Holding LLC, Rheinmettal Automotive AG, Hitachi Automotive Systems, Aisin Seiki and Mahle GMbH. There are few players in this market which makes this market moderately competitive. But the players always concentrate on manufacturing and launching new products. Advertising and other marketing strategies are also part of their success strategy.
Tenneco (Federal-Mogul Holding LLC) declared to be the provider of the complete engine compartment for Chevrolet Corvette including pistons, bearings, piston rings and other products in March, 2020.
In 2021, Rheinmettal collaborated with Riken Corporation and ZYNP corporation to open a new centre for technology in Nanjing, China. This centre will develop and launch new types of complete piston system.
Piston Key Players
· Aisin Seiki Co. Ltd. (Japan)
· Federal-Mogul Corporation (U.S.)
· Rheinmetall Automotive AG (Germany)
· MAHLE GmbH (Germany)
· Arias Pistons Ltd (U.K.)
· Shandong BinzhouBohai Piston Co. Ltd. (China)
· Burgess-Norton Mfg. Co. Inc. (U.S.)
· Ming Shun Industrial Co. Ltd (Taiwan)
· Ross Racing Pistons (U.S.)
· Shriram Pistons
· Rings ltd. (India)
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