New York, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Automotive Piston Market: Key Insights
According to our latest market study on “Automotive Piston Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type, Coating Type, Vehicle Type, and Piston Type,” the Automotive Piston Market was valued at US$ 3,879.92 million in 2021 and is projected to reach US$ 5,815.15 million by 2028; it is expected to grow at a CAGR of 6.0% from 2021 to 2028.
Automotive Piston Market: Competitive Landscape and Key Developments
Arias Pistons; Art Metal Manufacturing Co, Ltd; Capricorn Motors Pvt. Ltd.; QUFU JINHUANG PISTON CO.,LTD; Hitachi Astemo Americas, Inc; RIKEN Corporation; MAHLE GmbH; Tenneco Inc.; Rheinmetall Automotive; and Binzhou Bohai Piston Co., Ltd. are among the key players profiled during the study of the automotive piston market. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem.
In March 2021, Tenneco showcased its Monosteel Piston at 2021 World Congress on Internal Combustion Engines (WICE) in Ji'nan, China.
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In 2021, Rheninmetall AG opened a new technology center in Nanjing, China. This expansion is anticipated to be highly beneficial for KS Kolbenschmidt (the subsidiary of Rheinmetall AG) for its piston business.
Rise in the manufacturing of the internal combustion engine (ICE) vehicles is boosting the demand for automotive pistons to achieve fuel efficiency, reduce emissions, and enhance flexibility and reliability. Increasing sales of ICE vehicles in APAC and the MEA is encouraging manufacturers to produce better and environment-friendly vehicle components, such as pistons and lubricants. However, growing environmental concerns and aging integrated circuit (IC) technology have resulted in low demand for ICE vehicles to a certain extent, thereby paving the way for new alternatives, such as EVs. Technological advancement and innovation are keystones of the US economy. Technological advancements and automation are allowing manufacturing companies to achieve great productivity and profitability. Emerging new trends and technological innovations in ICEs, such as intelligent combustion management systems, and improvements in fuel efficiency to achieve power advantages and lower emission levels are supporting the growth of the global automotive piston market.
The automotive pistons have been in use across the world for several years, whereas the technology has been experiencing immense demand in recent years. The noteworthy growth in the demand for electric vehicles and the usage of lightweight piston by companies are supporting the growth of the automotive piston market. New technologies implemented by vehicle manufacturing companies and the rising number of initiatives by government agencies are prime factors boosting the automotive production in countries across the world, which is further driving the demand for efficient and high-performance pistons.
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APAC has a robust automotive sector owing to the growing automotive manufacturing industries in countries such as China, India, and South Korea. India, China, South Korea, and Japan are among the leading vehicle manufacturing countries worldwide. The automotive pistons market in APAC would experience growth in the coming years owing to the rising vehicle production, surging use of innovative technology to build fuel-efficient and lightweight vehicles, and stringent government fuel economy standards. Europe is the world's second-largest producer of passenger cars, accounting for more than 20% of global car production. Germany manufactured ~4.7 million passenger cars and more than 500,000 commercial vehicles in 2019, making it the largest automotive market in European Union (EU), followed by Spain and France and led to rise the demand of automotive piston market in Europe region.
The demand for advanced and high-tech features, and technological innovations as well as concerns regarding environmental safety are compelling OEMs to focus on the production and adoption of highly accurate and high-performance piston designs. This is promoting the development of long-lasting pistons that can withstand stress, and wear and tear caused by engine operations. Also, the introduction of advanced hybrid systems and low-temperature combustion engines is likely to boost the sales of ICE vehicles, thus would drive the growth of the automotive piston market in the coming years. Growing investments in optimized thermodynamic cycle or high-efficiency hybrid cycle (HEHC) and advanced combustion are estimated to achieve high fuel efficiencies in automotive piston.
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Automotive Piston Market: Piston Type Overview
Based on piston type, the automotive piston market is segmented into flat-top piston, dish piston, and dome piston. Predicted developments in the automation industry would fuel the growth of the automotive piston market. Automotive pistons are widely used by OEMs and manufactures such as Ford Motor Company, Tesla, BMW, Porsche, Daimler, Toyota, Honda, Nissan, Renault, RAM, VW, Hyundai, Fiat Chrysler Automobiles, and General Motors Company.
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