Automotive Piston Market Size to Hit USD 15.39 Billion by 2026; Technological Advancements in Internal Combustion Structures of Vehicles to Favor Market Growth, Says Fortune Business Insights™
Key companies covered are MAHLE Group, Hitachi Ltd, Rheinmetall Automotive AG, Tenneco Inc, Dongsuh Industrial Co., Ltd, Honda Foundry Co. Ltd, Aisin Seiki Co., Ltd, Continental AG and more players profiled in automotive piston market research report
Pune, May 18, 2020 (GLOBE NEWSWIRE) -- The global automotive piston market size is projected to touch USD 15.39 billion by 2026, exhibiting a CAGR of 2% during the forecast period. Heightening air pollution levels worldwide will lead the growth trajectory of this market, according to the Fortune Business Insights™ report, titled “Automotive Piston Market Size, Share & Industry Analysis, By Component Type (Piston, Piston Rings, and Piston Pin), By Coating Type (Oil Shedding, Dry Film Lubricating, and Thermal Barrier), By Vehicle Type (Passenger Car and Commercial Vehicle) and Regional Forecast, 2019-2026”. Pistons are an integral component of the internal combustion engine in a motor vehicle. They play a critical role in keeping a vehicle in motion and also contribute toward maintaining fuel efficiency of an automobile. With mounting concerns surrounding rising vehicular emissions, the demand for efficient pistons is slated to spike in the coming years, driving the automotive piston market trends. The US Environment Protection Agency (EPA) data reveals that 75% of the carbon monoxide pollution in the country is caused by motor vehicles, with transportation accounting for 27% of the greenhouse gas emissions. Similarly, the European Union (EU) also stated that transportation is the leading contributor of CO2 emissions in EU member states.
COVID-19 Impact on Automotive Piston Industry:
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As per the findings of the report, the market value stood at USD 12.87 billion in 2018. Besides this, the report offers the following:
Careful segmentation of the market;
Thorough study of each market segment;
In-depth research into the factors driving and restraining the market;
Detailed analysis of the regional and competitive developments shaping the market trends; and
Comprehensive projections about the upcoming market opportunities.
Market Drivers
Growing Popularity of Electric Vehicles Worldwide to Restrict the Market
Environmental consciousness is steadily spreading around the world, stoking the demand for electric vehicles (EVs). According to the International Energy Agency (IEA), in terms of deployment, the stock of EV passenger cars breached the 5-million mark in 2018, showcasing a staggering rise of 63% from 2017 levels. Of these, the IEA estimates that roughly 45% of the EVs were on-road in China, numbering to 2.3 million in 2018, while Europe and the US accounted for 24% and 22%, respectively. The shift toward EVs is governed not just by concerns regarding air pollution but also by constantly fluctuating fuel prices, most recently resulting from the price war between Russia and Saudi Arabia and the COVID-19 outbreak. This is likely to hamper the automotive piston market growth as EVs do not require internal combustion engines to function, since they are not powered by petrol or diesel.
Browse Detailed Research Insights with Table of Content:
North America to Hold Lion’s Share in the Market; Asia-Pacific to Follow
The report segments the market on the basis of geography into North America, Europe, Asia-Pacific, and Rest of the World. Among these, North America is anticipated to dominate the automotive piston market share during the forecast period as a result of high demand and deployment of commercial vehicles in the region. This, coupled with the strong presence of automotive bigwigs, will lay the foundation for the growth of the market in the region.
Asia-Pacific is home to two of the fastest-growing economies in the world, China and India. Rapid economic growth in these countries has raised the purchasing power among the people, which is reflected in the escalating sales of passenger cars in the region. This is expected to be a crucial factor driving the demand for automotive pistons in Asia-Pacific.
Competitive Landscape
Key Players to Target Fuel Efficiency in Vehicles and Stimulate Competition
The automotive piston market analysis finds that competition in this market is getting increasingly defined by the gradual shift in focus of key players toward developing fuel-efficient internal combustion components. Launch of advanced pistons will aid companies to diversify their offerings as well as entrench their position in this market.
List of Key Companies Profiled in the Automotive Piston Market Report are:
• MAHLE Group
• Hitachi Ltd.
• Rheinmetall Automotive AG
• Tenneco Inc.
• Dongsuh Industrial Co., Ltd.
• Honda Foundry Co. Ltd
• Aisin Seiki Co., Ltd.
• Continental AG
Quick Buy - Automotive Piston Market Research Report:
Major Industry Developments of the Market include:
September 2019: The German automotive specialist, Continental AG, engineered an integrated plastic comfort piston, which is lightweight and will be used in conjunction with the company’s groundbreaking Air Springs solutions. Both the products comply with the Euro 6 emission standards and have been adopted by EvoBus, the German bus maker, in its fleet of electric buses.
February 2019: The Germany-based MAHLE Group devised a new laser-wielding process that enables incorporation of steel pistons in diesel engines in powerful passenger cars. The steel pistons will lead to positive friction loss, thus saving fuel and reducing carbon emissions from these cars.
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