Global Automotive Piston Market Likely to Witness Grow at 4% CAGR By 2023
Growing vehicle
production, increasing vehicle demand and growing demand for powerful
engines, to drive
the Global Automotive Piston Market through 2023
According to TechSci Research report, “Global
Automotive Piston Market, By Vehicle Type (Passenger Car, Two-Wheelers,
Three-Wheeler and Commercial Vehicle), By Material (Steel and Aluminium), By
Type (Thermal Barrier Piston Coating, Dry Film Lubricant Piston Coating and Oil
Shedding Piston Coating), By Component (Piston, Piston Ring and Piston Pin), By
Company and By Geography, Forecast & Opportunities, 2023’’, Global Automotive Piston Market is projected to reach USD
15,706.22 million by 2023, growing at a CAGR of over 4% from 2018 to 2023.
Increasing sales & production of vehicles and advancement in technology
such as integration of cooling channels in piston is anticipated to fuel the
global automotive piston market.
Moreover,
the growing popularity of aluminium pistons due to their lightweight coupled
with the rising need to improve engine capacity is expected to drive the growth
of the market during the forecast period. Further, the growing demand for high
fuel-efficient engines and lightweight automotive components is likely to drive
the demand for lightweight automotive pistons. Lightweight automotive pistons
are manufactured from an alloy of aluminium and silicon, and therefore lower
the overall weight of the engine and enable tighter tolerance levels. Rising need
for fuel efficiency is anticipated to drive the growth of the market during the
forecast period.
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Based on vehicle type, the market has
been categorised into Passenger Car, Two-Wheelers, Three-Wheeler and Commercial
Vehicle. In 2017, passenger car segment dominated the market due to high demand
for passenger cars, specifically from emerging economies due to rapidly growing
population, increasing disposable incomes and innovations in car design.
Mahle Group, PT Astra Otoparts Tbk, Federal-Mogul
Corporation, Aisin Seiki Co., Ltd., Rheinmetall AG (KSPG AG), Dongsuh
Industrial Co., Ltd etc, are the major companies operating in the Global Automotive Piston Market.
Asia-pacific is expected to lead the Global Automotive Piston Market between
2018 to 2023 due to the rapidly increasing population, rising disposable
incomes, as well as the increasing demand for both commercial vehicles and
passenger cars in emerging economies like China and India. Moreover, the
growing presence of automotive OEMs coupled with the increasing production
capacity is anticipated to drive the growth of Automotive Piston Market in the APAC region.
“The
Global Automotive Piston Market holds enormous potential in the coming years, due
to increasing number of vehicles in the emerging economies, growing investments
of Automotive OEMs to improve the fuel efficiency and government directives on
the use of lightweight materials for the manufacturing of vehicles. Further,
the growing focus of major automotive companies to innovate vehicular design will
drive the Automotive Piston market through 2023.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global
Automotive
Piston Market, By Vehicle Type (Passenger Car, Two-Wheelers, Three-Wheeler
and Commercial Vehicle), By Material (Steel and Aluminium), By Type (Thermal
Barrier Piston Coating, Dry Film Lubricant Piston Coating and Oil Shedding
Piston Coating), By Component (Piston, Piston Ring and Piston Pin), By Company
and By Geography, Forecast & Opportunities, 2023” has evaluated the future growth
potential of Global Automotive Piston market and provides statistics and information
on market size, structure and future market growth. The report offers decision
makers superior market intelligence, thereby enabling them conduct thorough
investment appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Global Automotive
Piston Market.
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