Global Automotive Piston System Market - Global Trends, Size, Share, and Forecast (2018 - 2023)
Improvements in the economic conditions of emerging countries have increased the market for automobiles in these countries. The growing demand for commercial vehicles in these countries is also boosting the growth of the automotive piston market. The automotive industry in markets, such as India, China, South Korea, and Mexico, is growing at a steady pace, which, in turn, is leading to increased demand for automotive pistons
APAC countries, such as China and India, have a strong positive impact on the automotive piston and the ancillary product markets. These markets have established their cost competitiveness for global players in this sector. With the rise in manufacturing costs, existing piston manufacturers in the United States and Europe are shifting their operations to APAC, where labor, raw materials, and other facilities are available at a low cost. Strong engineering skills and relatively low cost of skilled workforce in emerging economies are attracting manufacturers to shift their operations into these countries.
The global automotive piston market is segmented by material, type, coatings, and vehicle type. Based on material, the market is bifurcated as aluminum and steel. By type, it is further divided into trunk piston, crosshead piston, slipper piston, and deflector piston. By coating, the market is divided into thermal barrier coating piston, dry film lubricating coating piston, and oil shedding coating piston.
The different segments of the automotive industry, such as two-wheeler, three-wheeler, etc., are gaining huge demand in the global market. The latest trend regarding high-end bikes is using double cylinder engines, more advanced technology, as opposed to the other two-wheelers that use single cylinder engines, thus, increasing the demand for automotive pistons, globally.
The increase in demand for heavy and light commercial vehicles and passenger cars is contributing toward the growth of the market. There are continuous developments made in the automotive industry, thus, there is a necessity to produce pistons that are light in weight, with titanium and steel material, in order to gain better fuel efficiency.
Growing Demand for Automotive Piston Systems
The key factors that run the market growth of the automotive piston market are the increased production, which is directly related to the selling of automobiles, and demand for automotive. There are various factors that are affecting the market growth of automotive pistons, such as increasing demand for electric vehicles, which do not have pistons, and using advanced technologies, such as turbocharger in the diesel engines, which reduce the engines’ cost, thus, driving the market growth of automotive pistons.
Irrespective of these challenges, expansion in the untapped market of developing regions, such as Asia-Pacific, Latin America, and Africa, is expected to create a lucrative opportunity for the market players. Also, the rise in demand for lightweight pistons developed from composites of carbon, silicon, and magnesium is expected to unfold various opportunities for new products in the market, boosting the market growth.
As the demand for automotive pistons is directly related to the sales of automobiles, higher the sales of automobiles in the market, higher the demand for automotive piston systems.
Key Developments in the Market