The automotive piston market has seen strong growth, increasing from $4.02 billion in 2023 to $4.25 billion in 2024, registering a CAGR of 5.8%. This growth can be attributed to heightened vehicle production and the expanding automotive industry, driven by rising globalization and demand for electric and hybrid vehicles. The market is projected to grow to $5.36 billion by 2028 at a CAGR of 5.9%, bolstered by the need for connected and autonomous vehicles and an emphasis on fuel efficiency. Key trends during this period will include advancements in manufacturing technologies and the integration of smart technologies in piston design.
Major Driver In The Automotive Piston Market
As global vehicle production continues to surge, the automotive piston market is anticipated to flourish. With increasing urbanization and a rising need for personal transportation, automotive pistons are essential components that convert fuel combustion energy into mechanical motion. The European Automobile Manufacturers Association noted a 5.7% increase in global vehicle production to 85.4 million units in 2022, underscoring the strong growth potential in the automotive piston market.
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Automotive Piston Market Competitive Landscape
General Motors Company, Hitachi Ltd., Continental AG, Mitsubishi Heavy Industries Ltd, Toyota Industries Corporation, Tenneco Inc., Yamaha Motor Co. Ltd., Mahle GmbH, Rheinmetall Automotive AG, TPR Co. Ltd, PT Astra Otoparts Tbk, Riken Corporation, ZYNP Corporation, Shriram Pistons and Rings Ltd., Cosworth Group Holdings Ltd., Federal-Mogul Corporation, Elgin Industries, Wiseco Piston Inc, CP Pistons Carrillo Industries Inc, Hastings Manufacturing Company, J&E Pistons Manufacturing Inc., United Engine & Machine Co. Inc., Wossner GmbH, Honda Foundry Co. Ltd, Ross Racing Piston
Key Automotive Piston Market Trend
The automotive piston market is seeing advancements with the introduction of hydrogen-fueled linear single-piston engines aimed at improving performance and emissions control. In May 2021, Aquarius Engines, an Israel-based manufacturer, unveiled a lightweight (10 kg) hydrogen-fueled linear single-piston engine. This innovative engine serves as a cost-effective and environmentally friendly alternative to traditional combustion engines and hydrogen fuel cells, boasting a simple design with only 20 components, which enhances its efficiency and low maintenance.
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Automotive Piston Market Segmentation
The automotive piston market covered in this report is segmented –
1) By Piston Type: Trunk Piston, Crosshead Piston, Slipper Piston, Deflector Piston
2) By Component Type: Piston, Piston Rings, Piston Pin
3) By Coating Type: Oil Shedding, Dry Film Lubrication, Thermal Barrier
4) By Vehicle: Commercial Vehicle, Heavy Commercial Vehicle, Light Commercial Vehicle, Passenger Vehicle, Two-Wheeler
5) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
By Geography:The regions covered in the automotive piston market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive piston market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Automotive Piston Global Market Report 2024 furnishes information about the global automotive piston market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
