The Automotive Piston Market is expected to garner $15,705 million by 2022, registering a CAGR of 4.8% during the period 2016-2022. Asia-Pacific accounted for the highest revenue share in 2015, and is anticipated to maintain its dominance throughout the forecast period.
The demand forautomotive piston is driven by increase in sales & production of vehicles globally and advancement in technology such as integration of cooling channel in piston. However, technical advancements to downsize automotive engines and increase in penetration of electric vehicles hinder the growth of automotive piston market.
Geographically, Asia-Pacific automotive piston market is projected to witness lucrative growth opportunities, growing at a CAGR of 5.2% during the forecast period. Growth in the automotive sector and increasing use of double cylinder engines over single cylinder engine in premium segment bikes are the factors that drive the growth of the automotive piston market in the region.
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The global automotive piston market is segmented on the basis of material, type, coatings, and vehicle type. Based on material, the market is bifurcated as aluminum and steel.
By type, it is further segmented into trunk piston, crosshead piston, slipper piston, and deflector piston. On the basis of coating, the market is divided into thermal barrier coating piston, dry film lubricating coating piston, and oil shedding coating piston.
By vehicle type, it is classified into two-wheeler, three-wheeler, four-wheeler, and heavy commercial vehicle (HCV). Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Russia, Germany, France, Italy, and rest of Europe), Asia-Pacific (India, China, Japan, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Increase in sales & production of vehicles and advancement in technology such as integration of cooling channel in piston drive the growth of the automotive piston market. However, technical advancements to downsize automotive engines and increase in penetration of electric vehicle hinder the growth of the market.
Irrespective of these challenges, expansion in untapped market of developing regions such as Asia-Pacific, Latin America, and Africa is expected to create lucrative opportunity for the market players. In addition, rise in demand for lightweight piston developed from composites of carbon, silicon, and magnesium is expected to unfold various opportunities for new products in the market, boosting the market growth.
Key Findings Of Automotive Piston Market
- In 2015, aluminum piston led the overall automotive piston marketand is projected to grow at a CAGR of 4.6% during the forecast period.
- Trunk piston led the overall market in2015and is projected to grow at a CAGR of 4.3% from 2016 - 2022.
- Asia-Pacific accounted for the largest market share in2015and is anticipated to grow at a CAGR of 5.2% during the forecast period.
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