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Automotive Piston Pins Market Segmented By OEM and Aftermarket sales channel with material type such as Steel, Aluminum and Titanium
According to latest research, the automotive piston pin market is projected to expand between 4.0% and 6.0% CAGR during the 2021-2031 assessment period. Extensive production and sales volumes of ICE vehicles in all the segments, including passenger cars, LCVs, and HCVs, are primarily driving the demand for piston pins. The piston pin market has witnessed growth in developing as well as developed countries.
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Major factors driving the market are the substantial production and sales volumes of ICE vehicles. As piston pins are necessary in every type of ICE vehicle, the key driver for the global piston pin market is the continuously increasing production of ICE vehicles across the globe. Although most countries are concerned about the emissions caused by ICE vehicles, most of the automotive market is still dominated by ICE vehicles.
Lack of infrastructure and shortcomings of electric vehicles such as short-range and high initial cost are reasons why ICE vehicles are always the first choice in the majority of the countries in the world, especially in developing countries such as India. As 100% adoption of electric vehicles will take some time, ICE vehicles will continue to remain in demand, resulting in significant production volumes.
Customization of these piston pins for improved performance is a growing market trend in the automotive piston pins market. The direct injection, downsizing and supercharging in combustion engines, planned to meet the required exhaust gas limits and to reduce the consumption of fuel and CO2 emissions is another trend followed that drives the need for the innovation in piston technology.
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Get a Customized VersionThe gasoline segment is projected to have the largest share in the market during the forecast. The growth of the gasoline segment can be attributed to the growing preference over diesel engines due to the strict emission standards across the world. Also, the life of gasoline engines is almost double than that of diesel engines.
Gasoline engines require less maintenance. On the other hand, diesel engines require servicing/maintenance of the components after ~5,000–6,000 km. In the aftermarket, gasoline vehicles require minimal replacement of components. However, in the case of diesel engines, components of the piston system get replaced more often. All these factors have contributed to the demand for gasoline passenger vehicles.
Asia Pacific is projected to be the largest and fastest-growing automotive piston pin market during the forecast period. China, Japan, South Korea, and India are some of the largest ICE vehicle producers internationally. According to OICA, passenger car production in Asia Pacific accounts for around 54% of the global passenger car production. APAC is estimated to be the largest market for automotive piston pin market in forecasted period.
According to the World Bank, APAC is the fastest-growing region in terms of both population and economy. The region has witnessed significant growth in the past decade, accounting for over one-third of the world’s GDP. High economic growth, coupled with the increasing population, is expected to drive the region’s industrial sector. Hence, the Asia Pacific is the largest market for automotive piston pins.
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North America is also expected to witness significant market growth of this compound on account of rising production in automotive industries over the forecast period. However, Demand in this region is supposed to grow at a moderate pace due to the slowdown in production in end use industries. The capacity additions in the region of US and Canada are predicted to increase the market call over the outlook period.
Some of the leading manufacturers and suppliers include
Several key market participants are focusing on new & innovative product development to cater the growing demand from the end use sector. Key players are investing an enormous amount in research and development to introduce new products and they are also investing to manufacture products in a sustainable way, to decrease the carbon emission.
Key players are also focusing on acquisitions of small and medium size players and collaborations with other market participants either for the R&D or to manufacture the product at a large scale.
By Sales Channel
By Material Type
By Coating Type
By Vehicle Type
By Region
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
