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Piston Rings Aftermarket Segmented By Aftermarket Motorcycle Piston Rings in Compression Rings, Oil Ring and Grey Cast Iron, Chromium Steel Material Used in Passenger Cars and Two-wheeler Vehicle
The global automotive aftermarket is set to reach US$ 850 Mn by 2019 end. While the aftermarket is prominently driven by China and Europe, the industry has been experiencing a slowdown in developing South Asian economies, in the recent past.
However, it reflects clear signs to gain the initial impetus in the near future. The growth of piston rings market is correlated with the expansion of automotive industry and the aftermarket. The demand for piston rings in aftermarket is primarily driven by the unprecedented growth in demand for vehicle repair and maintenance. Swelling market size of auto and engine parts can be straightaway attributed to the considerably increased vehicle life.
The study covers a complete study of the piston rings aftermarket with an analysis of types of piston rings used in automobiles and two-wheelers. The report summarizes the parent market for piston rings aftermarket i.e. automotive aftermarket sizing for different regions, which is expected to impact the growth of piston rings aftermarket.
Though piston ring sales in aftermarket are on a constant surge, there will be a plunge in terms of growth rate in the near future. Nonetheless, the report suggests a modest growth outlook for piston rings aftermarket during 2019 - 2029.
As it does not scuff the cylinder bore, grey cast iron or grey iron has been the popular material choice for piston rings. Grey iron piston rings have accounted for nearly 50% of the market revenue registered in 2018 and continues to be the most appropriate piston ring material for most passenger car accessories applications.
Nonetheless, more power out of smaller displacement engines and the change to thinner low tension rings have increased the operating loads on the piston rings, especially the top compression ring that receives the brunt of the punishment. Consequently, predominant adoption of grey iron based piston rings for various automobiles is expected to continue in the near future.
Requiring limited technological intervention, piston rings aftermarket is dominated by a number of local or domestic players. Companies operating in piston rings aftermarket should now focus on expansion of their offerings in aftermarket to capture value from the existing vehicle parc and handle aftermarket exports.
With rapid urbanization, a substantial amount of people will be living in cities by 2030. Consequently, growing incomes are set to help many of these cities and regions replicate the GDP per capita of some high and middle-income nations.
Consumer preferences in target geographies are witnessing a shift towards passenger cars, particularly mid-size and compact vehicles. The automotive fleet is thus anticipated to see healthy expansion by the end of 2029.
Automotive markets in Eastern Europe and Asia Pacific have a mammoth automobile fleet and robust annual sales volume; mirroring a substantial growth scenario for piston rings aftermarket in the near future. Expanding disposable income of consumers across the Middle East & Africa and other developing regions has bolstered the sales of new compact and mid-size cars.
However, the entry of electric vehicles is being perceived as a significant limiter to piston rings aftermarket.
Dynamics of the automotive industry have been posing their potential impact on suppliers of piston rings. Moreover, a plausible manufacturing outlook for automobiles and piston rings have boosted the sentiments of manufacturers.
In terms of market structure, the piston rings aftermarket exhibits a highly competitive scenario, where leaders are facing fierce competition for the market share. Just about 20% of the global piston rings aftermarket is led by top 8-10 brands which is the consequence of sustained consumer demand for cheaper products during repair and maintenance.
Prominent players covered in the piston rings aftermarket report include -
Some of the key strategies adopted by piston rings aftermarket players include expansion of production capacities, branding of new products, enhancing the distributor network, and partnerships and joint ventures with regional market leaders are cited to remain some of the adopted strategies in the piston rings aftermarket.
Subsequent sections of the report provide value (US$ Mn) and volume (‘000 units) projections for the piston rings aftermarket on the basis of the aforementioned segments at a global level. However, piston rings in the aftermarket are sold in the form of sets including two compression rings and an oil ring.
The global piston rings aftermarket values represented in these sections have been agglomerated by collecting data and information at a regional level. The piston rings aftermarket information, along with key facts and insights, covers unique analysis frameworks such as absolute $ opportunity analysis, year-on-year growth trend comparison, market share, and attractiveness analysis for each of the sub-types covered in each segment of this piston rings aftermarket report.
The next section of the report presents a summarized view of the global piston rings aftermarket based on eight prominent regions considered in the study. The section includes regional market position, growth potential, trends, and attractiveness analysis for each of these regions.
All the above sections evaluate the present market scenario and growth prospects in the global piston rings aftermarket, while the forecast presented in these sections assesses the market size in terms of volume and value.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global piston rings aftermarket is expected to develop in the future.
Given the characteristics of the piston rings aftermarket, we triangulated the outcome of three different types of analysis: primary research, secondary research, and our own analysis. However, forecasting the market in terms of various segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the completion of the forecast exercise.
All the piston rings aftermarket segments and sub-segments have been analyzed on basis point share (BPS) to understand each individual segment’s relative contribution to the Piston Rings Aftermarket growth.
Another key feature of the piston rings aftermarket report is the analysis of all the key segments in the piston rings aftermarket, sub-segments, and regional adoption and revenue forecast in terms of absolute dollar opportunity.
This is traditionally overlooked while forecasting the market; however, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the piston rings aftermarket.
In the final section of the piston rings aftermarket report, a competitive landscape of the piston rings aftermarket has been included to provide report audiences with a dashboard view categorized on the basis of providers present in the value chain, their presence in the piston rings aftermarket, and key differentiating factors and strategies.
This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the piston rings aftermarket. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors on the basis of the in-depth assessment of their capabilities and success in the piston rings aftermarket place.
Detailed profiles of the providers have also been included under the scope of the report to evaluate their long- and short-term strategies, key offerings, and recent developments in the piston rings aftermarket.