Involving dozens of activities related to maintenance and crucial supply chains, piston rings aftermarket currently nears US$ 880 Mn. The market will remain influenced by the cyclical trend in automotive industry, further complemented by growing frequency of new product launches.
A new research study published by Persistence Market Research (PMR) opines that the automotive piston rings aftermarket is experiencing significant changes in terms of volume, with flat sales in the U.S. and Western Europe. Increasing significance of emerging markets in Russia, China, and India offers a new dimension to aftermarket sales of piston rings.
Given the fact that the piston rings aftermarket business creates attractive revenues and margins, aftermarket activities will continue to gain prominence in both established and emerging markets. During the course of projection (2019-2029), global sales of piston rings in aftermarket are expected to expand at a moderate 4% CAGR.
Several industry trends influencing the piston rings aftermarket in short and long term-
- Piston ring sales in aftermarket majorly includes consumers such as garages, independent repair shops, and authorized dealers. Direct sale to vehicle owners is rarely observed.
- New mobility business models are poised to disrupt vehicle ownership, personal mobility, and goods logistics- correspondingly increasing the utilization rate and maintenance activities.
- The global piston rings aftermarket is mainly driven by Europe and North America against the backdrop of massive automobile fleet. Nonetheless, future demand for piston rings in aftermarket will predominantly attributed by East Asia and South Asia due to foreseeable increase in the respective automobile markets.
- Research also suggests that piston rings replacement is more prominent in commercial vehicles and passenger cars, which collectively account for a hefty share in the aftermarket.
The market has been lately witnessing a gradual material shift from grey cast iron to steel variants such as carbon steel, stainless steel, and silicon-chromium steel. While it intends to achieve improved wear resistance and product strength, it will be an important factor shaping market performance in the near future.
Seeking Profitability through Enhanced Manufacturing Capabilities
The presence of a large number of prominent players continues to fuel the competition in piston rings aftermarket. To be able to cater to ever-growing demand for piston rings, manufacturing companies have been on their toes with enhanced production capabilities. Additionally, OEMs encounter increasing investment needs and margin pressure in piston rings aftermarket.
Distribution channels in the automotive piston ring aftermarket is expected to be innovated to embrace the digital trend in the near future. Federal Mogul and Mahle recently announced investments in the development of new sales platforms to help escalate sales in the automotive E-commerce space.
Key Players Moving Beyond Traditional European Markets
In the long run, the use of piston rings in gasoline engines will continue to bolster the growth of the piston rings aftermarket during the forecast period. Besides, the European piston rings aftermarket is a rather mature market with flat aftermarket volumes. The competitive intensity remains high level which prompts companies to target new growth regions as their next developmental strategy.
The European aftermarket will continue to grow; however, traditional suppliers- mainly piston rings manufacturers will be pressurized on the back of growing electric vehicle (EV) sales. On the other side, South Asia will almost double its market size by the end of forecast period, accounting for nearly 13% of the global market value. The report indicates that East & South Asia hold noteworthy opportunities for leading and emerging players in the piston rings aftermarket.
Know More about Piston Rings Aftermarket Report
The global report on piston rings aftermarket provides the adoption rate, growth rate, market share, market trends, and discusses the historical and future growth of the piston rings aftermarket. Additionally, piston rings aftermarket report discusses key trends that are being adopted by major manufacturers to maintain their dominance in competitive landscape. The report also tracks key developments of companies, their investments in this space, and upcoming strategic developments in order to identify opportunity arising in the market over the next decade.
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About PMR – Automotive and Transportation
The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry, encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.