Report : Automotive Piston Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material Type (Steel and Aluminum); Coating Type (Thermal Barrier Piston Coating, Dry Film Piston Coating, and Oil Shedding Piston Coating); Vehicle Type (Two Wheelers, Passenger Vehicles, and Commercial Vehicles); and Piston Type (Flat-top Piston, Dish Piston, and Dome Piston)
According to our latest market study on “Automotive Piston Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Material Type, Coating Type, Vehicle Type, and Piston Type,” the market was valued at US$ 3879.92 million in 2021 and is projected to reach US$ 5815.15 million by 2028; it is expected to grow at a CAGR of 6.0% from 2021 to 2028.
Increasing Production of ICE Vehicles to Drive Market Growth during Forecast Period
The automotive piston market is witnessing increasing demand for small-bore pistons, large-bore pistons, bearings, and castings that contribute to weight reduction, emission reduction, and improved performance due to which there is an increasing in the demand of automotive piston in various vehicle type for making vehicle more efficient and light-weight. Also, the Increasing production of internal combustion engine (ICE) vehicles is boosting the demand for automotive pistons to achieve fuel efficiency, reduce emissions, and enhance flexibility and reliability. The use of lightweight pistons leads to a reduction in engine weight. It benefits ICE vehicles through greater fuel efficiency and pollution reduction. The automotive pistons manufactured using lightweight hybrid composite materials are ~25% lighter than those made from conventional materials. Moreover, the former enables cost-saving of over 62%. Thus, the performance and cost benefits of lightweight pistons are encouraging the participants in the automotive sector to invest in innovative designs, which is bolstering the growth of the automotive piston market.
In 2020, the world economy suffered significant consequences due to the COVID-19 outbreak pandemic, and the effects are expected to endure to some extent in the coming years. The outbreak has led to disruptions in primary industries, such as electronics, semiconductor, and automotive. A sharp decline in the growth of mentioned industries is limiting the growth of the automotive piston market. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the spread of infection which have negatively impacted the working of many commercial and corporate buildings across the world.
Key Findings of Study:
The automotive piston market is segmented on the basis of material type, coating type, vehicle type, and piston type, and geography. Based on material type, the market is bifurcated into compact steel and aluminum. In 2020, the aluminum segment led the market and accounted for a larger market share. Based on coating type, the market is segmented into thermal barrier piston coating, dry film lubricant piston coating, and oil shedding piston coating. In 2020, the thermal barrier piston coating segment led the market and accounted for the largest market share. Based on vehicle type, the automotive piston market is segmented into two wheelers, passenger vehicles, and commercial vehicles. In 2020, the passenger vehicles segment led the market and accounted for the largest market share. The global automotive piston market, by geography, is segmented into five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America.