Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
An automotive piston is a cylindrical piece of metal that moves up and down inside the cylinder of an engine. It generates mechanical energy that provides necessary force to drive the shaft and run the wheels of the vehicles. Piston system comprises of piston, piston rings, piston pins, hence this system transfers the generated power to the crankshaft through connecting rod.
Automotive piston market is expected to expand at a CAGR of 5.1% over the forecast period i.e. 2017-2024. Moreover, the automotive piston market is anticipated to reach around USD 15,910 Million by 2024. As a piston is a main part of an internal combustion engine, the demand for pistons is directly coupled with the automobile production. Owing to the continuous developments, the automobile segment is observing increased demand for lightweight pistons, which is expected to drive the growth for the global automotive piston market.
Asia-Pacific is estimated to be the largest automotive piston market due to the fact that it is the dominating region in automotive industry as piston is an integral part of automotive industry. China and India are the major contributors in Asia-Pacific region. China grabbed the largest revenue share in automotive piston market in the region, marked a market share of around 35% in the Asia-Pacific automotive piston market 2016. With the rise in manufacturing costs, existing piston manufactures in the US and Europe is shifting their operation to Asia-Pacific region due to low labor costs and easily accessibility of raw materials.
Europe is the second largest market for the automotive piston in 2016. Europe is expected to perceive a moderate growth in the near future owing to high market saturation. France, UK and Germany are expected to lead the overall demand for this regional automotive piston market. North America is also a major market for automotive piston owing to the increase in sales for light commercial vehicles.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Our in-depth analysis segmented the market in the following segments:
Global automotive piston market is further classified on the basis of region as follows:
Increasing urbanization coupled with changing lifestyle of population are the factors for escalation in the demand for automobiles, especially two wheeler segments in emerging economies such as India which is anticipated to impel the demand for piston over the forecast period. Advancement in technology such as installation of cooling channels in piston is likely to be the dynamic factor behind the rapid growth of automotive piston market. In addition, rise in demand for light weight piston developed from composite carbon, silicon and magnesium is expected to unfold various opportunities in this market in the coming few years.
However, the growth of this market is likely to be hindered by increasing penetration of electric vehicles, which do not use pistons. Further, the automotive industries are downsizing their engine for better fuel economy, as fuel rates are increasing globally. Using technologies such as turbochargers, the automotive industry have been able to downsize their engines by reducing cylinders are believed to dampen the growth of global automotive piston market over the forecast period.
The key players of automotive piston market are as follows:
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