Passenger Vehicles Segment to Dominate APAC Automotive Piston Market during 2021–2028
According to The Insight Partners market research study on “APAC Automotive Piston Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Material Type, Coating Type, Vehicle Type, and Piston Type” is expected to reach US$ 3253.34 million by 2028 from US$ 2021.05 million in 2021. The market is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The report provides trends prevailing in the APAC automotive piston market along with the drivers and restraints pertaining to the market growth. Continuous technological advancements is the major factor driving the growth of the APAC automotive piston market. However, issues associated with the increase in EV manufacturing hinder the growth of APAC automotive piston market.
The APAC automotive piston market is segmented on the bases of material type, coating type, vehicle type, and piston type, and country. Based on material type, the market is segmented into steel and aluminum. The aluminum segment dominated the market in 2020 and steel segment is expected to be the fastest growing during the forecast period. On the basis of coating type, the automotive piston market is segmented into thermal barrier piston coating, dry film lubricant piston coating, and oil shedding piston coating. The thermal barrier piston coating segment dominated the market in 2020 and dry film piston coating segment is expected to be the fastest growing during the forecast period. On the basis of vehicle type, the automotive piston market, by vehicle type, is segmented into two wheelers, passenger vehicles, and commercial vehicles. The commercial vehicles segment dominated the market in is expected to be the fastest growing during the forecast period. On the basis of piston type, the automotive piston market is segmented into flat-top piston, dome piston, and dish piston. The flat-top piston segment dominated the market in 2020 and dome piston segment is expected to be the fastest growing during the forecast period. In terms of country, the APAC automotive piston market is segmented into— China, India, Japan, South Korea, and Thailand.
The COVID-19 pandemic has not only disrupted the APAC’s economy and the region’s automobile market but has also changed the buyer attitude towards the sector. The region has witnessed a rise in demand for costly and safety features from customers which is making manufacturers invest in high end technological solutions and services. The car industry was the first economic victim of COVID-19 in China with the shutdown of major automotive production sites and manufacturing plants of companies such as GM, Honda, Nissan, and Renault in the Hubei Province. Other nations recorded some of the most dramatic double digit drops in vehicle sales due to their dependency on the China as well as interruptions caused by the pandemic. Difficulties in receiving appropriate amount of funding is anticipated to impact the market sales. As a result, OEMs will start discounting products which hinder profitability. Key players in the regional automotive piston market are turning towards innovations as a measure to deal with the financial crisis. China’s transformation from a low-tech to a high-tech global market, flexibility in the Japanese manufacturing industry, and adequate government support and business strategies in the Indian market will help the region to recover at a rapid pace. As nations start to witness a declining number of COVID-19 patients, many manufacturing plants and facilities are starting to open up in various regions of the continent and employees returning to work. Ease of lockdown measures, increasing demand trends of smaller-sized vehicles to avoid crowds, and reduction in tax rates are some of the key factors estimated to stimulate demand recovery in countries such as India, Japan, South Korea, and the Philippines.
ART METAL MFG., LTD.; Hitachi Astemo Americas, Inc.; MAHLE GmbH; QUFU JINHUANG PISTON CO., LTD; Rheinmetall Automotive AG; RIKEN CORPORATION; Shandong Binzhou Bohai Piston Co., Ltd; and Tenneco Inc. are the leading companies in the APAC automotive piston market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, MAHLE GmbH developed aluminum pistons with the co-operation of sports car manufacturer Porsche and mechanical engineering company Trump has produced high-performance aluminum pistons using 3D printing techniques for the first time. The company is developing its expertise in 3D printing, so that, in the future, it will also be able to support its customers in the field of alternative drives, including electric drives, by supplying suitable components for drives, thermal management.