The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The Automotive engine piston ring Market?is anticipated to register a CAGR of about 5%, during the forecast period (2020 – 2025).
- The major factors that will drive the growth during the forecast period in the market are the expected increase of automobile production and sales, in all segments such as passenger vehicles and commercial vehicles at least from 2021. Furthermore, the increase in sales of alternate fuel vehicles such as LPG and CNG vehicles will drive the growth of piston rings market.
- Growing trend for environmentally friendly vehicles have initiated research and development in engine piston rings. For instance, utilization of steel in the manufacturing of piston rings which reduces the thickness of rings, thinner piston ring will seal against the groove more efficiently and a smaller radius offers better strength and reduce the emission of particulate matters.
- Due to the Covid-19 situation, the economic activities have come to a standstill. Many people are expected to lose their jobs or pay cuts. This will affect the demand side of the automotive for some time during the forecast period. But this situation is expected to become normal shortly after the situation comes to be under control. But during this period, automobile sales are expected to be affected which might hinder market growth.
Key Market Trends
Electric Vehicles Sales During the Forecast Period will be a Restraint for the Market
With the increasing air pollution levels around the world, Governments are boosting both the supply side and demand side of Electric vehicles. In many countries electric vehicles manufacturers are given special tax benefits and other subsidies. For instance, Norway government is providing benefits like, no road tax, no import tax and other benefits for people adopting electric vehicles, as the country aims to be 100% EV zone by 2025.
Governments are spending heavily on infrastructure to support EVs so that people are less likely to face any difficulty during usage. In view of this, countries are constructing charging stations which are equipped with latest technology so that the vehicles can be charged faster. Similarly, to the end users also governments are giving subsidies and road tax and other benefits which is encouraging them to buy Electric vehicles. This increased adoption of EVs will eat into the share of ICE vehicles, thus restraining the market.
Asia-Pacific is Expected to be the Market Leader During the Forecast Period
The region accounts for almost 60% of world’s population as well as major developing economies of the world like China, India. During the forecast period Asia-Pacific nations are expected to grow considerably which might see an increased demand for automobiles in the region. Also, people in this geography are replacing vehicles at a faster rate than it was a few years ago. Engine re-works and re-assembly are also popular in this region that will drive the growth of automotive engine piston rings market. The players in the region are expanding aggressively to increase their supply capacity so that they can fulfill the OEMs and aftermarket demand. For instance, In August 2019, Shriram Pistons and Rings, an Indian company announced that it would be procuring new lands for new projects and expansion purpose.
The Automotive engine piston rings market is fragmented, with several players vying for considerable share in the market. Some of the prominent companies in the automotive engine piston rings market are Nippon Piston Rings, Shriram Pistons & rings and Asimco Technologies. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies. In April 2019, Nippon Piston Rings announced that they are planning to enhance capacity of their bases in China and Europe this will strengthen its development structure outside Japan.
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