Asia-Pacific Automotive Piston Market
APAC comprises economies such as China, India, South Korea, Japan, and Thailand. The economy of the region is gaining traction owing to the numerous technological and infrastructural developments. APAC has a robust automotive sector owing to the growing automotive manufacturing industries in countries such as China, India, and South Korea. India, China, South Korea, and Japan are among the leading vehicle manufacturing countries worldwide. For instance, according to OICA India produced 3,394,446 vehicles in 2020, of which 2,938,653 were sold in 2020. Also. China was the largest vehicle-producing country across the world; it produced 25,225,242 vehicles in 2020, of which 25,311,069 were sold. Factors such as the presence of a strong automotive sector and the increasing number of car manufacturers drive the growth of the automotive piston market in the region. Continuous technological advancements is the major factor driving the growth of the APAC automotive piston market.
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.
Strategic insights for the Asia-Pacific Automotive Piston provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2021.05 Million |
| Market Size by 2028 | US$ 3253.34 Million |
| Global CAGR (2021 - 2028) | 7.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Material Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia-Pacific Automotive Piston refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The automotive piston market in APAC is expected to grow from US$ 2021.05 million in 2021 to US$ 3253.34 million by 2028; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028. Internal combustion engine (ICE) vehicles such as passenger cars, light commercial vehicles (LCVs) account for a major share of the total vehicles usage in developing countries such as China, India, South Korea, which has led to increase in the manufacturing of various models of these vehicles. This has, subsequently, augmented the demand for small-bore pistons, large-bore pistons, bearings, and castings that contribute to weight reduction, emission reduction, and improved performance, among other advantages. Demand for advanced and high-tech features, and technological innovations as well as concerns regarding environmental safety are compelling OEMs to focus on the production and adoption of highly accurate and high-performance piston designs, thereby promoting the development of long-lasting pistons that can withstand stress, and wear and tear caused by engine operations. Mechanical simplicity, flexibility and reliability, and multi-fuel capabilities are among the other features driving the adoption of automotive pistons. Further, the rising demand for gasoline-powered vehicles is contributing to the automotive piston market growth. Thus, the massive production volume of ICE vehicles is a major factor driving the automotive piston market growth.
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.
A few major primary and secondary sources referred to for preparing this report on the automotive market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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 among others.
The Asia-Pacific Automotive Piston Market is valued at US$ 2021.05 Million in 2021, it is projected to reach US$ 3253.34 Million by 2028.
As per our report Asia-Pacific Automotive Piston Market, the market size is valued at US$ 2021.05 Million in 2021, projecting it to reach US$ 3253.34 Million by 2028. This translates to a CAGR of approximately 7.0% during the forecast period.
The Asia-Pacific Automotive Piston Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Automotive Piston Market report:
The Asia-Pacific Automotive Piston Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Automotive Piston Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Automotive Piston Market value chain can benefit from the information contained in a comprehensive market report.
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