Automotive Engine Piston Rings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Engine Piston Rings Market Analysis
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.
Automotive Engine Piston Rings Market Trends
This section covers the major market trends shaping the Automotive Engine Piston Rings Market according to our research experts:
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.
Automotive Engine Piston Rings Industry Overview
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.
Automotive Engine Piston Rings Market Leaders
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Asimco Technologies
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Nippon Piston Rings
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Shriram Pistons & Rings Ltd.
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IP Rings
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Federal Mogul LLC
*Disclaimer: Major Players sorted in no particular order
Automotive Engine Piston Rings Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porters Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Vehicle Type
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5.1.1 Passenger Vehicles
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5.1.2 Commercial Vehicles
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5.2 Material Type
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5.2.1 Steel
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5.2.2 Aluminum
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5.3 Geography
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5.3.1 North America
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5.3.1.1 United States
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5.3.1.2 Canada
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5.3.1.3 Rest of North America
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5.3.2 Europe
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5.3.2.1 Germany
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5.3.2.2 United Kingdom
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5.3.2.3 France
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5.3.2.4 Rest of Europe
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5.3.3 Asia Pacific
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5.3.3.1 India
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5.3.3.2 China
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5.3.3.3 Japan
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5.3.3.4 South Korea
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5.3.3.5 Rest of Asia-Pacific
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5.3.4 Rest of the World
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5.3.4.1 Brazil
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5.3.4.2 Mexico
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5.3.4.3 United Arab Emirates
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5.3.4.4 Other Countries
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 Asimco Technologies
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6.2.2 Nippon Piston Rings
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6.2.3 Feder Mogul LLC
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6.2.4 IP Rings
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6.2.5 Riken Corporation
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6.2.6 Shriram Pistons & Rings Ltd.
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6.2.7 TPR CO. Ltd.
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6.2.8 Sam Pistons & Rings
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6.2.9 Grover Corporation
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6.2.10 Abilities India Piston & Rings
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Engine Piston Rings Industry Segmentation
The Automotive engine piston ring Market covers the latest trends and technological development in the Automotive engine piston ring demand of the vehicle type (Passenger and Commercial), material type (steel and Aluminum), and geography.
| Vehicle Type | |
| Passenger Vehicles | |
| Commercial Vehicles |
| Material Type | |
| Steel | |
| Aluminum |
| Geography | |||||||
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Automotive Engine Piston Rings Market Research FAQs
What is the current Automotive Engine Piston Rings Market size?
The Automotive Engine Piston Rings Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Automotive Engine Piston Rings Market?
Asimco Technologies, Nippon Piston Rings, Shriram Pistons & Rings Ltd., IP Rings and Federal Mogul LLC are the major companies operating in the Automotive Engine Piston Rings Market.
Which is the fastest growing region in Automotive Engine Piston Rings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Engine Piston Rings Market?
In 2024, the Asia Pacific accounts for the largest market share in Automotive Engine Piston Rings Market.
What years does this Automotive Engine Piston Rings Market cover?
The report covers the Automotive Engine Piston Rings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Engine Piston Rings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Engine Piston Rings Industry Report
The Automotive Engine Piston Ring Market is segmented by material type, including steel and aluminum, and by vehicle type, encompassing passenger and commercial vehicles. This industry report provides a comprehensive market overview, detailing the market share, market size, and market growth. The industry analysis offers insights into market trends and market segmentation, while the market forecast provides an industry outlook to understand future market predictions.
The market research highlights the industry statistics and industry trends, emphasizing the market leaders and their roles in the market value. The report example and report PDF offer a detailed review of the market data and market review, ensuring that industry information and industry sales are thoroughly examined. The market analysis also includes a historical overview and a market forecast outlook extending to the future.
This industry report is a valuable resource for research companies and those seeking detailed industry research. The report's market outlook and market predictions are crucial for understanding the industry's growth rate and market segmentation. With a focus on industry size and market trends, the report provides a clear picture of the industry's current state and future potential. The free report PDF download is an essential tool for those looking to gain a deeper understanding of the automotive engine piston ring market.
