Market Trends of Automotive Engine Piston Rings Industry
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.
