(MENAFN- PR Newswire)
government Initiatives Promoting Production of Hybrid vehicles Complementing Piston Ring Aftermarket Growth
ROCKVILLE,
Md., June 10, 2024 /PRNewswire/ -- It is a known fact that piston rings are essential engine parts in vehicles. Growing demand for both passenger and commercial vehicles is driving up the need for several spare parts, and piston rings are no exception. The global
Piston Ring Aftermarket size is estimated to reach a value of US$ 2.81 billion in 2024 and thereafter increase at 4.8% CAGR from 2024 to 2034.
Manufacturers are focusing on meeting the demand for efficient piston rings in the aftermarket amid substantial vehicle production. Governments worldwide are also promoting the manufacturing of hybrid vehicles under various initiatives, which are also steadily driving aftermarket sales of piston rings. Projections are that cast iron piston rings will exhibit higher demand and account for an even higher market share over the next ten years. Though EV sales are increasing across the world, the market share of gasoline and hybrid cars is still huge, which will keep the demand growth for piston rings in the aftermarket steady over the coming years.
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Key Takeaways from the Market Study:
Aftermarket sales of piston rings are expected to reach US$ 2.81 billion in 2024.
The market is forecasted to touch US$ 4.5 billion by the end of 2034.
Aftermarket sales of piston rings in the United States are set to reach US$ 581.1 million in 2024.
China occupies a 60% share of the East Asia market in 2024.
Aftermarket piston ring sales in Japan are expected to touch US$ 258.4 million in 2024.
The East Asia market is projected to expand at a CAGR of 5.9% over the next 10 years.
"Demand for piston rings in the aftermarket is being driven by the growth of the automotive industry and technological advancements. This prompts the formulation of aftermarket solutions meeting evolving engine designs and emission regulations,"
says a Fact analyst.
Increased Automobile Production Driving Aftermarket Demand for Piston Rings
The global piston ring aftermarket is primarily driven by the markets in Europe and North America, set against the backdrop of a massive automobile fleet. East Asia and South Asia are also projected to account for a dominant market share due to the expansion of the automobile industry in these regions.
Competitive Landscape
Key players in the piston ring aftermarket are Grover Corporation,
Riken Corporation, Cook Compression, Kolbenring India, Federal-Mogul LLC, MAHLE Aftermarket GmbH, Nippon Piston Rings Co. Ltd., Hastings Manufacturing Company, LLC, Nanjing Fayn Piston Rings Co., Ltd., Finimpianti S.r.l., and IP Rings Limited.
Piston Ring Service & Supply, the newest member of Auto Value Truck Parts, will join the Aftermarket Auto Parts Alliance's commercial vehicle and heavy-duty programmes on April 1, 2023, according to the Trucks, Parts, and Service Staff.
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Country-wise Insights:
Over the next ten years, the East Asian market is expected to grow at a CAGR of 5.9%. Rising demand for piston rings in Europe and North America, along with a vast automotive fleet, is driving expansion in the piston ring aftermarket.
Aside from rising demand for both commercial and passenger automobiles in the United States, the country's developing industrialization is also driving up aftermarket piston ring sales. Key companies in the aftermarket, including big OEMs, are making significant investments in production and supply chain management.
More Valuable Insights on Offer
Fact, in its new offering, presents an unbiased analysis of the piston ring aftermarket for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the piston ring aftermarket based on material (grey cast iron, chromium steel), ring (compression rings, oil rings), vehicle (passenger cars, LCVs, HCVs, two-wheelers), engine (gasoline, diesel, liquid gas),
and sales channel (OEMS, aftermarket), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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