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2024 Automotive Piston Market Report : Market Size, Growth Drivers, And Key Trends
Automotive Piston Global Market Report 2024
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According to The Business Research Company's, The automotive piston market size has grown strongly in recent years. It will grow from $4.02 billion in 2023 to $4.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased vehicle production, the expansion of the automotive industry, rising globalization, the rise of electric vehicles, and demand for hybrid vehicles.
The automotive piston market size is expected to see strong growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing connected and autonomous vehicles, increased demand for passenger car gasoline engines, increased focus on fuel efficiency, growing demand for commercial vehicles, and growing demand for diesel engines. Major trends in the forecast period include advances in manufacturing technologies, advancements in internal combustion engine technology, integration of sensors and smart technologies, innovations in coatings and surface treatments, and automation and precision manufacturing.
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Market Drivers and Trends:
The growing vehicle production is expected to propel the growth of the automotive piston market going forward. Vehicle production is growing due to increasing global demand for automobiles driven by urbanization and the expanding need for personal transportation. Automotive pistons are crucial for vehicle engines as they convert the energy from fuel combustion into mechanical motion, driving the crankshaft and ultimately powering the vehicle's movement. For instance, in May 2023, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based trade association, 85.4 million motor vehicles were produced globally in 2022, a 5.7% increase from 2021. Therefore, growing vehicle production is driving the growth of the automotive piston market.
Major companies operating in the automotive piston market are developing innovative hydrogen-fueled linear single-piston engines to enhance vehicle performance, fuel efficiency, and emissions control. A hydrogen-fueled linear single-piston engine is an internal combustion engine that uses hydrogen and operates with a single piston moving in a linear (back-and-forth) motion. For instance, in May 2021, Aquarius Engines, an Israel-based manufacturer and distributor of linear internal combustion engines, launched a lightweight (10 kg) hydrogen-fueled linear single-piston engine that could serve as an affordable, green and sustainable alternative to traditional combustion engines and hydrogen fuel cells. The new Aquarius hydrogen engine is based on the company's patented single-piston linear engine technology, operates exclusively on hydrogen, and was designed to be used as an onboard power generator in vehicles or as a standalone electricity generator. The engine's unique internal gas exchange method and simple design, with just 20 components and one moving part, make it highly efficient and low-maintenance compared to traditional engines.
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Major Key Players of the Market:
General Motors Company, Hitachi Ltd., Continental AG, Mitsubishi Heavy Industries Ltd, Toyota Industries Corporation, Tenneco Inc., Yamaha Motor Co. Ltd., Mahle GmbH, Rheinmetall Automotive AG, TPR Co. Ltd, PT Astra Otoparts Tbk, Riken Corporation, ZYNP Corporation, Shriram Pistons and Rings Ltd., Cosworth Group Holdings Ltd., Federal-Mogul Corporation, Elgin Industries, Wiseco Piston Inc, CP Pistons Carrillo Industries Inc, Hastings Manufacturing Company, J&E Pistons Manufacturing Inc., United Engine & Machine Co. Inc., Wossner GmbH, Honda Foundry Co. Ltd, Ross Racing Piston
Automotive Piston Market 2024 Key Insights:
• The automotive piston market size is expected to see strong growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Growing Vehicle Production Growth In Automotive Piston
• Innovative Hydrogen-Fueled Single-Piston Engines In Automotive Market
• Asia-Pacific was the largest region in the automotive piston market in 2023
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