Automotive Piston Engine System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Automotive Piston Engine System Market is expected to register a CAGR of over 6%, during the forecast period.

• Innovations and prototypes of engines from major automakers and OEMs, coupled with consumer preferences for high-performance and fuel-efficient automobiles, are some of the major factors that are propelling the market growth.
• Engine downsizing trends are on the rise, with automakers developing smaller engines with better fuel injection systems. L4 and V6 engines dominated the vehicle category; thereby, creating a demand for more than four pistons in the engine, by placement type, in 2019. Passenger cars have continued their dominance as the major vehicle type in the market.
• Over the past five years, the sales trends of gasoline and diesel engine have been experiencing significant growth and decline, respectively. The production of piston systems has been gaining traction from both the engine types, as well from the aftermarket channel. For instance, companies, like Shriram Pistons and Rings, Bosch, Mahle, etc., have stated that more than 22% of their revenues is generated from aftermarket channels that strengthen their brand recognition.

With China, India, and Japan growing as global automotive manufacturer hubs, the Asia-Pacific region is expected to continue as a major market for automotive piston systems, owing to the increase in manufacturing during the forecast period.

Scope of the report

The Automotive Piston Engine System Market is segmented by Raw Material Type (Cast Iron, Aluminum Alloy, and Other Raw Material Types), by Vehicle Type (Passenger Cars and Commercial Vehicles), by Fuel Type (Gasoline, Diesel, and Alternative Fuel Vehicles), by Component Type (Piston, Piston Ring, and Piston Pin), and by Geography.

The scope of the report includes:

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Key Market Trends

Rising Sales of Electric Vehicle is hindering the Growth of Automotive Piston System Market

The rise in sales of electric vehicles is hindering the growth of the automotive piston system market.

The electric vehicle market has been witnessing healthy growth in recent years, with about 2.26 million units of plug-in hybrid and battery electric vehicles sold during 2019, representing a 9% increase in sales as compared to 2018.

• The spike in sales has been the result of an increase in regulatory norms, by various organizations and governments, to control emission levels and to propagate zero-emission vehicles

As a result of the aforementioned reasons, automakers have been continually working and focusing to increase their expenditure on the R&D of electric vehicles, which, in turn, is aiding the OEMs to market electric vehicles in the future.

• This strategy had a strong impact from conventional IC engine vehicles to electric vehicles; thereby, slightly affecting the market for piston systems.
• The change has not decreased the sales of IC engine vehicles, but rather created a promising market for electric vehicles in the present, as well as for the forecast period.

Electric vehicles have reached on par (sometimes surpassed) with IC engine vehicle, in terms of performance, maintenance, and initial cost of purchase.

For instance, Tesla has manufactured electric cars, which claim to provide greater acceleration, power, top speed, etc., than an average IC engine/hybrid car.

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