Automotive Piston Pin Market to Register Substantial Expansion by 2025

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Automotive Piston Pin Market to Register Substantial Expansion by 2025

October 21
14:14 2020
Automotive Piston Pin Market to Register Substantial Expansion by 2025

Automotive Piston Pin Market
Automotive Piston Pin Market by Vehicle Type (Passenger Car, LCV, HCV, and Agricultural), Fuel (Diesel, Gasoline, and Alternative Fuel), Material (Steel and Aluminum & Titanium), Coating Type, Sales Channel, and Region – Forecast to 2025

The Global Piston Pin Market size is projected to reach USD 314 million by 2025, from an estimated USD 259 million in 2020, at a CAGR of 4.0%. The base year for the report is 2019, and the forecast period is from 2020 to 2025. Factors such as substantial production and sales volumes of ICE vehicles, significant demand for high-performance vehicles, and growing trend of CNG, LNG, hybrid, and plug-in hybrid vehicles to drive the piston pin market during the forecast.

In the piston pin market, by sales channel type, the OEM segment is projected to dominate the market during the forecast period. The key factor driving the OEM segment is that the number of piston pins is almost directly proportional to the number of ICE vehicles sold. All the new ICE vehicles sold by OEMs are already installed with piston pins and other necessary engine components. The majority of engine manufacturers are either manufacturing pins in-house or have partnered with piston pin manufacturers. Also, since piston pins are not required to be changed frequently, the aftermarket segment has a lesser market share than the OEM segment.

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Europe presents a significant growth opportunity for piston pins as it is expected to be the second-largest market during the forecast period. The presence of renowned automotive OEMs dominating the global automobile industry, such as Volkswagen Group, Daimler, BMW, PSA Group, and FCA, is one of the key growth factors for the piston pin market. The piston pin market in the European region is projected to be dominated by Germany (is expected to contribute around 22% of the market, in terms of value, by 2025). This is because of the significant demand for high-end premium vehicles having large engine options. Also, the country has the presence of some of the renowned automotive OEMs such as Volkswagen Group, Daimler, and BMW, which will drive the piston pin market in the region.

Asia Pacific is estimated to be the largest and fastest-growing piston pin market during the forecast period. The Asia Pacific region has emerged as a promising market for the automotive industry and OEMs across the globe. The primary reason behind this trend is the Chinese market, which has evolved into the largest producer and consumer of automobiles across the world. Other major country-level markets in the region include India, Japan, and South Korea. While India is slowly emerging as a credible force in the automotive industry, Japan and South Korea are already well-established names in the industry. According to OICA, China, and India together produce approximately 30 million vehicles every year. Despite the slowdown in the global market, the Asia Pacific region has witnessed increased vehicle production in recent years. Also, the Asia Pacific is the largest market for small passenger cars, and more than 80% of the passenger cars in this region run on gasoline.

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In the piston pin market, by fuel type, the alternative fuel segment is projected to the fastest growing market during the forecast period. The use of alternative fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), and biomethane is increasing rapidly as they are cheaper (due to government subsidies) as well as less polluting than other types of fuels. Asia Pacific is expected to lead the alternative fuel segment during the forecast. As of 2020, the number of vehicles running on alternative fuels is more in Asia Pacific than in other regions. Hence, the demand for piston pins is significant. Europe is expected to be the fastest-growing market for the alternative fuel segment due to new regulations promoting cleaner energy with high energy density. The EU legislation promotes a reduction in greenhouse gas intensity of fuels used in vehicles by up to 10% by the end of 2020, which has led to the Blue Corridor program in the region. The Blue Corridor program will support LNG and CNG fueling stations across Europe.

Key Market Players 

The global piston pin market is dominated by major players such as Burgess Norton (US), Tenneco (US), MAHLE (Germany), Art Metal (Japan), and Rheinmetall Corporation (Germany). The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements. 

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