The global automotive piston pin market size is projected to grow from USD 259 million in 2020 to USD 314 million by 2025, at a CAGR of 4.0%. Extensive production and sales volumes of ICE vehicles in all the segments, including passenger cars, LCVs, and HCVs, are primarily driving the demand for piston pins. The piston pin market has witnessed growth in developing as well as developed countries.
According to industry experts, electric vehicles are the future of the automotive industry. ICE vehicles are still in focus with significant production and sales, especially in developing countries such as India and the majority of the Middle East & African countries. Also, OEMs and Tier I suppliers have been focusing on designing and developing long-lasting piston pins that can sustain or withstand all the loading or stresses applied and the wear and tear involved during engine operations. Thus, advancements in metallurgy and material science fields might help the automotive piston pin market.
Substantial production and sales volumes of ICE vehicles
As piston pins are necessary in every type of ICE vehicle, the biggest driver for the global piston pin market is the continuously increasing production of ICE vehicles across the world. Although most countries are concerned about the emissions caused by ICE vehicles, most of the automotive market is still dominated by ICE vehicles. Lack of infrastructure and shortcomings of electric vehicles such as short-range and high initial cost are reasons why ICE vehicles are always the first choice in the majority of the cities in the world, especially in developing countries such as India and the Middle Eastern countries. As 100% adoption of electric vehicles will take some time, ICE vehicles will continue to remain in demand, resulting in significant production volumes.
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Pistons pins will be required in CNG, LPG, hybrid, and plug-in hybrid vehicles
The increasing prevalence of localized air quality regulations has been driving the need for alternative fuel technologies to reduce emissions from conventional ICE vehicles. Growing demand for emission-free and energy-efficient vehicles, government regulations, fluctuations in oil prices, and vehicle conversions have compelled automotive OEMs to develop technologies supporting alternative fuel usage. In this pursuit, automotive OEMs and component manufacturers are exploring ways to manufacture engines that use renewable oil and gas resources such as CNG, LPG, and ethanol for improved fuel efficiency. Also, most countries are not yet ready for fully electric vehicles because of the lack of supporting infrastructure. Hence, hybrid and plug-in hybrid vehicles will experience growth in times ahead. All these types of vehicles, including CNG, LPG, ethanol, hybrid, and plug-in hybrid vehicles, have an ICE with the usual piston-cylinder assembly. Thus, the increasing trend of these vehicles would benefit the piston pin market during the forecast period.
The Asia Pacific piston pin market is projected to hold the largest share by 2025
Asia Pacific is projected to be the largest and fastest-growing automotive piston pin market during the forecast period. China, Japan, South Korea, and India are some of the largest ICE vehicle producers globally. According to OICA, passenger car production in Asia Pacific accounts for around 54% of the global passenger car production. Hence, the Asia Pacific is the largest market for automotive piston pins, followed by Europe and North America.
Key Market Players
The global automotive 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.Â
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