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Global Piston Ring Aftermarket to Reach $4.5 Billion by 2034: Fact.MR
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.
says a Fact.MR analyst.
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.
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.
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.
Fact.MR, 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).
is valued at $608.1 million in 2024 and is expected to grow at a 5.6% CAGR, reaching $1,048.6 million by 2034.
is projected to advance at a CAGR of 9.3% to reach US$ 171.27 billion by 2034-end
The global is valued at $1.3 billion in 2023 and is projected to reach $1.8 billion by 2033, growing at a 3.3% CAGR over the next decade.
Global is expected to grow at a CAGR of 3.85%, reaching a value of US$ 2.41 billion by the end of 2033, up from US$ 1.65 billion in 2023.
Study by Handle Accessories, Frames & Fittings, Electrical & Electronics, Protective Gear, Bags & Carriage Frames, and Seat Covers & Security Systems from 2024 to 2034
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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