Growing Purchasing Power of Middle Class Population in Developing Countries to Boost Automotive Piston Rings Market Growth
Bettering economic conditions in developing countries across the globe, increasing employment rate and disposable income and rise in dual income households are the primary drivers augmenting the demand for passenger cars, which in turn, is expected to accelerate the growth of the automotive piston rings market. Affordable price brackets for middle-class population and rising standard of living are some of the other factors that are driving the growth of the passenger cars and propelling the demand for automotive engine components, such as piston rings. For instance, due to increase in demand for passenger cars and upsurge in customer spending owing to increasing disposable income, the total production of passenger cars in Brazil increased by approximately 28% in 2017 as compared to the previous year.
HCVs and LCVs find an extensive range of applications in various industries, such as construction and make various tasks, such as transportation of heavy machineries, raw materials and goods, easier. The Burgeoning e-commerce industry stands out as the most significant driver for the sales of commercial vehicles and will add to the growth of the global automotive piston rings market during the forecast period. Further, stabilizing economic conditions have resulted into increased construction activities, which in turn, will boost the sales of heavy duty vehicles, thereby propelling the demand for automotive engine components and thus, automotive piston rings over the forecast period.
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Asia Pacific to Create Significant Growth Opportunities for Automotive Piston Rings Manufacturers Owing to Increasing Production of Two Wheelers and Passenger Cars
The global Automotive Piston Rings market report states that in Asia Pacific, China is estimated to account for the dominant share in the market owing to increasing automobile fleet as well as production. This factor is estimated to drive the growth of the automotive piston rings market during the forecast period. China is estimated to grow at a healthy CAGR of 6.0% between 2019 and 2027. This global Automotive Piston Rings market study has taken into account various changes in different regions while forecasting the market, in terms of both value & volume. By vehicle type, the passenger car segment will play an important role in generating market revenue in the automotive piston rings. This segment is projected to hold dominant share in the Automotive Piston Rings market.
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Automotive Piston Rings Market: Competitive Landscape
Some of the key market participants reported in this study on the automotive piston rings are Federal Morgul, Mahle GmbH, Nippon Piston Rings Co., Ltd., Riken Corporation, TPR Co., Ltd, Asimco, IP Rings Ltd, Hunan Zhengyuan Piston Ring Co., Ltd, Shriram Pistons & Rings Ltd., Abilities India Pistons & Rings Ltd., SAMKRG, Grover Corporation., and Anhui Ring New Group, among others.