Press Release
Press Release
According to a new report by EMR titled, ‘Global Automotive Piston Market Report and Forecast 2024-2032’, the global automotive piston market reached a value of about USD 5.18 billion in 2023. The industry is further expected to grow at a CAGR of 4.0% in the forecast period of 2024-2032.
The global market growth of automobile piston is being driven by the rising trend of adopting lightweight engines. The rising support by the governments for the production as well as use of lighter automobile engines, which are fuel efficient as well as eco-friendly due to rising environmental concerns is boosting the growth of the industry. Automobile pistons are lightweight and also cause less environmental damage, thus, their demand is rising. The market growth is expected to be positively affected by economic reforms in developed countries, expansion in the global automotive industry, and the growing private equity investment in the manufacturing of automotive piston systems globally.
The global market growth of automobile piston is also being aided by the rising competition among the key players. Tenneco Inc (NYSE: TEN) is one of the leading key players in the global market. The company was recognised by General Motors as the 2020 supplier of the year and has been variously awarded for its innovative piston technologies like DuraForm-G91® piston alloy, High Modulus Bonded Piston technology, EcoTough®-coated piston, Goetze® Diamond Coating (GDC®) for piston rings, Monosteel® diesel piston, Two-Dimensional Ultrasonic Testing for Raised Gallery Pistons, and DuraBowl® piston reinforcement process by the Automotive News PACE Award. Such recognitions are expected to strengthen the company position in the market.
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The major players in the global automotive piston market are MAHLE Group, Tenneco Inc., Aisin Seiki Co., Ltd., Hitachi Automotive Systems, Ltd., Rheinmetall Automotive AG, and Shriram Pistons and Rings Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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