The Automotive 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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The passenger vehicle segment is expected to be the largest vehicle type market
The passenger car segment is projected to have the largest share of the automotive piston pin market during the forecast period. The key factor driving the passenger car segment is the dominance of passenger cars in global vehicle production. For instance, as MarketsandMarkets analysis, in 2019, approximately 80% of the total global vehicle production is dominated by the passenger car segment. Apart from popular 4-cylinder engines, passenger cars also have engines with 6, 8, 10, and 12 cylinders, which, in turn, is driving the segment.
The gasoline segment will be leading the piston pin market during the forecast period
The gasoline segment is projected to have the largest share of the automotive piston pin market during the forecast. The growth of the gasoline segment can be attributed to the growing preference over diesel engines due to the strict emission standards across the world. Also, the life of gasoline engines is almost double than that of diesel engines. Gasoline engines require less maintenance. On the other hand, diesel engines require servicing/maintenance of the components after ~5,000–6,000 km. In the aftermarket, gasoline vehicles require minimal replacement of components. However, in the case of diesel engines, components of the piston system get replaced more often. All these factors have contributed to the demand for gasoline passenger vehicles.
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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 key players operating in the automotive piston pin market include Burgess Norton (US), Tenneco (US), MAHLE (Germany), Art Metal (Japan), and Rheinmetall Corporation (Germany).
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