Future Market Insights has completed new market research report titled “Automotive Gudgeon Pin Market: Global Industry Analysis 2013 – 2018 and Opportunity Assessment 2019 – 2027”. The global report throws light on the gudgeon pin market and offers deep-dive analysis for the next 9 years. Globally, automotive gudgeon pins are also known as piston pins. This report on the automotive gudgeon pin market gives readers insights on market opportunities and trends. Additionally, the automotive gudgeon pin market report will also enable readers to identify the potential market participants across the market value chain and their corresponding market strategies in the global as well as regional markets.
The automotive gudgeon pin market is expected to be valued at US$ 2,728.1 Mn in 2019. During the course of the forecast period, the market is expected to register a CAGR of 5.0% and reach a value of US$ 4,024.3 Mn by 2027. The global automotive gudgeon pin market is estimated to create an incremental $ opportunity of US$ 1,296.2 Mn between 2019 and 2027.
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Automotive Gudgeon Pin Market Dynamics
An automotive gudgeon pin forms an integral part of the engine assembly for all vehicle types in the global market. The increasing production of vehicles in key regions such as Asia Pacific, Latin America and Africa is anticipated to boost the sales of automotive gudgeon pins in the OEM segment. The increasing services and replacement of engine components in the aftermarket are projected to fuel the demand for automotive gudgeon pins in the global market. The vehicle parc, i.e. vehicles in use, has been increasing at a healthy growth rate in the global automotive market, which in turn has been supporting the growth of the automotive gudgeon pin market. Additionally, the growth of two wheelers in some prominent countries such as India, China, Brazil, Mexico, Turkey and ASEAN Countries, amongst others is estimated to act as a catalyst for the growth of the global automotive gudgeon pin market over the forecast period.
Consumer inclination towards automation and the subsequent adoption of advanced technologies are estimated to be among the key drivers of the automotive gudgeon pin market around the globe. Smart and efficient engine systems utilize sensors to automatically adjust as per the climate and surroundings. Attributing to the introduction of advanced material technology, many materials such as super alloys, lightweight aluminum, stainless steel, and titanium that are light weight and have high strength & load capacity are being used for the manufacturing of automotive gudgeon pins. This is key the factor estimated to drive the growth of the automotive gudgeon pin market. The high corrosion resistance, light weight and high strength of such materials enhances the durability and longevity of automotive gudgeon pins. Moreover, the use of lightweight materials in components enables automobiles to accelerate with less energy, which is creating favorable demand prospects.
With the increasing lifespan of automobiles day-by-day, consumers are becoming more educated towards using their vehicles efficiently. The sale of used automobiles is estimated to grow with an incremental CAGR during 2019–2027, which can be attributed to the decline in the prices of vehicle prices and the increasing disposable income among the middle class population.
A recent survey in the U.S. suggests that more than 50% consumers prefer to use aftermarket parts in the domestic market if the parts and components supplied by the original equipment manufacturers are too expensive. Vehicle loans by banks and finance companies are acting as a catalyst in increasing the sales of vehicles in the global market for lower middle class customers. Thus the aftermarket has immense potential for automotive gudgeon pins in all key regions.
Consumers who purchase high-end expensive cars are also significantly investing in the servicing and maintenance of their vehicles and thus, the demand for aftermarket parts such as automotive gudgeon pins has been growing at a high rate. These cumulative activities in the OEM and aftermarket are estimated to propel the demand for automotive gudgeon pins in the coming years.
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Automotive Gudgeon Pin Market: Competitive Landscape
Some of the key players involved in the manufacturing of automotive gudgeon pins and included in this study are Federal Morgul, Mahle GmbH, Shriram Pistons & Rings Ltd., Aisin Seiki Co.Ltd,, Rheinmetall Automotive AG, Ming Shun Industrial Co., Ltd., Elgin Industries, SAMKRG, KSPG, Arias Pistons, Burgess-Norton and Ross Racing Pistons.