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Piston Ring Aftermarket to Grow US$ 4.5 Billion by 2034, Expanding at a CAGR of 4.8% | Fact.MR Report

by GlobeNewswire
October 16, 2024
in Top News
Reading Time: 4 mins read

Government Initiatives Promoting Production of Hybrid Vehicles Complementing Piston Ring Aftermarket Growth

Rockville, MD, Oct. 16, 2024 (GLOBE NEWSWIRE) — It is a known fact that piston rings are essential engine parts in vehicles. Growing demand for both passenger and commercial vehicles is driving up the need for several spare parts, and piston rings are no exception. The global piston ring aftermarket is estimated to reach a value of US$ 2.81 billion in 2024 and thereafter increase at 4.8% CAGR from 2024 to 2034.

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 is also steadily driving aftermarket sales of piston rings. Projections are that cast iron piston rings will exhibit higher demand and account for 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.

For More Insights into the Market, Request a Sample of this Report-https://www.factmr.com/connectus/sample?flag=S&rep_id=10014

Key Takeaways from the Market Study:

  • Aftermarket sales of piston rings are expected to reach US$ 2.81 billion in 2024.
  • The market is forecasted to touch US$ 4.5 billion by the end of 2034.
  • Aftermarket sales of piston rings in the United States are set to reach US$ 581.1 million in 2024.
  • China occupies 60% share of the East Asia market in 2024.
  • Aftermarket piston ring sales in Japan are expected to touch US$ 258.4 million in 2024.
  • The East Asia market is projected to expand at a CAGR of 5.9% over the next 10 years.

“Demand for piston rings in the aftermarket is being driven by the growth of the automotive industry and technological advancements. This prompts the formulation of aftermarket solutions meeting evolving engine designs and emission regulations,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Piston Rings Market:

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., IP Rings Limited

Increased Automobile Production Driving Aftermarket Demand for Piston Rings

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.

Piston Rings Industry News:

As the newest member of Auto Value Truck Parts, Piston Ring Service & Supply became a part of the commercial vehicle and heavy-duty program of the Aftermarket Auto Parts Alliance on April 1, 2023, according to the Trucks, Parts, and Service Staff.

Get Customization on this Report for Specific Research Solutions-https://www.factmr.com/connectus/sample?flag=S&rep_id=10014

More Valuable Insights on Offer

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).

Checkout More Related Studies Published by Fact.MR Research: 

 According to the updated market research report by Fact.MR, sales of motorcycle filters are estimated to touch US$ 3.86 billion in 2024. The global motorcycle filter market is forecasted to expand at a CAGR of 5.1% to reach a valuation of US$ 6.36 billion by the end of 2034.

Expanding at a CAGR of 6.7%, the global tire pressure sensor and airbag sensor market is projected to increase from a valuation of US$ 5.56 billion in 2024 to US$ 10.63 billion by 2034, as stated in Fact.MR report.

Expanding at a CAGR of 6.1%, the global automotive battery market is projected to increase from a valuation of US$ 52.71 billion in 2024 to US$ 95.29 billion by 2034.

The global two wheeler accessory market is set to reach a valuation of US$ 40.64 billion in 2024 and further expand at a CAGR of 5.1% to end up at US$ 66.83 billion by the year 2034.

The global recreational vehicle market is estimated to be valued at US$ 50.33 billion in 2024 and is forecasted to expand at a CAGR of 4.3% to reach US$ 76.68 billion by 2034.

The global motorized quadricycle market is set to reach US$ 1.21 billion in 2024 and expand at a CAGR of 14.7% to end up at US$ 4.76 billion by the end of 2034.

About Us: 

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.  

Contact: 
US Sales Office: 
11140 Rockville Pike 
Suite 400 
Rockville, MD 20852 
United States 
Tel: +1 (628) 251-1583 
Sales Team: sales@factmr.com 
Follow Us: LinkedIn | Twitter | Blog  

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GlobeNewswire
GlobeNewswire
GlobeNewswire,is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
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