Ken Research in its latest study, India Piston and Piston Rings Market Outlook to 2022 suggested that Shriram Piston and Rings Ltd and Federal Mogul Goetze India will continue their dominance but face intense competition. Global companies such as Mahle Group, Hastings, Riken and others have plans to start to manufacture different types of pistons and piston rings in order to diversify their market in India.
India piston and piston rings market is estimated to register a positive CAGR from FY’2017-FY’2022. The market is moving towards significant consolidation on account of rising collaborations with leading international players in the country, which is expected to show a rise in demand for piston and piston rings in India.
Piston and Piston Rings are a critical component of a vehicle’s engine as it controls the pressure by moving the component that is contained by a cylinder and is made gas-tight by piston rings. In an engine, its purpose is to transfer force from expanding gas in the cylinder to the crankshaft through a piston rod or connecting rod. The rising foreign direct investments coupled with investments in R&D by piston and piston ring manufacturers will help to enhance the production capacity, by using superior technology and improving quality of piston and piston rings in the market. The rising FDI’s in India can be attributed towards the low cost of production relative to first world countries as well as relaxed norms on foreign investment and ownership, which is why many leading OEM’s and piston manufacturers in Europe and North America are off shoring operations to India.
Favorable government policies such as Auto Policy 2002, Automotive Mission Plan 2006-2016, National Automotive Testing and R&D Infrastructure Projects (NATRiPs) as well as concessions provided on excise duties in the Union Budget 2015-16, will help the Indian Piston and Piston Rings manufacturers achieve considerable growth. The Make in India initiative to support domestic manufacturers has created a positive and optimistic sentiment among piston and piston ring manufacturers, as the initiative is set to enhance the ability of companies to set up manufacturing facilities in India for major components required to make a piston or piston ring. The government aims to reduce the dependency of manufacturers on imports which in turn will reduce production costs and generate higher margins. This initiative will also help in improving the exports of piston and piston rings. In the coming years, rising vendor consolidation, faster replacement market growth, increasing localization, and growing electronic content per vehicle will induce the Indian Piston and Piston rings segment to continue to increase production at a much faster rate.
A key opportunity area which Indian Piston and Piston rings manufacturers can exploit is by increasing export-oriented growth in the coming years as the production capacity of manufacturers will outpace the domestic consumption. This will have a positive impact on the growth of Piston and Piston rings market.
The untapped rural market has posed to be a lucrative opportunity for piston and piston ring manufacturers as well as the developments in the coating process will help drive the demand for India piston and piston rings market in the future, according to the Analyst at Ken Research.
Key Topics Covered in the Report
Piston Rings Market for Three Wheelers
ShriRam Pistons Competition India
Automotive Piston Market Size
India Piston, Piston Rings Market
Future Piston Rings Market
Piston Sales in OEM Market
India Replacement Market Piston
Exporters Piston Rings India
Industry Drivers Piston Rings
Piston Sales in Aftermarket Market
Auto Components Manufacturers India
The Indian Automotive Piston Aftermarket
Piston Ring Market 2022 key Manufacturers and Growth Analysis
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Ankur Gupta, Head Marketing & Communications