A modest, just under 5% yearly sales gain is projected for the automotive gudgeon pin industry, with a present market value of about US$ 3.3 billion, in 2022. A recent report by Future Market Insights emphasizes the significance of the aftermarket in influencing the overall sales picture of the automotive gauge environment.
According to Future Market Insights, the Automotive Gudgeon Pin Market is anticipated to grow by 4.3% yearly in 2022, reaching a value of around US$ 3,149.4 Mn by the end of the year (FMI).
The study also explores how the competitive landscape of the automotive gudgeon pin market is being affected by a growing trend in green combustion engine technologies.
Research spots a few prominent attributes favoring the adoption of gudgeon pins in an automobile –
- Growing proclivity for automation
- Increasing demand for high-efficiency, smart engine systems
- Material innovation to deliver stronger, lightweight, and corrosion-resistant products
- Introduction of enduring gudgeon pins with a high load capacity
Automotive Gudgeon Pin Market Remains a Consolidated Landscape
Because Tier 1 and Tier 2 firms are so prevalent, the market structure analysis reveals that the worldwide automotive gudgeon pin landscape is fairly consolidated. According to the research, Tier 1 firms with more than 55% of the worldwide market value continue to increase their investments in strategic acquisitions and partnerships. Examples include Mahle GmbH and Federal Morgul.
The majority of rivals in the worldwide automotive gudgeon pin market are probably going to concentrate on new product development and releases to strengthen their market position through a distinctive brand value. Several gudgeon pin producers are increasingly focusing on extending product lifespan through diamond surface treatment, according to the report.
Based on the mechanism, full floating mechanisms are still quite popular among companies that make gudgeon pins for automobiles. This is because full floating mechanisms make it easier to transfer power from the piston to the crankshaft. On the other side, it is anticipated that the adoption of the semi-floating mechanism will advance gradually over the next years.
High-end Automakers Shifting to Titanium-based Gudgeon Pins
The global automotive gudgeon pin market’s material-wise study shows that steel has been a popular option for manufacturers because of its greater ability to work at high temperatures, i.e. up to 3000 Celsius.
However, among the major producers of automobile gudgeon pins, titanium is gradually becoming more profitable and popular. Titanium-based gudgeon pins are expected to become more common quickly thanks to their excellent capacity to work at temperatures as high as 15000 Celsius, which is significantly greater than that of steel. This feature is especially important for high-performance automobiles.
Aftermarket Reflects Noteworthy Potential in Terms of Sales
The research assesses the degree to which rising consumer spending power has affected the total market for automobile gudgeon pins. It is more likely that the ensuing rising demand for premium vehicle maintenance and repair would feed the demand for aftermarket parts at a high rate as more people actively invest in high-end cars. According to the analysis, automotive gudgeon pins are therefore anticipated to find attractive adoption prospects in both the aftermarket and OEM segments.
Over 50% of US consumers favor affordable aftermarket supply of car parts over pricey OEM parts. While the US has historically been one of the major markets for automobiles, the aforementioned statistical figure is expected to account for an increasingly large revenue part of the aftermarket in the automotive gudgeon pin landscape.
Two-wheeler Parc Boosts Market Growth in Emerging Economies
Sales of automotive gudgeon pins in the OEMs category are expected to increase as major growing regions including Asia Pacific, Africa, and Latin America are dramatically encouraged to increase car manufacturing. Currently, passenger cars account for roughly 50% of the market’s overall value.
In the upcoming years, probably, the expanding two-wheeler market in significant growing economies like China, India, Turkey, Brazil, Mexico, and ASEAN nations will have a favorable effect on the sales of automotive gudgeon pins.
However, the current revenue growth scenario of the automotive gudgeon pin market in both developed and developing regions will be significantly harmed by the optimistic growth outlook predicted for emission-free vehicles, such as solar-powered cars and electric cars, which are currently in their infancy.