Automotive Connecting Rod Market 2021 | Size, Share, Growth, Trends, Analysis, Competitive Landscape, Forecast Report 2021-2028
Pune, India, March 12, 2021 (GLOBE NEWSWIRE) — According to the report, Automotive Connecting Rod Market size is to reach remarkable value value by 2026. Heightened need to bring down vehicular pollution will be the central factor expanding the global automotive connecting rod market size in the near future.
Air pollution from various sources has become a matter of concern for environment scientists, global leaders, and national governments. Not only does air pollution harm the environment in numerous ways, but it is also hazardous for human health.
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Rising Preference for Electric Vehicles to Hamper Market Growth
Cars and vehicles are some of the largest emitters of pollutants in the world. Incomplete combustion of fossil fuels in these machines releases harmful gases such as carbon monoxide and other greenhouse gases. According to the US Environment Protection Agency (EPA), 75% of carbon monoxide emissions come from motor vehicles in the US.
Moreover, the Environment Defense Fund (EDF) pegs pollution from transportation at 27% in the country. Thus, there is an urgent need to upgrade existing vehicles with fuel-efficient technologies which is expected to fuel the demand for automotive connecting rods. These automotive parts are a crucial component in the Internal Combustion Engine (ICE) as advanced bearings can efficiently bring down emissions and improve fuel consumption in vehicles.
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Wide Availability of Labor to Drive the Market in Asia-Pacific
Incorporation of advanced auto parts in existing vehicles to make internal combustion efficient is one of the leading automotive connecting rod market trends that is fuelling this market. However, the growth of this market faces a massive roadblock in the form of electric vehicles (EVs). These vehicles are powered by entirely by electricity and completely eschew the need to use fossil fuels such as petrol for energy.
More importantly, the demand for and production of EVs is climbing at a considerable rate. According to the International Energy Agency (IEA), the global demand for EVs rose by a staggering 57% in 2017 from 2016 levels. Further, the IEA predicts that production of EVs will touch 125 million and the number of EVs on road will reach 220 million by 2030. Therefore, as production of EVs picks up pace and sustainable technologies become more affordable, the uptake of traditional equipment such as automotive connecting rods is likely to take a hit.
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Launch of Environment-friendly Offerings to Spruce up Competition
Asia-Pacific is foreseen to dominate the automotive connecting rod market share in the forthcoming years primarily owing to the easy availability of cheap labor in the region. Moreover, the region is rich in natural resources and raw materials, which will augment the market in the coming decade. Lastly, growing demand and consumption of vehicles in India and China will further boost the regional market.
OEMs in Europe are heavily investing in research and development to come up with products that can reduce emissions, thereby propelling the market in the region. North American carmakers are actively adopting advanced technologies to meet their emission targets, which is boding well for this market in the continent.
Key companies in this market are focusing their energies on researching and developing sustainable solutions firmly entrench their position in the market, the automotive connecting rod market analysis says. Mergers and acquisitions is the other preferred route taken by financially-strong players.
- Albon Engineering & Manufacturing Plc
- Cummins Inc
- MAHLE GmbH
- JD Norman Industries
- Nangong Jingqiang Connecting Rod Co. Ltd
- MGP Connecting Rods
- Hilite International GmbH, among others.
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Global Automotive Connecting Rod Market Segmentation:
By Process Type:
- Powder Metals
- Cast Rods
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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