Global Piston Ring Aftermarket Projection

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Aftermarket

Global Piston Ring Aftermarket Projection

FactMR estimates the global piston ring aftermarket will reach a value of $2.81 billion in 2024 and increase 4.8% over the next 10 years.

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By Jeff White
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The group FactMR estimates the global piston ring aftermarket will reach a value of $2.81 billion in 2024 and increase 4.8% over the next 10 years.

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According to FactMR, 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.

Key Takeaways from the FactMR 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 a 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.

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Trade Associations Urge Congress to Restore R&D Tax Deduction

A change to the U.S. tax code has been “particularly burdensome for the auto industry, threatening thousands of jobs.”

Josh Cable
By Josh Cable
Josh Cable is the editor of Counterman and ShopOwner. He joined Babcox Media in January 2017, and has been working in the field of journalism since 1999.
Published:
Restore R&D Credit

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Co-signing the letter were the Alliance for Automotive Innovation; American Automotive Policy Council; Autos Drive America; MEMA, The Vehicle Suppliers Association; and the Truck and Engine Manufacturers Association, which collectively represent millions of workers in the auto industry.“Congress must restore this tax provision to enhance U.S. competitiveness, job creation and innovation as soon as possible,” said Ann Wilson, MEMA’s executive vice president of government affairs. “As this industry is facing massive transformation, R&D is crucial. Many of our members are smaller, innovation-driven vehicle suppliers and are struggling with the financial burden to remain competitive in the global marketplace. Restoration of yearly deductibility goes a long way in addressing these fundamental challenges.”

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