Automotive Bearing Seals Market: Competitive Insights, Regional Trends And Forecast To 2027
The size of automotive bearing seals market was registered at USD 749.9 million in the year 2020 and is anticipated to cross USD 934.04 million by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 4.2%,
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The rising demand for high-quality elastomer bearing seals in buses and luxury coaches to enhance efficiency and improve performance will contribute to the expansion of automotive bearing seals industry in the forthcoming years.
Bearing seals protect automotive component bearings against outside intrusions and are of various types, thus proliferating their demand and further complementing the expansion of automotive bearing seals market over the recent years.
Speaking on the types of bearing seals being used across the automotive industry, dust seal-which is made by nitrile rubber and fluoro rubber by molding into a sealing rim form-ensures the protection of equipment from dust and other things and maintain its bearing function. Gear automotive bearing seals are designed to close the axle shafts of the vehicles and prevent fluid leakages while operating and are placed outside the vehicle.
With a gradual increase in the sales of passenger cars worldwide, the segment is set to account for nearly 50% of the business share in the automotive bearing seals market in the coming years. Automotive bearing seals lead to reduced bearing friction and smooth operations of vehicles. The developing countries like India, Mexico, Indonesia and others have shown a potentially enormous demand for the passenger cars, which is expected to eventually add to the growth in bearing seal sales.
The demand for automotive bearing seals is being largely felt across various OEM channels. According to the report, the segment will reportedly record a growth of 4% CAGR through 2027 across the overall industry. The growth can be ascribed to the ability of OEMs to offer higher operational life and reduced replacement rate for these seals. Complementing this, the increase in the production of automobiles throughout the world to meet the rising demand for vehicles will also contribute to the growth of the segment.
The Green Mobility Report by World Bank has declared that nearly 1.2 billion automotive vehicles will run on roads by the end of 2030 which will positively impact the automotive bearing seal market growth.
Reportedly, revenue of nearly USD 400 million was generated from the Asia Pacific automotive bearing seals market in the year 2020, perhaps owing to the increased automobile demand from nations like India, China and South Korea. Despite the COVID-19 crisis, there has been rise in the sales of automotive vehicles especially in China and India. In a recent example, the complete sales of automotive vehicles rose by 16.4% year after year in China and passenger car sales increased by 14% in India in the year 2020.
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Some Point from Table of Contents:
Chapter 5 Automotive Bearing Seals Market, By Application
5.1 Global automotive bearing seals market insights, by application
5.2 Engine
5.2.1 Global market estimates and forecasts, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3 Differential Gears
5.3.1 Global market estimates and forecasts, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 - 2027
5.4 Wheel
5.4.1 Global market estimates and forecasts, 2017 - 2027
5.4.2 Market estimates and forecast, by region, 2017 - 2027
5.5 Steering
5.5.1 Global market estimates and forecasts, 2017 - 2027
5.5.2 Market estimates and forecast, by region, 2017 - 2027
5.6 Water Pump
5.6.1 Global market estimates and forecasts, 2017 - 2027
5.6.2 Market estimates and forecast, by region, 2017 - 2027
5.7 Transmissions
5.7.1 Global market estimates and forecasts, 2017 - 2027
5.7.2 Market estimates and forecast, by region, 2017 – 2027
Chapter 6 Automotive Bearing Seals Market, By Seal Type
6.1 Global automotive bearing seals market insights, by seal type
6.2 Dust Seal
6.2.1 Global market estimates and forecasts, 2017 - 2027
6.2.2 Market estimates and forecast, by region, 2017 - 2027
6.3 Oil Seal
6.3.1 Global market estimates and forecasts, 2017 - 2027
6.3.2 Market estimates and forecast, by region, 2017 – 2027
6.4 Pack Seal
6.4.1 Global market estimates and forecasts, 2017 - 2027
6.4.2 Market estimates and forecast, by region, 2017 – 2027
6.5 Others
6.5.1 Global market estimates and forecasts, 2017 - 2027
6.5.2 Market estimates and forecast, by region, 2017 - 2027
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