Selbyville, Delaware, Nov. 09, 2021 (GLOBE NEWSWIRE) --
The automotive bearing seals market revenue is anticipated to record a valuation of USD 930 million by 2027, according to the most recent study by Global Market Insights Inc. Increasing adoption of bearing seals with high-quality elastomers in luxury coaches & buses to improve their performance and increase efficiency will drive the industry growth.
The passenger cars segment is estimated to account for over 50% of the automotive bearing seals market share by 2027. The dominance can be attributed to increasing passenger car sales in the past few years and rising demand from the OEM segment. In emerging countries including India, Indonesia, and Mexico, among others, the potential of bearing seal sales is enormous and is expected to increase significantly as the proportion of passenger cars fitted with various bearings in different components increases. Such modifications enable smooth operations and lower bearing friction. In terms of volume, in 2019, passenger cars held nearly 80% of the Asia Pacific automotive production.
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The OEM segment is poised to observe 4% CAGR through 2027 owing to lower replacement rates and higher operational life of automotive bearing seals. The rising automotive production globally to counter the rising vehicle demand is improving the segment growth. According to the Green Mobility Report by the World Bank, an additional 1.2 billion automotive vehicles will be running on the road by 2030.
Asia Pacific automotive bearing seals market generated around USD 400 million in 2020. This can be mainly attributed to the high demand from emerging nations such as China, India, and South Korea. The significant demand is credited to rising passenger cars sales. Furthermore, despite the COVID-19 crisis, China and India witnessed significant automotive vehicles sales. For instance, in July 2020, the overall sales of automotive vehicles in China rose by 16.4% year-on-year and passenger car sales rose by 14% year-on-year in India in August 2020.
Key players in the automotive bearing seals market are focusing on increasing their production capacities. For instance, in August 2019, UMC Uchiyama Manufacturing invested USD 65 million to build a plant in Yucatan, Mexico, which will supply to Mazda & Toyota in the U.S. and other countries.
Some major findings of the automotive bearing seals market report include:
- Dust seal is formed by molding fluoro rubber, nitrile rubber, or other elastomers into a sealing rim form with both an oil lip and a duster lip. This is a seal to prevent the dust from getting in, to protect equipment, and maintain the bearing functions.
- Differential gear automotive bearing seals are placed at the output shafts of the system. These seals typically close the axle shafts of the vehicle against the differential and prevent fluid leakages from the differential system while operating. Some of the differential gear seals also keep the axle shaft associated properly with the differential system.
- The COVID-19 pandemic has considerably impacted global automotive production in 2020 and 2021 due to forced lockdowns and shortage of chips. For instance, according to the China Association of Automobile Manufacturers (CAAM), China alone produced around 3.7 million commercial vehicles and 13.2 million passenger cars from January to September 2020, driving automotive bearing seals industry growth during the forecast period.
- Pack seal is usually mounted between the bearing ends; however, it can also be used separately on pedestal-type ends. Pack seals may also be air or grease purged for difficult sealing applications.
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Partial chapters of report table of contents (TOC):
Chapter 3 Global Automotive Bearing Seals Industry Insights
3.1 Industry segmentation
3.2 Industry landscape
3.2.1 COVID-19 impact on industry size and forecast
3.3 Industry ecosystem analysis
3.3.1 Raw material supply
3.3.2 Value addition at each stage
3.3.3 Vendor matrix
3.4 Pricing analysis (including COVID-19 impact)
3.4.1 Regional price trends
3.4.2 Cost structure analysis
3.5 Innovation & sustainability
3.5.1 Technology landscape
3.5.2 Future trends
3.5.3 Patent landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Drivers
3.7.1.1 Increasing focus on maintenance-free and extremely lightweight bearings
3.7.1.2 Growth in passenger vehicle sales across Asia Pacific
3.7.1.3 Increasing automotive production & presence of auto players in Latin America
3.7.2 Industry pitfalls & challenges
3.7.2.1 Energy-efficient and environmental manufacturing norms
3.7.2.2 Increasing range for e-vehicles
3.8 Automotive Industry Overview
3.8.1 Automotive production, by region 2017 – 2020
3.8.2 Automotive sales, by region 2017 – 2020
3.8.3 Automotive vehicle in-use, by region (2020)
3.9 Growth potential analysis, 2020
3.10 Porter’s analysis
3.11 Competitive landscape 2020
3.11.1 Company market share analysis, 2020
3.11.2 Strategy dashboard
3.12 PEST analysis
3.13 COVID-19 impact on the automotive industry
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
