Automotive Bearing Seals Market - An Overview

The global automotive bearing seals market is expected to witness strong growth during the forecast period between 2021 and 2031.

Bearing seals have proven beneficial in protecting bearings from corrosion from external effluents such as contaminated water, dust, and other anti-freezing agents such as calcium chloride.

These products have shown optimum functionality in extreme weather conditions, high amounts of load, and other abrasive actions.

Bearing seals have been deployed in different types of automobiles such as passenger vehicles, light commercial vehicles, and heavy commercial vehicles which have helped in the growth of the overall automotive bearing seals market.

The outbreak of the COVID-19 pandemic negatively impacted the growth in the global automotive bearing seals market.

With governments imposing lockdowns and social distancing regulations in a bid to contain the spread of the virus, vehicle production units were forced to shut down temporarily or permanently. This led to reduced product sales and, in turn, affected the automotive bearing seals demand.

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Automotive Bearing Seals Market - Trends and Opportunities

Rising focus on producing lightweight and maintenance-free bearings is the key growth driver for the global automotive bearing seals market.

Also, emergence of novel methods to produce improved quality of bearings could fuel product demand and help in the growth of the overall automotive bearing seals market, in the years ahead.

In addition to this, rapid growth in the electric vehicles segment is anticipated to propel the overall automotive bearing seals market, in the coming years.

Other factors such as rising sales of different automobiles could bolster the global automotive bearing seals market, in future.

Oil seal segment is expected to make the largest contribution to the overall market because of increased product deployment in gear, steering, and transmission applications.

Transmission segment is anticipated to contribute the most to the global automotive bearing seals market because of increasing deployment of bearings used together in a component.

Automotive Bearing Seals Market - Competitive Landscape

With the presence of several prominent market players, the competition in the global automotive bearing seals market has intensified in the last few years. Many of these players are expected to account for a large share in the overall market, in future.

Research and development undertakings to produce improved quality of products could be a key growth strategy for leading automotive bearing seals market players, in the coming years.

Prominent automotive bearing seals market players could engage in growth strategies such as novel product launches in a bid to gain a competitive edge over other players.

NTN Corporation, in August 2021, announced the launch of a ‘low torque resin bearing’ which could be deployed for electric water pumps in cooling systems for electric vehicles.

Collaboration with smaller players could assist well-established automotive bearing seals market players expand their market presence and increase their revenue shares.

A few leading players in the global automotive bearing seals market include SKF Bearings, The Timken Company, NTN Corporation, C&U Group Company Limited, Ashutosh Rubber Pvt. Ltd., and Clark Seals.

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Automotive Bearing Seals Market - Regional Assessment

Europe is expected to be the dominant region in the global automotive bearing seals market because of the presence of leading automotive manufacturers in countries such as Germany and UK.

North America is expected to offer profitable growth opportunities for the global automotive bearing seals market because of rising sales of different types of automobiles in countries such as US and Canada.

Asia Pacific is anticipated to witness strong growth in the overall automotive bearing seals market because of growing electric vehicles sector in countries such as India, contributing to market growth in the region.

Other regions of the world such as Latin America and Middle East and Africa are anticipated to witness moderate growth in the global automotive bearing seals market, in the years ahead.

Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.

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Automotive Bearing Seals Market