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Automotive Bearing Seals Market Size
- Report ID: GMI5150
- Published Date: Nov 2021
- Report Format: PDF
Automotive Bearing Seals Market Size
Automotive Bearing Seals Market size exceeded USD 749.9 million in 2020 and is estimated to exhibit 4.2% CAGR from 2021 to 2027. The industry demand is anticipated to cross 1,808,143.3 thousand units by 2027. Automotive bearing seals provide sealing for wheels, steering, and belt tensioners. Compounds, friction surfaces & lubricants are chosen and designed to lower energy consumption. Bearing seals protect automotive component bearings against the intrusion of foreign matter such as dust, muddy-water, or anti-freezing agents including calcium chloride even when corrosion occurs at the peripheral portions of seal fittings. Furthermore, bearing seals are operational under extreme abrasive actions, tremendous loads, severe temperature variations, and corrosive conditions.
Automobile OEM producers are developing methods to boost the efficiency of bearings and enhance their overall performance. This move will encourage automotive bearing seal manufacturers to directly supply to automotive OEM manufacturers and invest in research activities for improving the performance of bearing seals. The increasing production & sales of passenger cars, LCVs, and HCVs will drive the market growth. Moreover, technological innovations and research activities will induce immense potential in the automotive bearing seals industry demand.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Automotive Bearing Seals Market Size in 2020: | 749.94 Million (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 4.2% |
| 2027 Value Projection: | 934.04 Million (USD) |
| Historical Data for: | 2017 to 2020 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 339 |
| Segments covered: | Vehicle, Application, Seal Type, Sales Channel and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing range for e-vehicles
Government policies and stringent fuel efficiency & emission regulations along with increasing customer demand have enabled the Electric Vehicles (EVs) market to boom. The automobile industry is going through a technological transformation from ICE to EV. This transformation is placing new specification challenges on the use of bearings seals, thereby impacting tier one & two automotive component manufacturers and suppliers of both EVs & ICEs. EVs do not have engines and conventional transmission systems, negatively impacting the automotive bearing seals market.
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Automotive Bearing Seals Market Scope
