Automotive Bearing Seals Market size is set to cross USD 930 million by 2027, according to a new research study published by Global Market Insights Inc.
Several companies are optimizing the production process of automotive bearing seals to ensure higher life and improve features such as better heat-resistance & self-lube bearings. For instance, in September 2021, NSK Ltd. launched its self-lube bearing units with triple lip seals, which provide ultimate bearing protection and develop a new high sealing performance low-friction seal for deep groove ball bearings.
The growing demand for lightweight and durable bearings from the automotive industry is encouraging prominent bearing manufacturers, such as SKF, Schaeffler, and NRB Bearings, to focus on adopting new raw materials instead of traditional high-grade steel. Automotive bearing seals market Vendors are increasingly spending on R&D for the development of lightweight technology. To reduce vehicle weight without affecting the functionality, auto component makers are coming up with bearing seals made of lightweight materials.
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The luxury & sports cars industry accounts for over 15% of the total automotive sales. With the continuous design & evolution of cars, they have become safer & more sophisticated. The global luxury cars market size grew from USD 461.21 billion in 2016 to USD 667.44 billion in 2019 due to the rising consumer purchasing parity in emerging nations including India and China. China reported the highest growth rate in luxury cars in 2010 when the market went up by 77%. The estimated growth of China has since then varied between 22% and 35%.
Browse key industry insights spread across 300 pages with 294 market data tables & 45 figures & charts from the report, “Automotive Bearing Seals Market Size By Vehicle (Passenger Cars, LCV, HCV), By Application (Engine, Differential Gears, Wheel, Steering, Water Pump, Transmissions), By Seal Type (Dust Seal, Oil Seal, Pack Seal), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
The passenger cars segment is poised to witness nearly 4% CAGR through 2027 impelled by rising passenger car sales. The increasing production of passenger cars will maximize the revenue generation of automotive bearing seals. Innovative designs of automotive bearing seals, mostly for high-performance cars, are being developed; for example, self-formed seals with low torque and deep groove ball bearing for transmissions, which can reduce rotational torque by up to 80%, improve fuel efficiency, and reduce CO2 emissions in automobiles. Moreover, product improvements will spur the automotive bearing seals market revenue.
Rising automotive vehicle fleets to surge product penetration
In terms of value, the aftermarket segment is expected to register growth rate of around 4.5% till 2027. Consumer preference for a smooth driving experience and the use of bearing seals to maximize the working life of the bearings & lower friction is likely to support the market demand. The aftermarket segment primarily depends on consumer preferences such as product quality and cost. The low cost of automotive bearing seals is anticipated to boost market development by 2027. Additionally, aftermarket players also provide product customization including design alterations in bearing seals as per customer requirements.
North America automotive bearing seals market size valued at about USD 105 million in 2020. The region, led by the U.S., is predicted to observe considerable growth during the forecast period owing to large automotive vehicle fleets and production in the country. For instance, in 2020, electric vehicle sales in the U.S. were more than 300 thousand. Prominent manufacturers across the region are focusing on developing new bearing seals with advanced elastomers for better performances. The growing consumer inclination toward SUVs and luxury cars is augmenting revenue generation.
Some of the major automotive bearing seals market players are SSP Manufacturing Inc., SKF Bearings, The Timken Company, JTEKT Corporation, Clark Seals, France Joint, Ashutosh Rubber Pvt Ltd., Well Oil Seal Industrial Co., Ltd., NSK Ltd., and C&U Group Company Limited.