November 9, 2021 05:30 US Eastern Time | Source: Global Market Insights, Inc. Global Markets Insights, Inc.
Selbyville, Delaware, November 9, 2021 (Global News Agency)-
According to the latest research by Global Market Insights Inc., by 2027, the market revenue of automotive bearing seals is expected to reach US$930 million. The increasing use of high-quality elastomer bearing seals in luxury passenger cars and buses to improve their performance and efficiency will drive industry growth.
It is estimated that by 2027, the passenger car segment will account for more than 50% of the automotive bearing seals market. This dominance can be attributed to the increase in passenger car sales in the past few years and the increased demand in the OEM market segment. In emerging countries such as India, Indonesia, and Mexico, the sales potential of bearing seals is huge. It is expected that the sales potential of bearing seals will increase significantly as the proportion of various bearings installed on different components in passenger cars increases. Such modifications can achieve smooth operation and reduce bearing friction. In terms of production volume, in 2019, passenger cars accounted for nearly 80% of automobile production in the Asia-Pacific region.
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Due to the low replacement rate and long service life of automotive bearing seals, the OEM sector is expected to achieve a compound annual growth rate of 4% by 2027. In response to the growing demand for automobiles, the increase in global automobile production is improving the growth of market segments. According to the World Bank's Green Travel Report, by 2030, there will be 1.2 billion cars on the road.
The Asia-Pacific automotive bearing seals market will generate approximately US$400 million in 2020. This is mainly due to the high demand in emerging countries such as China, India and South Korea. The huge demand is attributed to the increase in passenger car sales. In addition, despite the COVID-19 crisis, car sales in China and India are still high. For example, in July 2020, overall automobile sales in China increased by 16.4% year-on-year, and passenger car sales in India in August 2020 increased by 14% year-on-year.
Major players in the automotive bearing seals market are focusing on increasing their production capacity. For example, in August 2019, UMC Uchiyama Manufacturing invested US$65 million to build a plant in Yucatan, Mexico, to supply Mazda and Toyota in the United States and other countries.
Some of the key findings from the Automotive Bearing Seals Market Report include:
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Part of the report table of contents (TOC):
Chapter 3 Insights into the Global Automotive Bearing Seals Industry
3.2.1 The impact of COVID-19 on the scale and forecast of the industry
3.3.2 Value-added at each stage
3.4 Pricing analysis (including the impact of COVID-19)
3.7.1.1 More and more attention is paid to maintenance-free and extremely light bearings
3.7.1.2 Passenger car sales growth in the Asia-Pacific region
3.7.1.3 Increased presence of auto production and auto companies in Latin America
3.7.2.1 Energy-saving and environmentally-friendly manufacturing specifications
3.8.3 Automobiles in use by region (2020)
3.13 The impact of COVID-19 on the automotive industry
Global Market Insights Inc., headquartered in Delaware, is a global market research and consulting service provider; it provides joint and customized research reports and growth consulting services. Our business intelligence and industry research reports provide customers with insightful insights and actionable market data designed and presented to help strategic decision-making. These detailed reports are designed through proprietary research methods and can be used in key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.