The automotive bearing seals market is expected to grow at a sizable pace by 2027 owing to prevalent product demand in key regions across the globe. Moreover, latest technological advancements in the product are speculated to support market growth through the forecast period.
Recently, industry players have been focusing on product innovation and development in order to accommodate emerging consumer demands, which has been favorable for automotive bearing seals industry growth. For instance, in November 2021, NSK Europe Ltd., an NSK subsidiary and a key manufacturer of automotive bearings, introduced its Self-Lube bearing units. These units are designed to offer an extended service life in harsh operating conditions, which are typically observed in the mining, quarrying, and construction sectors, wherein contaminants can easily penetrate poorly specified bearings and bring equipment and machinery to a halt.
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For extensive analysis, the global automotive bearing seals market has been bifurcated on the basis of vehicle, piston material, sales channel, application, and region. Based on vehicle, the market has further been categorized into passenger cars, HCV, and LCV.
The LCV sub-segment is estimated to witness substantial growth at approximately 4% CAGR over the assessment timeframe. Continuous expansion of public transportation in emerging countries to maintain sustainable development would augment the use of LCVs, which is likely to stimulate product demand over the following years. Moreover, surging adoption of bearings in pickup trucks & vans is set to boost segmental growth through 2027.
From the application perspective, the market has been segregated into differential gears, engine, steering, wheel, transmissions, and water pump. The wheel sub-segment is projected to account for over 25% of the automotive bearing seals industry in terms of revenue by 2027, expanding at a steady CAGR through the review timeline.
A wheel bearing is a vital element of the wheel assembly since it connects the axle with the wheel. It is a set of tapered bearings or ball bearings, which are held together by a metal ring. It also allows the wheel to rotate smoothly with minimum friction, which is slated to fuel segmental demand in the coming years. Furthermore, wheel bearings are safety-critical components that are designed to sustain radial as well as axial loads, which are caused by acceleration, gravitation, breaking, and cornering forces, and thus, they need to be replaced when they stop working properly.
On the regional spectrum, the Middle East & Africa automotive bearing seals market held a notable share in the overall industry revenue in 2020 and is anticipated to register significant expansion at a CAGR of around 3.5% through the forecast timeline. Automobile component suppliers are required to balance the opportunities against the related risks from possible OEM dependencies, legal conditions, and potential political instabilities, which is foreseen to promote product uptake in MEA in the future.
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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.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Market definitions
1.2 Base estimation & working
1.2.1 North America
1.2.2 Europe
1.2.3 Asia Pacific (APAC)
1.2.4 Latin America (LATAM)
1.2.5 Middle East & Africa (MEA)
1.3 Forecast calculations
1.3.1 COVID-19 impact calculations on industry forecast
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
Chapter 2 Executive Summary
2.1 Global automotive bearing seals industry 360° synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Application trends
2.1.4 Seal type trends
2.1.5 Sales channel trends
2.1.6 Regional trends
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