As per the research report titled ‘Asia Pacific Automotive Bearing Seals Market Forecast 2027 By Vehicle, By Application, By Seal Type, By Sales Channel, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Asia Pacific automotive bearing seals market is anticipated to amass a valuation of USD 500 million by the year 2027.
 

Automotive bearing seals market in Asia Pacific is witnessing a strong growth rate on account of factors like escalating demand for durable and lightweight products among manufacturers, and high product adoption in buses and luxury coaches.

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Notably, the COVID-19 pandemic dealt a major blow to industry growth in 2020. However, the automotive sector has shown resilience, with product consumption rates improving in 2021. Although chip shortage continues to affect regional automakers, the industry is anticipated to pick up pace as semiconductor manufacturers are constantly working to improve their production and supply footprint.

In terms of vehicle, the HCV segment is anticipated to contribute significantly to Asia Pacific automotive bearing seals industry value due to momentous growth in road freight volume across China and India. Expansion of transportation networks is favoring the logistics sectors in emerging economies and subsequently augmenting the deployment of bearing seals in HCVs.

With respect to application, the wheel segment is touted to reach USD 297 million units by the year 2027. The inherent property of wheel bearing seals in ensuring vehicle safety and the requirement of period replacement will continue to stimulate the product demand.

Considering seal type, the oil seal segment accounted for 50% of the industry share in 2020 and will likely witness sustained demand in the ensuing years. This is attributable to rising product usage in gear, transmission, and steering applications. Closure of spaces between stationary and moving parts, prevention of lubricants from escaping, migration of harmful contaminants from entering, and extended lifespan are the key benefits encouraging the adoption of oil seals.

Elaborating on the competitive landscape, major players in Asia Pacific automotive bearing seals market are Woo Sung Industrial Co. Ltd., Qingdao Changyu Group, C&U Group Co. Ltd., NTN Corp., Schaeffler Group, UMC Uchiyama Manufacturing Corp., NSK Ltd., Well Oil Seal Industrial Co. Ltd., Ashutosh Rubber Pvt. Ltd., Hutchinson SA, JTEKT Corp., The Timken Co., SKF AB, and SSP Manufacturing Inc among others.