Asia Pacific Automotive Bearing Seals Market size exceeded USD 399.48 million in 2020 and is anticipated to exhibit a CAGR of 4.7% from 2021 to 2027.

Increasing consumer focus on electric vehicles owing to low ownership costs, cost-effective maintenance, charging infrastructure deployment, and effective energy utilization will drive the demand for bearing seals in the automotive sector. The industry growth can be attributed to its wide applications in various automotive sub-systems including gearboxes, transmissions, engines, steering, pumps, wheels, and electrical motors.

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The increasing penetration of bearing seals in luxury buses and coaches, mainly in the emerging countries, will support the market expansion. The growing road transport and logistics industries across India and China will drive the demand for heavy commercial vehicle. Moreover, increasing requirements for HCVs due to high ground clearance and payload capacity for passengers & cargo transport in multiple terrain conditions will positively influence the market revenue.

Moreover, 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 the traditional high-grade steel. The vendors are increasingly spending on R&D for the development of lightweight technology. To reduce the weight of the vehicles without affecting their functionality, auto component makers are coming up with bearing seals made from lightweight materials.

Asia Pacific Market, By Sales Channel

The OEM segment dominated over 75% Asia Pacific automotive bearing seals market share in 2020., owing to a lower replacement rate and higher operational life of automotive bearing seals. The increasing automotive production to meet the rising demand is boosting the segment growth.

The ongoing COVID-19 pandemic significantly impacted the automotive production in 2020. Despite the forced lockdown and automotive production halt worldwide, the automotive industry has witnessed a significant growth. For instance, according to the China Association of Automobile Manufacturers (CAAM), from January 2020 to September 2020, China alone produced around 3.7 million commercial vehicles and 13.2 million passenger cars, which will propel the market growth.

Asia Pacific Market, By Application

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Wheel application segment is expected to generate a demand of 295 million units by 2027. Since wheel bearing is a vital component of the car wheel as it attaches the axle and wheel. Wheel bearings is also vital safety part designed to sustain axial as well as radial loads caused by breaking, acceleration, gravitation, and cornering forces; hence, it needs to be changed when they stop working properly.

Bearing seals are installed so that the sealing lip is facing the lubricant fluid to be sealed. Seals play an important role in the wheel-bearing system. They keep lubricants within the bearing, keep contaminants out, and some seals help to maintain the pressure within a system.

Competitive Industry Landscape

The Asia Pacific automotive bearing seals market is consolidated with a many manufacturer operating across the world. Manufacturers in the market compete through product innovation and geographic expansion through merger & acquisition of smaller firms to expand their regional presence. Further, continuous spending on research & development activities to gain competitive advantage over other manufacturers, sustaining rivalry in the market.

Some of the prominent players operating in the market are SSP Manufacturing Inc., SKF Bearings, The Timken Company, JTEKT Corporation, Ashutosh Rubber Pvt Ltd., Well Oil Seal Industrial Co., Ltd., NSK Ltd., and C&U Group Company Limited.

Industry players acquiring the regional companies of the market to improve their presence in the region. For instance, in December 2020, The Timken Company acquired Aurora Bearing Company, which manufactures rod ends and spherical plain bearings, serving a diverse range of industrial sectors including aerospace & defense, racing, off-highway equipment, and packaging.