SKF Forecast to Lead $14.5 Billion Automotive Rubber Seal Market in 2022
Increasing vehicle sales across
all vehicle categories coupled with constantly expanding automotive fleet to
boost the global automotive rubber seal market through 2022
According to TechSci Research report, “Global Automotive Rubber Seal Market By Vehicle Type, By Product Type, By Region,
Competition Forecast & Opportunities, 2012 – 2022”, the global automotive rubber
seal market is projected to cross $ 14.5 billion by 2022. Major factors that
are expected to drive the market include rising demand for rubber seals from
OEMs, growing rubber seal sales in the replacement market across the globe, and
increasing penetration of passenger cars in developing countries. In 2016, the
passenger car rubber seal segment dominated the global automotive rubber seal
market, followed by two-wheeler rubber seal and light commercial vehicle rubber
seal segments. Passenger car rubber seal segment is anticipated to continue its
market dominance in the global automotive rubber seal market over the next five
years.
Browse 178 market data Figures spread through 280
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Seal Market "
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Asia-Pacific accounts for the
largest market share of automotive rubber seal market, which is majorly due to
large existing fleet of two wheelers in the region. Nevertheless, the passenger
car rubber seal sales in the region are also witnessing a continuing increase
in demand, predominantly on account of growing passenger car sales in China and
India. In 2016, Asia-Pacific accounted for the largest fleet of two-wheelers
and second largest fleet of passenger cars, globally, consequently establishing
the region a major market for automotive rubber seal. Due to presence of
automobile production hubs like China and India, Asia-Pacific is witnessing
surging demand for automotive rubber seals from automotive OEM segment.
Moreover, aftermarket market is being driven by the region’s large and
expanding automotive fleet.
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Unorganized sector captured a
large market share in global automotive rubber seal market. In the organized
sector, various multinational companies like SKF, DANA, Freudenberg,
Trelleborg, Federal Mogul, etc., are expected to further increase the market
competition over the next five years. Collaborations with leading global OEMs
coupled with the SKF’s strong sales network across the globe would allow the
company to continue its market dominance through 2022.
“Over the last few years, the
global automobile industry has witnessed considerable increase in demand for
passenger car, two- wheeler, commercial vehicles and OTR vehicles resulting in
increase of rubber seal sales, globally. This trend is expected to prevail with
continuing growth in rubber seal production and demand over the next five
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Automotive Rubber
Seal Market By Vehicle Type, By Product Type, By Region, Competition Forecast & Opportunities, 2012 – 2022” has analyzed the potential of automotive rubber seal market
across the globe, and provides statistics and information on market sizes,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the industry.
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