Market Research Report
Automotive Gaskets and Seals Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||938123|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|Automotive Gaskets and Seals Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: May 1, 2020||Content info: 90 Pages||
The Automotive Gaskets and Seals Market is expected to register a CAGR of over 5.5 % during the forecast period.
Growing Demand for Electric Vehicles to Drive the Market
With the rising environmental and health concerns among both the governments and consumers, the demand for, and usage of, electric vehicles is gradually increasing, especially in countries, such as China, the United States, the United Kingdom, Nordic countries, and others.
The world is quickly adopting to electric vehicles (EV) and in the next couple of decades, EVs are expected to be more mainstream than internal combustion vehicles. More automotive manufacturers are now devoting a major chunk of their investments toward the R&D of electric vehicles.
Countries, such as China and the United States, are continually taking steps in the form of rebates and tax incentives, for increasing the demand for, and adoption of, electric vehicles.
The demand for transmission, steering, and battery-based automotive seals, is catered by domestic companies operating in the country, such as Kunshan Sanwa, Guangzhou Leakless Automobile Parts Co. Ltd, etc.
Asia-Pacific and North America to Dominate the Market
Over the last decade, the Asia-Pacific automotive industry has undergone the most significant transformation in its history. The market is recording an increasing share of global vehicle sales. Another major factor driving the growth of the automotive gasket and seals market is increased production and sales of electric vehicles in the region. It is the only major market expected to see continued strong growth in, both, the medium and long-term.
North America and Europe are also expected to hold a significant share in the global automotive gasket and seal market. The automotive commercial vehicle demand is growing in the United States, in 2018, the demand for commercial vehicles in the country has increased by 8.08%, which is a key factor for propelling the demand of gaskets and seals market in the country.
The Automotive Gaskets and Seal market is a highly fragmented market. Some of the major players in the market are Freudenberg Group, SKF Group, Dana Incorporated, Elringklinger AG, Jayem Auto Industries, Kunshan Sanwa Engine Parts Industry, amongst others.