The Automotive gaskets and seals are the components which is progressively utilized in vehicles to circumvent gas and fluid leakage. They block the gap among the automotive components therefore, guaranteeing no leakage in vehicles. The seals circumvent lubricants from fleeing the bearings. Such components also circumvent dust and several other contaminants from incoming the automotive machineries.
According to the report analysis, ‘Global Automotive Gasket & Seals Market to reach USD 18,551 million by 2026‘ states that with the technological advancements, gaskets and seals also deliver an operative means to get improved fuel economy and have decreased the requirement of repair and maintenance, thereby improving the average lifespan of the automotive components. Thus, this aspect is projected to hasten the requirement of automotive gaskets & seals across the globe. Further, growth in implementation of electric and commercial vehicles, along with the increasing concern on environmental and health are the few aspects responsible for great CAGR of the market over the forecast duration.
For instance, as per the Edison Electric Institute, the worldwide electric vehicles sales were amounted nearly 312,000 in Q1 2018, an augment of 58% equaled to Q1 2017. Similarly, the number of electric vehicles on the road across the United States, is nearly 8,90,000 in 2018, up from number of electric vehicles of around 6,00,000 during 2017. This, in turn, is projected to quicken the market growth all over the globe. However, the beginning of COVID-19 pandemic has an immediate and severe impact on every single segment of worldwide industry involving automotive segment thus, demonstrating a substantial deduction in the introduction of passenger cars and commercial vehicles. With the deduction production of vehicles, the requirement for the automotive gaskets and seal also reduce thus, limiting the market growth. Moreover, design and installation issues, along with the inconsistent raw material prices are few other aspects limiting the growth of the market over the review period of 2020-2026.
Additionally, the regional analysis of worldwide Automotive Gasket & Seals market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The Asia-pacific is the leading/significant region around the world in terms of market share due to the growing volume of passenger cars and electric vehicles, along with the existence of stringent policies for vehicle protection in the region. Whereas, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the forecast period of 2020-2026.
In addition, with the speedy technological improvement in vehicles segment and the growing requirement to attain better fuel effectiveness and vehicle performance, the market for gaskets and seals is projected to increase significantly. Gaskets and seals utilization has led to deduction in the maintenance cost of vehicles and has enhanced the lifetime of the automotive components.
With the growing stringent emission regulations, the OEMs are aiming on the mandatory assimilation of gaskets and seals in vehicles, thus propelling the worldwide automotive gaskets and seals market. Therefore, in the near years, it is projected that the market of automotive gasket and seals will increase around the globe more effectively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications