Transmission Shaft Seals Market Forecast and CAGR
According to latest research by Persistence Market Research, transmission shaft seals market is set to witness steady growth during 2021-2031. The demand will witness steady recovery in short-term, with optimistic growth outlook in the long-run. The automotive market downfall which went down to almost 20% global average will significantly impact the market, on the contrary the steady recovery taking place in countries such as China will create opportunities for the market to get on track soon.
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What is Driving Demand for Transmission Shaft Seals?
Transmission shaft seals are used in application for the input and output shafts of entire types of drive-line units including transmissions, rear drive modules, transfer cases, and hybrid and e-drive units as well as power transfer units. Transmission shaft seals designed by supplier provide several benefits against, significant misalignment, high levels of external contamination, aggressive lubricants, which can attack and break down standard elastomers, and a wide temperature spectrum.
Europe Market Outlook
Europe has always been a prominent region in terms of auto production and sales. The research and development by core companies in the transmission shaft sealing technology makes it further a lucrative market in terms of product innovation and growth.
The countries such as Germany, Italy and Russia are prominent auto manufacturers and also remain at the forefront in auto sales and technology development. It makes Europe a prominent region in respect to transmission shaft seals market.
Presence of major leading manufacturers such as SKF, Freudenberg, etc. makes it a more promising region. These companies supply their products through several distribution channels including direct supply agreements with buyers, third-party agreements with vendors and wholesalers and e-commerce portals.
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Asia Pacific Market Outlook
Asia Pacific remains a growth oriented region in terms of sales. Automotive industry in countries such as India, Thailand is taking slow and steady growth pace and hence to create opportunities for the manufacturing companies operating in the market.
Australia and New Zealand which have faced downfall in recent years in automotive sales in the countries, still remain lucrative market for the aftermarket sales of transmission shaft seals.
The overall rising production output of automobiles in countries including China and India is expected to upsurge adoption of the product over the next decade. Growth can also beat tributed to the improvement of transportation sector including automotive in countries including China, India, Taiwan, and Japan.
Who are the Key Manufacturers and Suppliers of Transmission Shaft Seals?
Some of the leading manufacturers and suppliers include
- The Timken Company
- SKF
- Parker Hannifin
- Tianjin SWKS Technology & Development Co. Ltd.
- DhirajlalMorarji
- Hutchinson
- Continental AG
- Freudenberg Sealing Technologies
- Trelleborg
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