India Automotive Gaskets And Seals Market Size To Grow At A CAGR Of 6.20% In The Forecast Period Of 2023-2028
- March 31, 2023
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The ‘India Automotive Gaskets and Seals Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the India automotive gaskets and seals market, assessing the market on the basis of its segments like material type, product type, application, end use, and sales channel.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
India Automotive Gaskets and Seals Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.20%
Automotive gaskets are crucial in automobiles to prevent oil, fuel, coolant, and combustion gas leakage, and are installed in vehicles such as cars, vans, buses, and trucks. Hence, the strong automotive infrastructure across India, owing to the heavy foothold of major automotive manufacturers, is driving the India automotive gaskets and seals market.
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The increasing demand for passenger vehicles in the country, supported by the rising disposable income, rapid urbanisation, and increasing awareness pertaining to new product launches, is further fuelling the market growth. In addition to this, the rapid modernisation of passenger cars in India is expected to accelerate the market growth in the forecast period.
The strong OEM structure in the country is escalating the sale and accessibility of automotive components which is another crucial driving factor of the India automotive gaskets and seals market. Further, the sale of commercial vehicles in the country is expected to project strong numbers, owing to the thriving transportation and travel and tourism sector across both rural and urban areas of the country. Over the forecast period, the market is expected to be navigated by the strong import export trade of automotive seals in the country.
India Automotive Gaskets and Seals Industry Definition and Major Segments
An automotive gasket is defined as a soft vehicular component which is installed in a motor vehicle to prevent gas or oil from escaping. Meanwhile, automotive seals are a type of metallic fasteners or strips, which are installed in valves of a motor vehicle to lock it completely. Both gaskets and seals are used to prevent liquid and gas leaks from automotives.
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Based on material type, the market is segmented into:
On the basis of product types, the market is divided into:
• Cylinder Head Gasket
• Plug in seals
• O Ring Seals
By application, the market is segmented into:
• Fuel Supply
On the basis of end use, the market is divided into:
• Passenger Cars
• LCV and MCV
• Off-Highway Vehicle
• Heavy Commercial Vehicle
• 2W and 3W Vehicles
Based on sales channel, the market is bifurcated into:
India Automotive Gaskets and Seals Market Trends
The key trends in the India automotive gaskets and seals market include the favourable policies of the government which are bolstering the standards of fuel efficiency. In addition, the increasing awareness about the strong need for reducing greenhouse gas emissions and avoiding the wastage of non-renewable sources of energy are further propelling the market growth.
Technological upgradations and innovations carried out by the major market players aimed towards improving safety, increasing fuel economy, and enhancing automobile performance, are crucial trends in the India automotive gaskets and seals market. Additionally, minor improvements in vehicles, such as introduction of high-performance synthetic rubber with anti-slip properties are being incorporated in the automotive gaskets and seals which are likely to reduce maintenance costs.
Over the forecast period, the anticipated increase in investments by the Indian government aimed towards improving the indigenous manufacturing infrastructure of the country are expected to offer lucrative opportunities to OEM players. Furthermore, the India automotive gaskets and seals market is anticipated to be aided by the rising sale of electric vehicles across urban and semi-urban areas which is further enhancing the incorporation of automotive gaskets and seals across passenger and commercial cars.
Key Market Players
The major players in the India automotive gaskets and seals market report are:
• IGP Group
• Goodrich Gasket Private Limited
• ElringKlinger Automotive Components (India) Pvt Ltd
• Crown Gaskets Pvt. Ltd.
• Champion Seals India Pvt Ltd
• Inseal International Pvt. Limited
• Jay Gaskets Pvt. Ltd
• Banco Gaskets (India) Ltd
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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