What is the projected market size and growth rate of the Automotive Leaky Oil Seal Market? Shubham Jamdade
• August 11, 2021
Automotive Leaky Oil Seal Market: Introduction
Automotive leaky oil seals are utilized in automotive engines and geared motors, primarily to prevent oil leaks at the ends of rotating shafts and the intrusion of dust particles from outside
Key Drivers of Automotive Leaky Oil Seal Market
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Increasing average age of vehicles owing to growing technological advancements and rise in the average miles driven per vehicle are key factors that are projected to drive the automotive leaky oil seal market during the forecast period. Moreover, growing awareness about road safety among people is likely to boost the average repair & maintenance spending by an individual, which is projected to propel the market. Furthermore, an increase in sales of used cars across several regions is estimated to further augment the global automotive leaky oil seal market during the forecast period.
Restrains in Automotive Leaky Oil Seal Market
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Electric vehicles are replacing vehicles that run on conventional fuels such as diesel and gasoline. This trend is anticipated to act as a major hurdle to the leaky oil seal market. Several government organizations and regulatory authorities around the globe have enacted stringent vehicle regulations and standards pertaining to diesel operated vehicles. This, in turn, has prompted automakers around the globe to announce plans to phase out the production of diesel engine vehicles. This move is likely to restraint the leaky oil seal market.
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The COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations and consequently, hampered