The Automotive Bushing Market is valued at USD 145.4 billion in 2020 and is projected to reach USD 187.3 billion by 2027, at a CAGR of 4.7 % during the forecast period.
The automotive bushing is a type of bearing that is cylindrical lined in design and is used to reduce friction and wear within a hole. They are most often used as a casting for pin, hinge or shaft. In most of the time, it is used as a vibrator isolator, which damps the movement and transmits the energy. Automotive bushings are commonly made of rubber, due to its flexibility in use. Automotive bushing technologies are most useful in suspension application.
The presence of bushing technologies in the vehicle adds to the comfort and luxuries to the occupant by minimizing bumps and vibrations during the ride. Growing concerns about vehicle comfort and vehicle noise or vibration are the major driving factors for the automotive bushing technologies market. Additionally, demand for a smooth and efficient ride will further boost the market revenue during the forecast period. The rise in the sales of luxury vehicles and comfort sports vehicles will create opportunities for new entrants.
For the last few years, an increase in sales of advanced vehicles and a rise in the need for anti-vibration parts in the vehicle open up new opportunities for new manufacturers and influence the growth over the forecast period. Globally, there is an increase in the growth of the auto component industry, which plays a significant role in the growth of the automotive bushing technologies market. However, continuous fluctuation in the price of raw materials and their availability will be the major challenges for the global automotive bushing technologies market. High competition in the market for the automotive bushing technologies in the automotive component industry will be a huge concern for the manufacturers.
Throughout the past few years, an expansion in shares of cutting edge vehicles and an ascent in the demand for anti-vibration parts in the vehicle open up new open doors for new producers and impact the development over the figure time frame. All inclusive, there is an expansion in the development of the auto segment industry, which assumes a critical job in the development of the automotive bushing innovations market. The inside bushing portion is expected to indicate high development later on. Because of the rising demand for ride quality and wellbeing, this segment is expected to drive the development of automotive bushings in the coming years.
Be that as it may, consistent change in the cost of crude materials and their accessibility will be the significant difficulties for the worldwide automotive bushing innovations market. High rivalry in the market for the automotive bushing advancements in the automotive part industry will be a gigantic worry for the makers.
The prominent players in the automotive bushing technologies market include Federal-Mogul LLC (U.S.), Continental AG (Germany), BOGE Rubbers & Plastics (Damme), and Cooper-Standard Holdings Inc. (U.S.). Hyundai Polytech (India), and Nolathane (U.S.). Paulstra SNC (France), SumiRiko AVS Germany GmbH (Germany), Tenneco Inc. (U.S.), and Vibracoustic GmbH (Germany) are among others.
Geographically, the global automotive bushing technologies market has been segmented into the four major regions of North America, Europe, Asia Pacific, and Rest of the World. Among all regions, Asia Pacific is expected to dominate the market during the forecast period followed by Europe. Increase in the number of vehicle sales and high population in countries such as China, and India, will raise the market for automotive bushing technologies during the forecast period. Increased concern regarding safety and vibration in the vehicle will further boost the growth in the market. Strict government standards regarding the vehicle safety will boost the growth for North America and Europe markets.
Report : Automotive Bushing Market - By Application (Engine, Suspension, Chassis, Interior), By Vehicle Type (Passenger car, Light commercial vehicle, Heavy commercial vehicle) And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027