Global Automotive Bushing Market 2023-2030

Global Automotive Bushing Market 2023-2030

Global automotive bushing market is anticipated to grow at a CAGR of 4.7% during the forecast period (2023-2030). Factors such as growing concerns regarding vehicle comforts and vehicle noise are boosting the growth of the automotive bushing market. Moreover, the demand for a smooth and efficient ride further propels the growth of the market. The increase in the sales of luxury vehicles and comfort sports vehicles will create an opportunity in the near future. A rise in the sale of advanced vehicles and an increase in the need for anti-vibrant parts in the vehicle has an opportunity for new manufacturers and fuel the growth of the automotive bushing industry. There is a rise in the growth of the auto components industry across the globe that plays a considerable role in the growth of the automotive bushing market.

The trend of urbanization is increasing at a rapid growth rate across the globe. The average disposable income of the population in urban cities is growing, allowing people to improve their lifestyle. The number of passenger cars operated across the globe is therefore flourishing and creating a demand for production of passenger cars to cater to the rising demand of the automotive bushing market. However, rapid fluctuation in the cost of raw materials and their availability and high competition in the market are the major challenges to the growth of the automotive bushing market over the forecast period.

The government bodies and manufacturers of the vehicle are implementing stringent norms to decrease vehicle emissions. A deduction in vehicle weight has a significant impact on vehicle emissions and vehicle manufacturers are focusing on the adoption of lightweight materials. Mainly the bushings are made up of rubber or polyurethane that is lightweight. The increasing preferences for vehicle lightweight are boosting the automotive bushing market during the forecast period.

Segmental Outlook

The global automotive bushing market is segmented based on application and vehicle type. Based on the application, the market is segmented into the engine, chassis, interior, exhaust, suspension, and transmission. The interior segment is anticipated to hold a significant growth rate owing to the increasing demand for ride quality and safety. Based on vehicle type, the market is segmented into passenger cars and commercial vehicles that include light commercial vehicles and heavy commercial vehicles.

The passenger car segment is expected to hold the largest market share in the automotive bushing market during the forecast period due to the increasing demand for passenger vehicles across the globe. People have been keeping cars for longer times with them and the expenditure on the aesthetics and design of cars is anticipated to be vivid and vibrant. Thus, the presence of bushings inside the passenger cars and have the comforts and luxuries of the drivers and the vehicle occupants.

Regional Outlooks

The global automotive bushing market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to have the largest market share in the automotive bushing market during the forecast period. The market share is owing to the rising number of vehicles sales and large population in the countries such as India and China is anticipated to propel the growth of the region in the market. Moreover, rising automotive production supported by stable economic conditions and continuous growth in the automotive industry across the various countries in the region is the factors that boost the growth of the automotive bushing market. Europe is expected to hold a significant growth rate in the market due to new government controls and improved awareness towards vehicle security advances is boosting the growth of the region and opening doors for new participants.

Market Players Outlook

The key players of the automotive bushing market include Continental AG, Cooper Standard Holdings Inc., MAHLE GmbH, Sumitomo Riko Company Ltd, Tenneco Inc., ZF Friedrichshafen AG, Freudenberg Group, Bridgestone Corp., SumiRiko AVS Germany GmbH and Vibracoustic GmbH. These players are adopting various strategies to expand their market share. For Instance, in November 2018, Tenneco Inc. announced that it has signed an agreement to acquire Ohlins Racing A.B. which develops premium suspension systems and components for the automotive and motorsport industries. Further, in December 2018, EGTP Inc announced its new sizes of anti-roll bar automotive suspension bushing for different car modes.