Global Automotive Bushing Market Dynamics 2018 by Industry Opportunities and Driving Force 2025
The global automotive bushing market is expected to grow from USD 131.83 Billion in 2017 to USD 214.52 Billion by 2025 at a CAGR of 6.3% during the forecast period from 2018-2025. The Asia Pacific market is growing rapidly in the wake of ample opportunities offered due to presence of large manufacturing hubs across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors
Global Automotive Bushing Market by Application (Engine, Suspension, Chassis, Interior, Exhaust, Transmission), Vehicle Type, EV Type, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025
Prominent companies in the industry include Federal-Mogul, Oiles Corporation, Freudenberg Group, Cooper Standard Holdings Inc., ZF Friedrichshafen AG among others. Developing and developed (U.S, Germany, U.K, China and Japan) are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share
The application segment is classified into engine, suspension, chassis, interior, exhaust, and transmission. The interior bushing segment is dominating the automotive bushing market with USD 23.47 Billion in 2017. Increased demand for qualitative and safe ride is expected to drive the growth of automotive bushings in the coming years. Vehicle type segment includes passenger car, light commercial vehicle, and heavy commercial vehicle. Passenger car segment dominating the market with a market share of 34.80% in 2017 over the forecast period. The Passenger car is increasing rapidly as they have bushing technologies in the vehicle which provides comfort and luxuries to the occupant by minimizing bumps and vibrations during the ride. Electric vehicle segment is divided into segments such as Battery electric vehicle (BEV), Hybrid electric vehicle (HEV) and Plug-in-hybrid electric vehicle. Hybrid electric vehicle (HEV) is anticipated to grow with the highest CAGR of 8.9% since it combines the use of conventional internal combustion engine (ICE) system with an electric propulsion system (hybrid vehicle drivetrain).
The technological advancements to provide comfort and luxuries to the occupant is increasing the demand of the market. Besides this, growth in automotive sector is also responsible for the growth. In addition, increasing demand of smooth and efficient ride in the vehicles is expected to generate revenue as well as it reduces the wear tear in tire as reduces the friction between solid metal parts in the vehicle which is fuelling the market demand. Absence of standardised automotive bushing technique may pose a problem in the growth of market. However, technological advancements by adopting lightweight materials will boost the market in coming years.
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