As per the report published by Fior Markets, the global automotive bushing market would see growth from USD 131.83 Billion in 2017 to USD 214.52 Billion by 2025. The market is expected to achieve a CAGR of 6.3% during the forecast period from 2018-2025. In the Asia Pacific, the presence of large manufacturing hubs across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronics sectors lead to the generation of opportunities in the region. Therefore, the Asia Pacific market growing rapidly.
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. Top companies in the industry include Federal-Mogul, Oiles Corporation, Freudenberg Group, Cooper Standard Holdings Inc., ZF Friedrichshafen AG among others. Progressing and developed countries including the U.S, Germany, U.K, China, and Japan are offering greater opportunities. Key players are making efforts to develop new product and venture capital investments to obtain market share.
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Based on the application segment, the market is sub-segmented into the engine, suspension, chassis, interior, exhaust, and transmission. In 2017, the interior bushing segment valued at USD 23.47 Billion and now it is dominating the automotive bushing market. Rise demand for the qualitative and safe ride would propel the growth of automotive bushings in the coming years. Vehicle type segment contains a passenger car, light commercial vehicle, and heavy commercial vehicle. Passenger car segment is influencing the market, holding the market share of 34.80% in 2017 over the forecast period. The demand for the passenger car is increasing rapidly as they feature bushing technologies in the vehicle, offering comfort and luxuries to the occupant by minimizing bumps and vibrations during the ride. Electric vehicle segment is sub-divided into Battery electric vehicle (BEV), Hybrid electric vehicle (HEV) and Plug-in-hybrid electric vehicle. According to estimates, Hybrid electric vehicle (HEV) would see growth with the highest CAGR of 8.9%. Hybrid electric vehicle (HEV) includes a conventional internal combustion engine (ICE) system with an electric propulsion system (hybrid vehicle drivetrain).
The factor driving the demand of the market is the technological advancements that are an important part of comfort and luxuries. In addition, growth in the automotive sector is also driving the market growth. In addition, increasing demand of smooth and efficient ride in the vehicles is projected to generate revenue as well as it reduces the wear tear in the tire as reduces the friction between solid metal parts in the vehicle which is fuelling the market demand.
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