Automotive Bushing Market is projected to be worth USD 250.71 billion by 2033 and is anticipated to surge at a CAGR of 5.33%.
Automotive bushings act as a cushion between various parts, controlling joint movement while minimising noise, vibration, and strain. Throughout the vehicle, many types of bushing are employed, including leaf spring bushing, steering rack bushing, control arm bushing, shock absorber bushing, and flanged bushing. The bushing reduces the transmission of shock and vibration between vehicle components. Rubber bushing in the automotive industry helps to increase driver safety and comfort, reduce noise, and prevent vibration damage. It functions as a medium between two pieces, reducing the effect of interactions between the two metal parts and reducing friction between them. Technological advances also allow for the manufacture of lightweight bushings, which contribute to overall vehicle weight reduction and increased fuel efficiency.
Global Automotive Bushing Market Driving Factors and Challenges
Demand for lightweight bushing is expected to shift because to the global emphasis on lightweight autos. The increasing need for lightweight passenger and commercial vehicles has forced automakers to use lightweight raw materials. Automobile manufacturers are promoting the use of rubber and polyurethane materials for bushings, which helps to reduce overall vehicle weight. Lightweight bushings help vehicles reduce excessive vibrations and noise, lengthen the life of the engine and related sensor components, and
safeguard the gearbox and other key components.
Because each vehicle has a unique bushing depending on its characteristics and features, automotive bushings are not standardised. Various bushings are available on the market; nevertheless, they lack specified criteria because they are associated with various automotive components. The absence of standardisation of bushings boosts the cost of manufacture for OEMs. With the release of new model autos, market participants can invest in design. The anticipated rise in the overall operational cost of manufacturing bushings of varied specifications may stifle market expansion.
Impact of COVID-19 on Global Automotive Bushing Market
The COVID-19 pandemic had a significant impact on vehicle production activities around the world, as several manufacturers were forced to suspend production owing to pandemic regulations. According to the International Organisation of Motor Vehicle Manufacturers (OICA), vehicle output in 2020 will be 15.7% lower than in 2019. The reduction in car production in 2020 led in a decrease in demand for many automotive components, including bushing. The lack of semiconductor chips caused by supply chain disruption has resulted in lower automobile production around the world.
Global Automotive Bushing Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bodge Rubber & Plastics, Continental AG, Cooper Standard, DuPont, Hall Star, Hutchinson Paulstra, Hyundai Polytech India, Mahle GmbH, Mark Lines Co., Ltd., Oiles Corporation, Others.
Global Automotive Bushing Market Segmentation:
By Application: Based on the Application, Global Automotive Bushing Market is segmented as; Chassis, Engine, Exhaust, Interior, Suspension, Transmission.
By Vehicle Type: Based on the Vehicle Type, Global Automotive Bushing Market is segmented as; Heavy commercial vehicle, Light commercial vehicle, Passenger car.
By Product Type: Based on the Product Type, Global Automotive Bushing Market is segmented as; Damper Top Mounts, Engine Mounts, Hydro Bushings, Subframe Bushings, Suspension Arm Bushings, Suspension Mounts.
By Distribution Channel: Based on the Distribution Channel, Global Automotive Bushing Market is segmented as; Aftermarket, Original Equipment Manufacturers.
By Electric Vehicle Type: Based on the Electric Vehicle Type, Global Automotive Bushing Market is segmented as; Battery electric vehicle, Hybrid electric vehicle, Plug-in-hybrid electric vehicle.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.