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Automotive Bushing Market to Hit USD 237.41 Billion by 2031 Driven by Rising Demand for Comfort, Safety, and Electric Vehicles

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The Automotive Bushing Market is on a trajectory for robust growth, fueled by a confluence of factors. Consumers are increasingly prioritizing comfort and fuel efficiency, leading to a surge in lightweight vehicle materials. This, in turn, necessitates bushings adept at managing vibrations and noise effectively within these lighter frames. The burgeoning electric vehicle (EV) era is another key driver, demanding specialized bushing materials that can withstand the unique stresses associated with electric motors.

The Automotive Bushing Market was valued at USD 158.4 Billion in 2023, and is projected to reach USD 237.41 Billion by 2031. This translates to a compound annual growth rate (CAGR) of 4.8% throughout the forecast period from 2024 to 2031.

Automotive Bushing Market
Automotive Bushing Market

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The Automotive Bushing Market Is Experiencing A Period Of Dynamic Growth, Propelled By Several Converging Trends.

A growing focus on comfort and fuel efficiency is driving the demand for lightweight materials in vehicle construction. Consequently, there’s a heightened need for bushings that excel at managing vibrations and noise within these lighter frames. The advent of electric vehicles (EVs) is another significant factor, necessitating specialized bushing materials capable of withstanding the unique stresses associated with electric motors.

Government initiatives like the US Infrastructure Investment and Jobs Act, allocating $7.5 billion for electric vehicle charging infrastructure, are expected to further accelerate EV adoption, positively impacting bushing demand. Additionally, substantial investments in autonomous vehicles, projected to surpass $50 billion globally by 2024 according to McKinsey & Company, will drive the need for advancements in bushing technology to ensure seamless and safe vehicle operation. The aftermarket segment is expected to maintain a substantial share owing to the ever-expanding global vehicle parc, which refers to the total number of vehicles on the road at any given time.

The flourishing auto parts industry is a testament to the increasing demand for vehicle maintenance and replacement parts. As technology evolves, this sector responds with innovative solutions, fueling its growth. This trend is expected to continue as the automotive landscape undergoes continuous transformation.

A growing number of consumers prioritize a comfortable driving experience. This, coupled with the projected rise in luxury vehicle purchases, is anticipated to fuel market growth in the near future. Innovative polyurethane automotive bushings offer exceptional comfort by providing a smoother and more cushioned ride. They effectively absorb vibrations and road imperfections, significantly enhancing the overall driving experience by reducing jolts and impacts. Customer preferences for safety and luxury are driving the purchase of expensive vehicles, which will further propel the market forward.

Prominent Key Players of Market

  • Oiles Corporation
  • ZF Group
  • DuPont
  • Federal-Mogul LLC
  • BOGE Rubber & Plastics
  • Sumitomo Riko Company Limited
  • Paulstra SN
  • Vibracoustic GmbH
  • Continental AG
  • Mahle GmbH

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Recent Developments in the Automotive Bushing Market

November 2022: Apollo Funds Finalized the Acquisition of Tenneco. This acquisition is expected to provide Tenneco with the resources needed to expand its footprint across various business sectors and geographical regions. This could lead to increased production capacity and product offerings for automotive bushings.

February 2023: Vibracoustic, a prominent automotive component manufacturer, unveiled innovative chassis bushings specifically designed for battery-powered electric vehicles. These new BEV-specific chassis mounts are designed to address challenges like increased vehicle weight and noise and vibration concerns associated with electric cars. This development highlights the ongoing advancements in bushing technology to cater to the evolving needs of the electric vehicle market.

Market Segment

By Application:

  • Engine
  • Suspension
  • Chassis
  • Interior
  • Exhaust
  • Transmission

By Vehicle Type:

  • Passenger Car (PC)
  • Light commercial vehicle (LCV)
  • Heavy commercial vehicle (HCV)

By Electric Vehicle Type

  • Battery electric vehicle (BEV)
  • Hybrid electric vehicle (HEV)
  • Plug-in-hybrid electric vehicle (PHEV)

Segment Analysis

By Application:

Suspension Bushings (Dominant Segment): Suspension bushings reign supreme in the automotive bushing market, capturing approximately 28% of the share. Their pivotal role in absorbing shocks and vibrations from the road ensures a smooth and comfortable driving experience.

Engine Bushings: Following closely behind are engine bushings, holding around 32% market share. They play a critical role in isolating engine vibrations and preventing their transmission to the chassis and passenger compartment.

By Vehicle Type:

Passenger Cars (PC) – Dominant Segment: In 2023, the global automotive bushing market witnessed segmentation based on vehicle types: passenger cars (PC), light commercial vehicles (LCV), and heavy commercial vehicles (HCV). Passenger cars emerged as the dominant segment, holding approximately 65% of the market share due to their extensive production volume.

Light Commercial Vehicles (LCV): Light commercial vehicles, such as vans and pickup trucks, accounted for a substantial portion, around 20%.

By Electric Vehicle Type:

Battery Electric Vehicles (BEV) – Projected Dominant Segment: By 2031, Battery Electric Vehicles (BEVs) are anticipated to claim a dominant market share exceeding 40%. This is primarily attributed to the increased concentration of bushings required to handle vibrations from electric motors and facilitate unique drivetrain configurations compared to Internal Combustion Engine (ICE) vehicles

Impact of Russia-Ukraine War on the Automotive Bushing Market

The conflict has disrupted established supply chains, particularly for critical components sourced from the region. One notable example is wire harnesses, essential for vehicle electrical systems, which are often manufactured in Ukraine. This shortage has forced automakers to scale back production, leading to a decline in demand for automotive bushings.

Russia is a major supplier of several raw materials crucial for the automotive industry, including palladium (used in catalytic converters) and nickel (used in electric vehicle batteries). The war has caused significant price fluctuations for these materials, impacting the manufacturing costs of automotive bushings.

Consumer Confidence Decline: The war has dampened global economic confidence, leading consumers to postpone discretionary purchases, including automobiles. This translates to a decrease in demand for new vehicles and consequently, a decline in demand for replacement automotive bushings.

The Asia Pacific (APAC) region is anticipated to remain the dominant force in the automotive bushing market throughout the forecast period

APAC is witnessing a significant rise in vehicle sales, particularly in countries like China and India. This surge in vehicle production is a major driver for the demand for automotive bushings.

The APAC region is a hub for electric vehicle (EV) production. As EVs rely heavily on bushings for battery management, powertrain control, and autonomous driving functionalities, their growing popularity is propelling the demand for automotive bushings in the region.

Many APAC governments are implementing policies that encourage the adoption of advanced automotive technologies, including ADAS features that rely on bushings. Additionally, lower entry barriers for new technologies in the region compared to developed markets further accelerate the adoption of sensor-based automotive systems, including bushings.

Key Takeaways from the Automotive Bushing Market Study

  • Gain insights into the major factors propelling the automotive bushing market, including the rising demand for comfort, safety, electric vehicles, and autonomous driving functionalities.
  • Explore a comprehensive analysis of the market segmented by application, vehicle type, and electric vehicle type, enabling you to identify the most promising areas for investment.
  • Become aware of the potential challenges posed by global disruptions and economic slowdowns, along with strategies to mitigate these risks.
  • Understand the dominance of the Asia Pacific region and the factors contributing to its leadership in the automotive bushing market.

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