LONDON--(BUSINESS WIRE)--The global automotive bushing market size is poised to reach USD 9.98 billion by 2023, according to a new report by Technavio, progressing at a CAGR of close to 4% during the forecast period. Growing preference for vehicle lightweight and in-vehicle comfort and safety are projected to augment the market over the forecast period.
Key suggestions from the report:
- Suspension and steering segment represented over 57% of the overall volume in 2018 owing to the increasing adoption of vehicles across the globe.
- Transmission system segment is likely to register a CAGR of close to 4% in terms of revenue from 2019 to 2023 due to the trend of incorporating superior bushings in transmission systems.
- The Asia Pacific automotive bushing market accounted for close to 42% of the overall revenue in 2018, on account of a rapid increase in demand for vehicles owing to the increasing per capita income of individuals, and the presence of established vehicle manufacturers in the region.
- The market is highly fragmented with a large number of players occupying the market share. In addition, the increase in demand for vehicles is leading to the entry of new players, which is bolstering the competitive rivalry in the market.
Read a 139-page research report with TOC on "Automotive Bushing Market Analysis Report by applications (suspension and steering, transmission system, and others), by vehicle type (passenger cars, and commercial vehicles) and segment forecasts for 2019 to 2023" at
https://www.technavio.com/report/automotive-bushing-market-industry-analysis
The market is driven by the growing preference for vehicle lightweight and in-vehicle comfort and safety. Government bodies and vehicle manufacturers are implementing stringent emission norms to reduce vehicle emission. As a reduction in vehicle weight has a considerable impact on vehicle emission, vehicle manufacturers are focusing on the adoption of lightweight materials. Majority of bushings are made of either polyurethane or rubber, which are considerably lightweight. The growing preference for vehicle lightweight will fuel the growth of the automotive busing market.
Preventive maintenance technology is gaining popularity in the automotive industry as the technology alerts the failure of the component and avoids breakdown of vehicles. Rubber bushings are subjected to uneven forces applied by uneven road surface, heat, oil & chemicals, and dust, which leads to their failure and sometimes may result in an accident. The adoption of predictive maintenance technology and component monitoring system is increasing, which will be a key automotive bushing market trend during the forecast period.
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Rubber bushings are subjected to deterioration due to oil and lubricants, dust, heat, and application of excessive forces. Rubber bushings may fail after a specific time period depending upon vehicle operating condition and driving behavior. Failure of bushings may lead to an accident and fatal injury. Thus, enhancing the reliability of rubber bushings is a challenge for bushing manufacturers.
Technavio has segmented the global automotive bushing market based on the applications (suspension and steering, transmission system, and others), vehicle type (passenger cars, and commercial vehicles) and region (APAC, Europe, North America, South America, and MEA).
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