The global automotive bushing market is projected to grow from an estimated USD 132.20 billion in 2018 to USD 175.31 billion by 2025, at a CAGR of 4.11% from 2018 to 2025. North America is estimated to be the largest market for automotive bushings during the forecast period. The North American automotive bushing market is estimated to be USD 43.79 billion in 2018 and is projected to reach USD 57.52 billion by 2025. Europe is expected to be the second-largest market for automotive bushings with an estimated market size of USD 37.45 billion in 2018. The Asia Pacific market is expected to grow at the highest CAGR of 4.53% during the forecast period. Factors such as an increase in vehicle production in China, Japan, and India and the rising demand for ride quality, vehicle lightweighting, and vehicle safety are driving the market growth in the Asia Pacific region.
The key players in the global automotive bushing market have adopted the strategy of new product launch and new patents to gain a stronger foothold in the global automotive bushing market. For instance, in May 2018, Continental was granted a patent for a damper vibration damping device used in suspension bushing. Earlier, in March 2015, Continental developed engine mounts and bushings for heavy-duty commercial vehicles.
Expansion strategy has also been followed by key market players such as Continental and Sumitomo. In June 2018, Continental opened its third R&D center in Singapore, while Sumitomo started construction of its R&D facility in Germany at the same time. In July 2016, ZF integrated its 2 aftermarket organizations for the benefit of its aftermarket business partners. With this integration, ZF believes that it can deliver its services in a much better way.
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In addition to the strategies of new product launch and expansion, market players have also adopted the strategy of product customization and new contracts. The American manufacturer, DuPont, won a contract for the supply of bushing of its Vespel series to a Switzerland-based supplier of innovative turbocharging systems in January 2015. Mahle, a leading German automotive manufacturer, also focused on signing new contracts. In 2016, the company expanded its cooperation with Scuderia Ferrari in Formula 1 with a long-term partnership agreement for the development and supply of engine components. Other bushing manufacturers have adopted organic growth strategies to strengthen their presence in the market.
Tenneco (US) is one of the key players in the automotive bushing market. The company developed Clevite Controlled Torque spring eye bushings that make it easy for OE manufacturers to assemble vehicle suspension systems at any preferred position, not just at vehicle ride height. Currently, the company supplies these bushings to Daimler Trucks North America (DTNA). Moreover, the company acquired Federal-Mogul in October 2018.
Another important player in the automotive bushing market is Vibracoustic (Germany). It has developed an overrunning damper isolator that prevents sagging and flapping of the engine belt and thus ensures consistent belt tension in every driving situation. Moreover, the company is expanding its Polish facility with an investment of approximately EURO 4 million.
Federal-Mogul (US), Oiles Corporation (Japan), Freudenberg Group (Germany), Cooper Standard Holdings Inc. (US), ZF Friedrichshafen AG (Germany), Continental AG (Germany), CRRC Corporation Limited (China), and Benara Udyog Limited (India) are some of the other key players in the automotive bushing market.
Automotive Bushing Market by Application (Engine, Suspension, Chassis, Interior, Exhaust, Transmission), Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), Ev Type, and Region – Global Forecast to 2025
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