The gradual rise on the production of cars worldwide in the post-recession era and the boom in the automobile manufacturing market expected to drive the rising adoptions
The Automotive Bushing Technologies Market was estimated to be US$ 7,560.6 million in 2017 and is estimated to reach US$ 9,947.2 million by 2025. The automotive bushing technologies market has experienced high growth and adoption rate in the last few years and is also expected to experience a significant growth and adoption rate in years to come. One of the major reason for high adoption of automotive bushing technologies is, rise in the volume of production of passenger cars globally. The trend of urbanization is growing at an exponential growth rate. Due to this, the average disposal income of the population staying in urban cities is also increasing, allowing them to enhance their lifestyles. The number of passenger cars operated worldwide is therefore bolstering, further creating a demand for production of passenger cars to cater to the ever increasing demands. The production of vehicles has witnessed a steady growth in the post-recession era since the year 2010. There was a steady rise in the demand for new passenger cars post-recession in the advanced as well as developing economies of the world. Also, lowered interest rates on loans favored the much needed growth of the automobile industry. Over the last 7 or 8 years, the passenger car production has consistently witnessed a growth close to 2% year-on-year.
Major percentage of the automotive bushings are sold and distributed directly to the automotive OEMs and a small share of the Automotive Bushing Technologies Market remains for the after-market sales. Generally, a single passenger car consists of a dozen or a little more number of bushings integrated into it. Hence, the increasing production of passenger cars is bound to drive the market for automotive bushings. The market for automotive bushing technologies is moderately fragmented market with the top ten companies accounting for approximately 50% of the market share. The automotive bushing technologies market is anticipated to grow at a CAGR of 3.6% between 2018 and 2025.
The availability of polyurethane bushing that is much easier to install and also lasts for a longer time as compared to rubber bushings has posed obstacles for the growth of rubber bushing products. A polyurethane bushing is extremely easy to remove and install and can be done by the car owner himself without the need to visit a car mechanic. Also, the lifespan of a polyurethane bushing is more as compared to rubber. The only task required for the proper maintenance of a polyurethane bushing is the need to grease it after 4-5 years which is further a relatively simpler task. These factors pose challenges to the popularity of the rubber bushings market.
Some of the major players influencing automotive bushing technologies market are Vibracoustic GmBH, Continental AG, Cooper-Standard Holdings Inc., Tenneco Inc., and BOGE Rubbers & Plastics. Also, Hyundai Polytech India, Nolathane, Paulstra SNC, and SumiRiko AVS Germany GmbH are other key companies in the automotive bushing technologies market.