Industry

Global Automotive Steel Market Report 2024

According to The Business Research Company’s Automotive Bushing, The automotive bushing market size has grown strongly in recent years. It will grow from <b>$154.83 billion in 2023 to $163.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. </b> The growth in the historic period can be attributed to vehicle production growth, regulatory compliance, consumer comfort and ride quality, globalization of automotive supply chains, government incentives.

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The automotive bushing market size is expected to see strong growth in the next few years. It will grow to <b>$207.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. </b> The growth in the forecast period can be attributed to electrification of vehicles, lightweighting initiatives, autonomous vehicles, stricter emissions standards, advanced manufacturing techniques. Major trends in the forecast period include active suspension systems, sustainable materials, sealed and maintenance-free designs, customization for performance vehicles, integration of smart technologies.Growing vehicle production is expected to propel the growth of the automotive bushing market going forward. A vehicle is a machine with an engine and wheels that transports people or cargo. Due to rapid urbanization and the expansion of global auto manufacturers, vehicle production has been on the rise in recent years. Since the bushings are used in all vehicles, increased vehicle production simply results in increased demand for the automotive bushings. For instance, according to the European Automobile Manufacturers’ Association (ACEA), a Belgium-based group in the automobile industry, in 2021, 79.1 million motor vehicles were produced globally, a 1.3% increase from 2020. Therefore, growing vehicle production is driving the growth of the automotive bushing market.

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The automotive bushing market covered in this report is segmented –

1) By Product Type: Damper Top Mounts, Suspension Arm Bushings, Subframe Bushings, Hydro Bushings, Engine Mounts, Suspension Mounts

2) By Vehicle Type: Passenger Car (PC), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)

3) By Application: Engine, Suspension, Chassis, Interior, Exhaust, Transmission

4) By Distribution Channel: Original Equipment Manufacturer, AftermarketProduct innovation is the key trend gaining popularity in the automotive bushing market. The launch of new products gives customers more and better options and better serves the customers, which in turn results in the growth of the market. For instance, in March 2021, REE Automotive, an Israel-based EV startup launched innovative drive component and platforms for better drive quality by reducing vibrations in chassis and wheel.

The automotive bushing market report table of contents includes: