Axle Bushes Market: Overview
The Axle bushes are used as a cushioning between joints in a vehicle suspension system. The axle bushes are specially designed to absorb shocks created in the vehicle by vehicle going over uneven road surfaces and bumps. This axle bushes helps to reduce the over time. To control the ride quality of every journey most of the vehicles with full suspension system are fitted with axle bushes at the front and rear. These axle bushes come in variety of material such as polyurethane, nylon and aluminium. The durability of this axle bushes differ from product to product. The axle bushes have to withstand against heavy amount of pressure, hence irrespective of the material they always need a replacement at some point. Axle bushes market is expected to register a significant CAGR over the forecast period.
Axle Bushes Market: Drivers and Restraints
The growth of axle bushes market is dependent on the rise in automotive sector. The global automotive sector is growing rapidly which is driving the demand for axle bushes. The growth in global population, increasing urbanization have increased the demand for buses, cars, HMVs etc. Many automotive manufacturing companies are competing to position there product at the best. The growing requirement of consumers on vehicle comfort is creating the demand for automotive suspension systems ultimately for axle bushes.
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Consumers are now looking for quality auto parts which can fulfil their needs with reduced maintenance. The economic conditions across the globe has revived and availability various financing companies provides financial assistance to the customers which has significantly increased the sales of automobiles. The development and growth in tourism and travelling industry has created a demand for automobiles. Such factors are driving the growth of automobile industry which in turn expected to drive the axle bushes market over the forecast period.
The economic turmoil, political instability and civil wars in MEA region is expected to affect the growth of automobile industry in this region. This factors are projected to act as a restraint for the growth of axle bushes market. However, as the global automotive market is optimistic in nature, is expected to grow over the forecast period.
Axle Bushes Market: Segmentation
On the basis of Material, Axle Bushes market is segmented into:
On the basis of Sales Channel, Axle Bushes market is segmented into:
Axle Bushes Market: Region Wise Outlook
The global Axle Bushes Market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The global axle bushes market is expected to register healthy CAGR over the forecast period. The North America region is expected to account for largest market share in terms of value as U.S. and Canada are attaining the rise in the use of automotive axle bushes due to increase in the number of automobiles running on the road.
The APEJ region is expected to grow at higher CAGR during the forecast period. The technological development in Western Europe region is expected to create significant opportunities in axle bushes market over the forecast period. The availability of labour and other necessary resources at low price in APEJ region is expected to drive the axle bushes market in over the forecast period. Japan has large number of automotive manufacturers which are projected to create demand for axle bushes over the forecast period. Latin America and MEA regions is experiencing a steady growth in automobile industry. The growth is automobile industry in both this regions is expected to drive the axle bushes market over the forecast period.
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Axle Bushes Market: Key Players
Axle bushes market has several global players, some of the major stakeholders among them include
- OES Genuine
- OE Aftermarket