"Increasing Worldwide Motor Vehicle Production Complimenting the Automotive Chassis Systems Market Growth Positively"
Automotive chassis system market stood at US$ 64.85 Bn in 2020 and expected to grow at 5.5% CAGR during the forecast period from 2021 to 2029. The role of a chassis in a vehicle involves around its functionality of providing a supporting structure. It is this structure onto which all the other vehicle components are attached. The chassis, whether it be structurally independent or an integral part of the body, is designed in a way as to provide superior strength while keeping the weight less. Growing motor vehicle production is one of the most important factors aiding the automotive chassis systems market growth. The fact that world motor vehicle production increased by 2.36% in 2020 over 2019 supports the aforementioned sentence. This growth is majorly supported by rising net disposable income of the people.
In recent years, there have been enacting of stringent vehicle emission control rules across various countries such as India, China, Germany and U.K. among others. This move has favored the demand for fuel-efficient vehicles positively. This is further expected to lead automobile manufacturers to manufacture vehicles with lightweight chassis systems in order to reduce the overall vehicle weight thereby achieving better fuel efficiency and low emission.
Another prominent factor complimenting the automotive chassis systems market growth can be attributed to the rising electric vehicle production globally. As a result of increasing fuel price coupled with stringent greenhouse emission regulations by government, the adoption of electric vehicles has grown manifold in recent years. For instance, world's fleet of electric vehicles grew 54% to about 3.1 million in 2020. Moreover, by 2030, this number is further expected to rise and hit 125 million.
"Research and Development Activities to Focus upon Reducing the Weight of Chassis Systems"
The rising demand for premium and improved performance vehicles has led automobile manufacturers to focus upon research and development activities in order to manufacture chassis systems. For instance, Audi in its new A6 model has introduced a naturally weighted electric-assist steering and dynamic chassis mode that improves the driving experience by facilitating automating shifting of gears. Moreover, increasing focus is laid by the vehicle manufacturers to use lightweight material to manufacture chassis systems. In coming years, electric vehicles are expected to increasingly deploy carbon fiber composite material in the manufacture of chassis systems. As this material is light weight, therefore it helps a great deal in the reducing the emission produced by a vehicle.
However, fluctuating price of raw materials is one of the challenges influencing the market growth negatively. Materials such as steel and aluminum among others are witnessing an increase in price which might hinder its adoption in the manufacturing of chassis systems.
"Growing motor vehicle production in major markets such as China and India set to affect the market positively"
Asia Pacific stood as the largest market for automotive chassis systems worldwide in 2020 and the trend is expected to continue throughout the forecast period. Some of the leading vehicle manufacturers such as Honda, Nissan, Suzuki and Hyundai among others have their headquarters in the region. Moreover, Toyota, the world’s largest motor vehicle manufacturer is also headquartered in the region. Moreover, the region in recent years has witnessed a high growth of the automobile industry. This growth is supported by the rising middle class population in the region. These factors expected to positively influence the Asia Pacific automotive chassis systems market growth in the coming years.
Key players profiled in the report include Aisin Seiki, Continental, Magna, ZF, Benteler, Tower International, Schaeffler, CIE Automotive and KLT Auto among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Chassis Systems market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Chassis
| |
Material
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Vehicle
| |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
