Automotive Chassis System Market Size by Component, Chassis System, Vehicle Type, Region – Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2030
Overview
Automotive Chassis System Market is anticipated to reach US$ 90.11 Bn by 2030 from US$ 59.14 Bn in 2023 at a CAGR of 6.2% during a forecast period.
The skeleton frame or framework of a vehicle over which automotive parts, components, and engines are mounted is referred to as the chassis. The chassis system is the structure that provides strength and stiffness to the vehicle and is designed to be lightweight, ductile, and aerodynamic. In 2023, North America accounted for 38 percent of the global automotive chassis system market.
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In report, 2023 is considered a base year however 2023’s numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Automotive Chassis System Market Dynamics
The need for automobile chassis systems is fueled by technological advancements in the vehicle chassis system. Companies that make automobile chassis systems are including cutting-edge technologies such as a 9-speed automatic gearbox that greatly reduces fuel consumption. This is urging end customers to upgrade their vehicles to make use of the most up-to-date capabilities available in the most recent chassis system.
Companies that make automobile chassis systems invest heavily in research and development to produce novel composite materials that are made up of many elements and are both stronger and lighter than traditional components. These chassis solutions are significantly lighter and safer than standard chassis systems. The vehicle's fuel economy improves considerably when its weight is reduced. As a result, the introduction of this new form of composite material for the manufacturing of automobile chassis systems is driving the growth of the market.
Restraints: Raw material price fluctuations and a decrease in vehicle ownership as a result of increased shared mobility are two factors that might limit the growth of the automotive chassis system market.
Increasing electric vehicle production is expected to generate new opportunities:
Electric car usage has risen in developed countries as a result of government greenhouse emission limits and rising gasoline prices. According to Statistics Netherlands, about 22,000 electric cars were registered in the Netherlands in 2021, a 60 percent increase over 2019. The chassis systems used in electric cars are vastly different from those used in motor vehicles, necessitating the development of new chassis systems specifically for electric vehicles. As a result, the growing production of electric cars is expected to provide lucrative possibilities for the worldwide market to grow.
Increasing demand for low emission & fuel-efficient vehicles:
The quantity of fuel combusted by a vehicle and the number of hazardous gases emitted from its exhaust is directly proportional to its weight. As a response, governments in the United Kingdom, India, Germany, China, and others have adopted strict pollution control regulations, resulting in increasing demand for low-emission and fuel-efficient automobiles. As a result, vehicle production with lightweight chassis systems can reduce vehicle weight, resulting in lower emissions and improved fuel economy. Gordon Murray Design, for example, has unveiled the all-new iStream chassis, which is built of a lightweight aluminum frame and can be utilized in several vehicle applications. As a result of the increased demand for low-emission and fuel-efficient vehicles, the automotive chassis system market is growing.
Innovations and technological advancements in chassis systems:
Due to the growing demand for premium and better-performance cars, leading automotive manufacturers are creating chassis systems with innovations and improvements. For example, AUDI AG, a leading automobile manufacturer, recently introduced the new Audi A6, which features naturally weighted electric-assist steering and a dynamic chassis mode that allows for automatic gear shifting and improves the driving experience even on mountain roads, resulting in increased demand for such a luxurious vehicle. As a result, the global automotive chassis system market is expected to drive by innovations and technical developments in chassis systems.
Automotive Chassis System Market Segmentation Analysis
By Component, Control arms dominated the automobile chassis system market in terms of revenue. The control arm of an automotive chassis system is a hinged connection between the suspension and the chassis or focal point that holds the wheel in place. The automotive chassis system control arms market is being driven by the innovation of the newest lightweight control arms utilized as automotive chassis system components.
Automotive Chassis System Market Regional Insights
North America accounts for a major share of the global automotive chassis systems market due to the presence of big OEM firms in this region, followed by Europe and the Asia Pacific. More than half of the worldwide automotive chassis systems market is expected to emerge from North America, Europe, and the Asia Pacific.
However, Asia Pacific is expected to grow significantly throughout the forecast period, due to a variety of factors including rising per capita income, lower automobile concentration than Europe and America, and government initiatives in countries like China and India to boost manufacturing. In addition, the need for automobile chassis has increased as the region's passenger car manufacturing has increased.
The objective of the report is to present a comprehensive analysis of the Automotive Chassis System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Automotive Chassis System Market dynamics, structure by analyzing the market segments and project the market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
Automotive Chassis System Market Scope: Inquire before buying
| Automotive Chassis System Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 59.14 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 6.2% | Market Size in 2030: | US $ 90.11 Bn. |
| Segments Covered: | by Component | Tie-Rods Stabilizer Links Suspension Ball Joints Cross-Axis Joints Control Arms Knuckles & Hubs |
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| by Chassis System | Front Axle Rear Axle Corner Modules Active Kinematics |
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| by Vehicle Type | Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicles Construction Equipment Vehicles Defense Vehicles Farm Tractors |
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Automotive Chassis System Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Automotive Chassis System Market, Key Players:
1. Aisin Seiki Co., Ltd.
2. American Axle & Manufacturing Inc
3. Benteler International AG
4. Continental AG
5. Gestamp Automocin S.A.
6. Hyundai Mobis Co., Ltd
7. Magna International Inc
8. Schaeffler AG
9. Tower International, Inc.
10. ZF Friedrichshafen AG
11. ROBERT BOSCH GMBH
12. SCHAEFFLER AG
13. ZF FRIEDRICHSHAFEN AG
14. TOWER INTERNATIONAL, INC
15. HYUNDAI MOBIS CO. LTD.
Frequently Asked Questions:
1. Which region has the largest share in Global Automotive Chassis System Market?
Ans: North America region held the highest share in 2023.
2. What is the growth rate of Global Automotive Chassis System Market?
Ans: The Global Automotive Chassis System Market is growing at a CAGR of 6.2% during forecasting period 2024-2030.
3. What is scope of the Global Automotive Chassis System market report?
Ans: Global Automotive Chassis System Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Automotive Chassis System market?
Ans: The important key players in the Global Automotive Chassis System Market are – Aisin Seiki Co., Ltd., American Axle & Manufacturing Inc, Benteler International AG, Continental AG, Gestamp Automocin S.A., Hyundai Mobis Co., Ltd, Magna International Inc.
5. What is the study period of this market?
Ans: The Global Automotive Chassis System Market is studied from 2023 to 2030.