The latest research study by IMARC Group, “Automotive Chassis Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global automotive chassis systems market report. The global automotive chassis systems market reached a value of US$ 80.14 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 112.02 Billion by 2027, exhibiting a CAGR of 5.60% during 2022-2027.
Automotive Chassis Systems Industry Outlook:
An automotive chassis system is an internal load-bearing frame that supports the body parts of vehicles and offers a grip to the steering and suspension system. Some commonly available automotive chassis systems in the market include monocoque, backbone, tubular, ladder, and modular. It consists of brakes, an engine, and a power-suspension system, attached to the structurally independent frame which bears the automobile load. It is manufactured using cast iron, steel, ferrous metal, aluminum, zinc, and magnesium alloy, which offers strength and support to numerous vehicular components while keeping automobiles rigid and stiff. As a result, automotive chassis systems are extensively used in construction equipment, heavy commercial vehicles (HCV), agricultural equipment, light commercial vehicles (LCV), and passenger vehicles across the globe.
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Market Trends:
The market is primarily driven by the expansion of the automotive sector. In addition, the escalating demand for lightweight composite material chassis systems to enhance the safety measures of the vehicle on account of its ductile and aerodynamic properties represents another major growth-inducing factor.
Additionally, various technological advancements, such as the introduction of naturally weighted electric-assist steering and dynamic chassis mode, are accelerating the product adoption rate across the globe. Moreover, the rising usage of monocoque chassis for their lightweight structure to enhance the fuel efficiency of the vehicle, and the widespread adoption of modular and compact chassis systems due to the rising popularity of electric vehicles (EVs), are providing a thrust to the market growth.
Apart from this, the market is further propelled by the implementation of several government initiatives to control carbon emissions. Furthermore, extensive investments in research and development (R&D) activities by key players are creating a positive market outlook across the globe.
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Control Arms
- Tie-Rods
- Stabilizer Links
- Suspension Ball Joints
- Cross-Axis Joints
- Knuckles and Hubs
- Others
Breakup by Chassis System:
- Rear Axle
- Front Axle
- Corner Modules
- Active Kinematics Control
- Others
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Construction Equipment Vehicles
- Defense Vehicles
- Others
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Aisin Corporation, American Axle & Manufacturing Inc, Autokiniton US Holdings Inc., Benteler International AG, Continental AG, Gestamp Automoción S.A., Hyundai Mobis Co. Ltd, Magna International Inc, Robert Bosch GmbH, Schaeffler AG and ZF Friedrichshafen AG.
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