Market Research Future (MRFR), in its new published research report, asserts that the global chassis market 2020 is thriving and poised to rise exponentially over the review period, securing a substantial market valuation and a healthy CAGR in the forecast period.
Drivers and Restraints
The key factors that boost the growth of the global automotive chassis system market include an upsurge in demand for a fuel-efficient vehicle, the surge in innovations and technological advancements, and a rise in automobile production. On the contrary, shifting prices of raw material and decreasing vehicle ownership due to growing shared mobility are some of the factors that would impede the growth of the market. However, rising electric vehicle production is anticipated to provide lucrative opportunities for the growth of the market. Also, the development of ultra-light chassis systems, which makes way for new companies to enter the market without much R&D investment, is expected to provide opportunities for market growth. Leading automobile manufacturers are producing chassis systems with innovations and advancements due to increasing demand for premium and improved performance vehicles.
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The major market players operating in the global market as identified by MRFR are Gestamp (Spain), ZF Friedrichshafen (Germany), Continental (Germany), Magna (Canada), Schaeffler (Germany), Aisin Seiki (Japan), Benteler (Germany), CIE Automotive (Spain), Hyundai Mobis (Korea Republic) and AL-KO (Germany), and others.
The chassis has been analyzed based on chassis type, material, chassis system, vehicle type, and region. Based on chassis type, the chassis is segmented as monocoque, ladder, modular, backbone, and others. Monocoque chassis type is poised to dominate the chassis during the forecast period due to its safety and improved fuel efficiency with minimum emission in the environment. Based on material, the chassis is segmented as aluminum alloy, steel, and carbon fiber composite. Aluminum alloy is slated to account for the largest market because of its lightweight. The lightweight of aluminum decreases the weight of the car, thus enhanced safety.
The reduction in the weight of the vehicle will lead to improved fuel efficiency which will result in the growth of the market over the forecast period. Based on the chassis system, the market is segmented as axle, corner modules, and active kinematics control. The axle is expected to dominate the market during the forecast period because it holds the significant weight of the vehicle, which upsurges the demand for the axle. The improved safety of the axle will lead to the growth of the chassis over the review period.
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The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
In Asia Pacific, China majorly contributed in the steel industry, but off late the steel market in China, has declined. The development of the component manufacturers has taken a different route than other regions along with producers in Japan have sustained strong relationships with their suppliers. The growing competition and increase in the trade, globally, have led to the improved distribution system, across several developing nations. Also, the automotive industry in China continues to grow due to augmented production of passenger and commercial vehicles. FDI is one of the substantial factors for the growth of automotive industry in China.
Automakers in China are developing new and trade-friendly policies that enable them to produce a more considerable number of vehicles. This increase in the number of vehicles, will result in the growth of the chassis over the forecast period. North America is anticipated to be the second largest region leading the chassis due to the increase in demand for the lightweight body chassis in the vehicle.
This increase in demand will result in the growth of the market over the forecast period. Europe is projected to grow at the highest CAGR in chassis owing to outstanding automotive industry and engineering for components. The German cars have high valued due to the innovation, safety, reliability, and design. In Europe, Germany is one of the leading countries for production and sales of vehicles. World-class R&D infrastructure, and a highly qualified workforce, have created an incomparable automotive environment. This will increase the production of automotive vehicle, in future.
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