Increasing Global Motor Vehicle Production Aiding the Growth of the Automotive Chassis Systems Market
The automotive chassis systems market was worth US$ 55.67 billion in 2017 and is expected to grow at a 5.5% CAGR from 2018 to 2026. The role of a chassis in a vehicle involves its functionality as a supporting structure. This is the structure to 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 such a way as to provide superior strength while keeping the weight low. Growing motor vehicle production is one of the most important factors aiding the automotive chassis systems market's growth. The fact that world motor vehicle production increased by 2.36% in 2017 over 2016 supports the aforementioned sentence. Rising net disposable income is a major driver of this expansion.
In recent years, there have been enactments of stringent vehicle emission control rules across various countries, such as India, China, Germany, and the U.K., among others. This move has favored the demand for fuel-efficient vehicles. 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 emissions.
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 prices coupled with stringent greenhouse emission regulations by the government, the adoption of electric vehicles has grown manifold in recent years. For instance, the world's fleet of electric vehicles grew 54% to about 3.1 million in 2017. Moreover, by 2030, this number is further expected to rise and hit 125 million.
Research and Development Activities to Focus on Reducing the Weight of Chassis Systems
The rising demand for premium and improved-performance vehicles has led automobile manufacturers to focus on research and development activities in order to manufacture chassis systems. For instance, Audi's new A6 model has a naturally weighted electric-assist steering and a dynamic chassis mode that improves the driving experience by facilitating the automated shifting of gears. Furthermore, vehicle manufacturers are emphasizing the use of lightweight materials in the production of chassis systems. In the coming years, electric vehicles are expected to increasingly deploy carbon fiber composite material in the manufacture of chassis systems. Because this material is light in weight, it contributes significantly to lowering vehicle emissions.
However, fluctuating prices of raw materials are one of the challenges influencing market growth negatively. Materials such as steel and aluminum, among others, are witnessing an increase in price, which might hinder their adoption in the manufacturing of chassis systems.
Growing motor vehicle production in major markets such as China and India is set to affect the market positively.
Asia Pacific stood as the largest market for automotive chassis systems worldwide in 2017, 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. Furthermore, the region has seen rapid growth in the automobile industry in recent years. This growth is supported by the rising middle-class population in the region. These factors are expected to positively influence the Asia-Pacific automotive chassis systems market's 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.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The automotive chassis systems market report presents the current market dynamics along with a quantitative analysis of the global market. The report elucidates the detailed outline of the automotive chassis systems market by categorizing the market in terms of chassis type, material type, vehicle type, and geography. The objective of publishing this extensive research report is to aid automotive chassis system manufacturers, automotive OEMs, and market stakeholders in making better decisions and taking strategic initiatives in the automotive chassis systems market.
Key questions are answered in this report.
What was the global market size in 2017, and what is the forecast for 2026?
What are the current market trends in the automotive chassis systems market, and where can players find valuable opportunities?
How are the drivers and challenges going to affect the market dynamics?
Which region is expected to have the fastest growth?
What are the key strategies adopted by the leading players in the market?
Which segments are expected to witness the fastest growth during the forecast period?
Frequently Asked Questions:
The market for Automotive Chassis Systems is expected to reach US$ 55.67 Bn in 2026.
The Automotive Chassis Systems market is expected to see significant CAGR growth over the coming years, at 5.5%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
Aisin Seiki,Continental,Magna, ZF,Benteler are some of the major players in the global market.
