The global Automotive Chassis Market was valued at XX in 2020 and is expected to reach around XX by 2028, at a CAGR of about XX% between 2021 and 2028.
The chassis is a skeleton framework of the automotive structure on which various parts of the automobile are mounted. The chassis of the automobile is made of a material that has sufficient strength to bear the weight of the car and is a bit flexible to sustain the tension and shocks which are caused by turning and track conditions. Automotive Chassis systems are manufactured using magnesium alloy, steel, cast iron, and ferrous metal.
Suspension links, control arms, and knuckles and hubs are the major components of the automotive chassis system. Together, these components form chassis applications, which are front axles, rear axles, corner modules, and kinematics control. The chassis is responsible for supporting the load of the engine, gearbox, shaft, and even goods and passengers in the vehicle.
Besides, it serves different functions such as withstanding the force caused due to sudden braking, acceleration, and stresses caused due to adverse road conditions. There are additional features available in the chassis system such as automatic fault detection, which alerts the driver about any malfunction in the system.
The automotive chassis market is anticipated to grow in the forecast period owing to driving factors such as rising sales of commercial vehicles and demands for vehicles with better mileage. Growing sales of light commercial vehicles and electric vehicles are expected to offer significant growth opportunities to the key players operating in the automotive chassis market during the forecast period. Significant growth in the automotive industry across the globe is creating a positive outlook for the market.
Moreover, various product innovations, such as the development of naturally weighted electric-assist steering and dynamic chassis mode, are providing an impetus to the market growth. Other factors, such as the surging demand for fuel-efficient vehicles and the implementation of various government initiatives for emission control, are anticipated to drive market growth. Apart from this, the rising demand for low-emission vehicles and rapid technological advancements in the chassis systems by key players are contributing to the market growth further.
• Rising sales of commercial vehicles and demands for vehicles with better mileage.
• Significant growth in the automotive industry
• Various product innovations
• Implementation of various government initiatives for emission control
• The rising demand for low-emission vehicles
• Increased shared mobility
• Fluctuations in commodity prices
• Growing sales of light commercial vehicles and electric vehicles
• Technological innovation in the automotive chassis system
• Development of an ultra-lightweight chassis system
The COVID-19 pandemic has impacted every aspect of life and business. COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in the global market. A few companies have already announced possible delays in product deliveries and slump in future sales of their products.
In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting business collaborations and partnership opportunities. However, after the lockdown, the situation is recovering thus, the market is expected to grow in the upcoming years.
The global Automotive Chassis Market is segmented based on Component, Material, Chassis System, Vehicle Type, and Region.
Control arms dominated the automobile chassis system market in terms of revenue.
Based on Components, the market is segmented into Control Arms, Tie-Rods, Stabilizer Links, Suspension Ball Joints, Cross-Axis Joints, Knuckles and Hubs, and Others. The control arms segment dominated the market with the largest revenue share and is projected to show significant growth due to the innovation of the newest lightweight control arms utilized as automotive chassis system components.
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 aluminum alloy segment is estimated to grow at the highest CAGR over the forecast period.
Based on Material, the market is segmented into Steel, Aluminum alloy, and Carbon fiber composite. The aluminum alloy segment is expected to account for the largest CAGR and show lucrative growth during the projected year due to governments’ stringent regulations and rules for light-weight vehicles which are more environmentally friendly.
The rear axle segment is anticipated to hold the leading share of the Automotive Chassis market.
Based on Chassis System, the market is segmented into Rear Axle, Front Axle, Corner Modules, Active Kinematics Control, and Others. The rear axle segment is expected to hold the dominant position over other systems. The rise of the 6x2 axle configuration is a key factor in driving the rear axle market.
North America accounts for a major share of the global automotive chassis systems market followed by Europe and the Asia Pacific.
At the regional level, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East, and Africa. North America was the largest regional market in 2020 due to the presence of big OEM firms in this region. North America, Europe, and Asia Pacific regions are estimated to hold more than half of the total shares of the global automotive chassis systems market.
The Asia Pacific accounted for the largest market share and is projected to grow at a CAGR of about 5.5% during the forecast period. This is attributed to the increasing demand for vehicles in emerging countries such as India, China, and Japan.
Key Market Players:
• Aisin Seiki Co., Ltd.
• American Axle & Manufacturing Inc
• Benteler International AG
• Continental AG
• Gestamp Automocin S.A.
• Hyundai Mobis Co., Ltd
• Magna International Inc
• Schaeffler AG
• Tower International, Inc.
• ZF Friedrichshafen AG
• ROBERT BOSCH GMBH
• SCHAEFFLER AG
• ZF FRIEDRICHSHAFEN AG
• TOWER INTERNATIONAL, INC
• HYUNDAI MOBIS CO. LTD.
Company overview, financial overview, product portfolio, business strategy, and recent developments for major market players operating in Automotive Chassis Market are included.
Automotive Chassis Market Report Scope:
Market Size in 2020
Market Size in 2028
XX% from 2021 to 2028
2017 – 2019
2021 – 2028
Component, Material, Chassis System, Vehicle Type, and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Key Companies Profiled
American Axle & Manufacturing Inc
Benteler International AG
Gestamp Automocin S.A.
Hyundai Mobis Co., Ltd
Magna International Inc
Tower International, Inc.
ZF Friedrichshafen AG
ROBERT BOSCH GMBH
ZF FRIEDRICHSHAFEN AG
TOWER INTERNATIONAL, INC
HYUNDAI MOBIS CO. LTD.
The report segments of the global Automotive Chassis Market are as follows:
• Control Arms
• Stabilizer Links
• Suspension Ball Joints
• Cross-Axis Joints
• Knuckles and Hubs
• Aluminum alloy
• Carbon fiber composite
By Chassis System
• Rear Axle
• Front Axle
• Corner Modules
• Active Kinematics Control
By Vehicle Type
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Construction Equipment Vehicles
• Defense Vehicles
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o Southeast Asia
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o Saudi Arabia
o South Africa
o Rest of Middle East and Africa