Impact of COVID-19: Automotive Chassis Market Is Projected to Reach Around USD 85.3 Billion by 2027
The Global Automotive Chassis Market is projected to reach around USD 85.3 billion by 2027 at a CAGR of around 5.3%.
The automotive chassis is a frame on which various mechanical components such as tires, engine, brakes, axle assemblies, steering, and others are attached to support the main structure of the vehicle. Chassis are made of various materials like steel, aluminium, magnesium, titanium, composite plastics, and others. This system helps the vehicle to be stiff, rigid, and unbending and also provides the strength required to support the vehicular components.
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AUTOMOTIVE CHASSIS MARKET: Drivers & Restraint
Increasing Need for Lowering CO2 Emission
Automotive manufacturers are focusing on designing lightweight components that make the vehicle lighter and also helps in achieving low emission and fuel efficiency. The total weight of chassis accounts for about 30–40%, so the use of lightweight materials can decrease the overall cost of the vehicle. Materials like aluminum, magnesium, carbon fiber reinforced plastics (CFRP), bio composites involving bio fibers, lightweight polymer composites and titanium are used due to their lightweight, durability, and resistance to abrasion, among others. For instance, the current vehicle generation in Europe is 70–140 kg of weight reduction per car which results in saving 982 million liters’ fuel and about 2.3-million-ton reduction in CO2 Emissions.
Therefore, the increasing need for lowering CO2 emission is expected to drive market growth during the forecast period.
Growing Vehicle Production
In 2018, India, Malaysia, Thailand, Russia and among others are the prominent countries that have shown positive growth of 8%, 12.2%, 9%, 13.9%, respectively. Due to the rise in vehicle production and economic growth in these regions, there will be an increase in demand for the automotive chassis market. Moreover, the rise in automobile production in developing nations has increased the usage of lightweight materials which is indirectly propelling the market growth.
Thus, the growing vehicle production is anticipated to boost the market growth during the forecast period.
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Fluctuating Raw Material Prices
The raw materials used for the manufacturing of the automotive chassis system consist of aluminum alloys, carbon steel, magnesium, and others. Price fluctuations of raw materials, uncertain shortages, and supply-demand gaps have a negative impact on automotive manufacturers. Moreover, the lack of a constant supply of raw materials results in increasing raw material prices which, escalates the overall product price.
Hence, the fluctuating raw material prices are expected to restrain the market during the forecast period.
Automotive Chassis market: Key segments
- Based on Type: Ladder Chassis, Backbone Chassis, Monocoque Chassis, Tubular Chassis, and Combination Chassis.
- Based on Material: Steel, Aluminum, Carbon Fiber Composite, Magnesium, Titanium, and Others.
- Based on Vehicle Type: Internal Combustion Engine (ICE), Electric Vehicles and Others.
- Based on Region Covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Automotive Chassis MARKET: Report SCOPE
The report on the automotive chassis market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
List of the leading companies operating in the Automotive Chassis Market include:
- Continental AG (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- ZF Friedrichshafen AG
- Magna International Inc.
- Schaeffler AG
- AISIN SEIKI Co., Ltd
- CIE Automotive
- HYUNDAI MOBIS
- BENTELER International AG
- Tower International
- Other Key Companies
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Automotive Chassis MARKET: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Automotive Chassis Market, by Type
- Ladder Chassis
- Backbone Chassis
- Monocoque Chassis
- Tubular Chassis
- Combination Chassis
Automotive Chassis Market, by Material
- Carbon Fiber Composite
Automotive Chassis Market, Vehicle Type
- Internal Combustion Engine (ICE)
- Electric Vehicles
Automotive Chassis Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the prominent developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and the market players in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the world?
- How are the key players leveraging in the present market scenario globally?
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