Automotive Chassis Industry 2020: Projection, Solutions, Services Forecast to 2023
Posted May 5,2020 in Cars and Vehicles.
Chassis is a vehicle frame that supports and protects the internal components of a vehicle. They are highly useful in the functioning of drive shaft, electronics, and the engine. The global Automotive Chassis Industry is poised to capture a CAGR of 5.76% over the forecast period of 2017-2023, asserts Market Research Future (MRFR).
Consumers are increasingly demanding for cars that have advanced safety features incorporated within them. Automotive chassis systems help to significantly improve aerodynamic qualities due to which they are increasingly being incorporated in vehicles. Automotive OEMs, in particular, have demonstrated high interest towards automotive chassis technology development. Improvement in chassis manufacturing capabilities is aiding the growth of the Automotive Chassis Industry. Automotive chassis also helps to reduce the overall weight of vehicles and growing demand for lightweight components in the automotive industry is fueling the market growth.
The Automotive Chassis Industry is growing on the back of the expanding automotive industry. Due to a rise in disposable income across the globe, especially in the merging in the emerging economies, the demand for automobiles has witnessed a steep surge. Moreover, the sale of passenger and commercial cars have also increased considerably in the developing countries, which have translated into high demand within the Automotive Chassis Industry.
Rigorous R&D efforts are being initiated by automotive manufacturers towards the furthering of the technology, which is boosting the growth of the market. Concurrently, the high cost of R&D remains an impediment for market growth.
The global Automotive Chassis Industry has been segmented on the basis of chassis type, material, chassis system, and vehicle type.
By chassis type, the Automotive Chassis Industry has been segmented into backbone, ladder, monocoque, modular, and others. Chassis type-wise, the market is dominated by the monocoque chassis segment. They provide increased safety and better fuel efficiency with minimum emissions due to which they have gained prominence. Monocoque chassis is widely used in passenger cars.
By material, the Automotive Chassis Industry has been segmented into steel, aluminum alloy, and carbon fiber composite. Material wise, the aluminum alloy segment is dominating the market. Aluminum is light weight and is highly desirable among OEMs. Rising demand for making fuel-efficient and lightweight vehicles are supporting the growth of the segment.
By chassis system, the Automotive Chassis Industry has been segmented into axle, corner modules, and active kinematics control. The axle segment is likely to lead the market over the forecast period.
By vehicle type, the Automotive Chassis Industry has been segmented into vehicle type, passenger car, and commercial vehicle.
Region-wise, the Automotive Chassis Industry has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
APAC has marked itself as the largest Automotive Chassis Industry. The expanding automotive industry and accelerated manufacturing of automobiles in the region have spurred the demand for automotive chassis. The growing emphasis on road safety and passenger comfort has encouraged automakers to incorporate chassis as a standard feature in various car segments.
North America is following APAC's lead in the global Automotive Chassis Industry. The sale of luxury automotive, where chassis is a standard feature, is considerably high in North America, which provides leverage over others. Additionally, fuel efficiency and lightweight vehicles are desirable in the region, which is likely to influence the demand for automotive chassis.
Gestamp (Spain), ZF Friedrichshafen (Germany), CIE Automotive (Spain), Magna (Canada), Hyundai Mobis (Korea Republic), Aisin Seiki (Japan), Continental (Germany), AL-KO (Germany), Schaeffler (Germany), and Benteler (Germany) are the notable players in the Automotive Chassis Industry.
July 2019 - ZF Friedrichshafen AG, a German car parts maker, developed an innovative chassis concept, Flying Carpet 2.0. The new predictive and networked chassis offers protection from uncomfortable vehicle movements and helps smooth out ride over rough terrains in a predictive manner. The predictive chassis is equipped with a comprehensive range of sensors and smart control algorithms.
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