Automotive Chassis Systems Market

Automotive Chassis Systems Market Size:

The global automotive chassis systems market size reached US$ 89.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 141.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.09% during 2024-2032. The market is experiencing significant growth driven by high demand for fuel-efficient automobiles, rising number of vehicles produced globally, surge in the production of electric cars and demand for specialized chassis systems prop up, and the emerging safety and comfort requirements.

Automotive Chassis Systems Market Analysis:

• Major Market Drivers: The global automotive chassis systems market is primarily driven by rising demand for fuel-efficient and lightweight vehicles, increase in vehicle manufacturing in developing countries, development in electric vehicle technology, and enhancement in the safety and comfort of passenger vehicles are the factors which stimulates the automotive chassis systems market, which in turns leads to the development of new and advanced chassis components.
• Key Market Trends: The growing market for electric and hybrid vehicles is prompting chassis system manufacturers to design unique systems. Advanced driver assistance systems (ADAS), and autonomous driving technologies, are also affecting design. Furthermore, flexible chassis systems that can easily be transferred from one vehicle type to another are also emerging due to high-cost effects.
• Geographical Trends: Asia Pacific holds the largest share of the market. The automotive chassis systems market is dominated by the Asia Pacific predominantly due to tremendous automotive production in countries including China, India, and Japan. Market favorability policies of the government, the escalating prominence of the automotive industry, and a growing disposable income level help in the market’s growth. Another factor is the higher investments in the infrastructure for the support of electric vehicle usage in the region.
• Competitive Landscape: Some of the major market players in the automotive chassis systems industry include Aisin Corporation, American Axle & Manufacturing Inc, Autokiniton US Holdings Inc., Benteler International AG, Continental AG, Gestamp Automoción S.A., Hyundai Mobis Co. Ltd, Magna International Inc, Robert Bosch GmbH, Schaeffler AG, ZF Friedrichshafen AG, among many others.
• Challenges and Opportunities: Some of the risks include the high costs of implementing complicated slogan systems as well as the issues faced when incorporating new technologies. However, there are opportunities for new electric and autonomous vehicle types where the requirement for new chassis designs and concepts is emerging. Companies that invest in lightweighting techniques and those that incorporate modularity into their products stand to benefit from such market trends.
   

Automotive Chassis Systems Market Trends:

Increasing Demand for Lightweight Vehicles

International governments are now urging vehicle manufacturers to impose relative convulsive fuel efficiency and emission standards, which has prompted automotive manufacturers to focus on the reduction of vehicular weight. The Department of Energy claims that cutting a vehicle’s weight by 10% can increase fuel economy by 6 to 8 percent. These automotive chassis system market insights has led to the use of features such as aluminum, high-strength steel, and composites in making chassis systems. In already established markets such as Europe, the rules and regulations such as the EU CO2 emission targets for new passenger cars and light commercial vehicles underpin the call for lightweight designs. These regulations have made car makers develop new chassis technologies that could help reduce the weight of the car while retaining the safety and performance of the car. This trend is most apparent in electric vehicles (EVs), where less vehicle mass contributes positively to battery energy density and driving range.

Rise in Electric Vehicle Production

The automotive chassis systems market growth factors include a paradigm shift due to the drive to global electric vehicles (EVs). National administrations from all over the world are targeting a high percentage of EV usage. For instance, the EV30@30 campaign redefined the ambition of the CEM’s Electric Vehicles Initiative (EVI), setting the objective to reach a 30% sales share for EVs by 2030. New design features such as large battery packs, aerodynamics, chassis systems, and cooling systems of EVs place criterion hence encouraging the current advancement of chassis systems. Chassis designs that are lightweight and in modules are gradually being adopted to improve the performance and efficiency of an EV. Furthermore, to meet the requirements of this growing application segment, EV makers are also focusing on the use of new materials and technologies for chassis systems which is favorable for the chassis system market growth.

Stringent Safety Regulations

High safety standards set by government bodies also play a significant role in the growth of the automotive chassis systems market. In the U. S, for instance, institutions such as the National Highway Traffic Safety Administration (NHTSA) regulate strict crashworthiness standards that practically elicit changes within vehicle chassis to enhance the safety of passengers. Along with this, in Europe, the assessment programme called Euro NCAP has strict safety standards that car makers should follow. These regulations require the creation of improved chassis systems with improved crumple zones, better energy management, and stabilizing systems. Vehicle safety is a compliance matter and a consumer trend pushing manufacturers to develop high-quality chassis technologies. Therefore, the market for advanced chassis systems is growing, and new materials and designs are being incorporated by the chassis manufacturers to meet new-generation vehicle safety standards.

Automotive Chassis Systems Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, chassis system, and vehicle type.

Breakup by Component:

• Control Arms
• Tie-Rods
• Stabilizer Links
• Suspension Ball Joints
• Cross-Axis Joints
• Knuckles and Hubs
• Others
   

Control arms accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the component. This includes control arms, tie-rods, stabilizer links, suspension ball joints, cross-axis joints, knuckles and hubs, and others. According to the report, control arms represented the largest segment.

As per the automotive chassis systems market overview, control arms dominate the market due to their significant functions in suspension and steering systems. They improve the car's stability, movement, and comfort since they link the car wheels to the frame and ensure proper movements in a controlled manner. This component stands out to be very important since it affects the ride quality and safety thus creating high market demand. Control arms are control elements in vehicle stabilization and are involved in safety and performance parameters in automobile manufacturing. This integration with different kinds of vehicles like the passenger car and other commercial vehicles shows that they are critical components in today ‘s vehicle engineering. This growth in the production of the vehicles, and demand for better safety features also contribute to the growth in the market of control arms.

Breakup by Chassis System:

• Rear Axle
• Front Axle
• Corner Modules
• Active Kinematics Control
• Others
   

Rear axle holds the largest share of the industry

A detailed breakup and analysis of the market based on the chassis system have also been provided in the report. This includes rear axle, front axle, corner modules, active kinematics control, and others. According to the report, rear axle accounted for the largest market share.

The rear axle holds the largest automotive chassis systems market share as it is a major factor in determining the stability, weight distribution, and handling capabilities of the vehicle. The rear axle is one of the main components that contribute to the support of the rear part of the vehicle and an important factor that helps to distribute the load between the vehicle’s wheels hence ensuring a safe distribution of the loads produced during the various operations such as acceleration, braking or cornering. It also plays an input to the total comfort and control of the automobile particularly at different loads. These ongoing advancements in the material and the designs extended the need for its contribution to the progressive automotive manufacturing domain.

Breakup by Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Construction Equipment Vehicles
• Defense Vehicles
• Others
   

Passenger cars represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes passenger cars, light commercial vehicles, heavy commercial vehicles, construction equipment vehicles, defense vehicles, and others. According to the report, passenger cars represented the largest segment.

The global automotive chassis systems market is highly influenced by passenger cars as they are considered major players in the sector impacting demand and developments. The high production volume therefore creates a need for better and improved chassis systems that enhance safety, comfort, and performance. For instance, ZF aftermarket introduced advanced mobility solutions at Automechanika Frankfurt 2024, focusing on future-proof technologies. Their offerings highlight innovations aimed at enhancing vehicle performance, efficiency, and integration with evolving automotive trends and aftermarket needs. This technology improves ride comfort and maneuverability due to its ability to adapt to the state of the road and the manner of a car is being driven. Such innovations are required to fulfill customer’s expectation for better performance and comfort on vehicles, thus boosting the chassis systems market on a higher pace.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest automotive chassis systems market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest regional market for automotive chassis systems.

Asia Pacific leads the automotive chassis systems market as it has strategic advancements in the automotive manufacturing sector. The region as of 2024 occupies about 54 percent of the global marketplace share. Some of the factors include car manufacturers such as Toyota Motors, Honda, and Hyundai, and a higher rate of vehicle production. For instance, Asia-Pacific/Oceania/the Middle East are the most crucial automotive sales locations in the whole globe. The cumulative sales overall grew from about 44 million in 2021 to over 50 million units. The expanding middle-income population, increased car ownership, and the heightening investments directed toward the improvement of automobile technology and facilities are creating a positive automotive chassis systems market outlook.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the automotive chassis systems industry include Aisin Corporation, American Axle & Manufacturing Inc, Autokiniton US Holdings Inc., Benteler International AG, Continental AG, Gestamp Automoción S.A., Hyundai Mobis Co. Ltd, Magna International Inc, Robert Bosch GmbH, Schaeffler AG and ZF Friedrichshafen AG.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players operating within the automotive chassis systems market are focusing on the development of new products to cater to increasing levels of electric and autonomous vehicles. They are focusing on using light weights, and components that can be disconnected and reconnected for optimizing performance and efficiency. Further automotive chassis system industry developments, including ADAS which is implemented in the chassis to work more effectively to offer safer vehicles and driving assistance. For instance, in 2023, ZF Friedrichshafen AG speed up its transformation to electromobility and networked chassis technology. This decision can be seen as a major trend toward electrification and other sophisticated mobility solutions, and as such it is indicative of the increasing demand for chassis systems that go beyond the provision of foundations for different types of vehicles, to meet more general trends in the industry along the lines of green technologies and innovations.

Automotive Chassis Systems Market News:

• On April 30 2024, ZF Friedrichshafen AG, one of the world's largest automotive suppliers, and Hon Hai Technology Group ("Foxconn"), the world's largest electronics manufacturer, have completed the establishment of their joint venture in the field of passenger car chassis systems. For Foxconn, the acquisition of a 50-percent stake in ZF Chassis Modules GmbH, with a total enterprise value of around €1 billion (around $1.1 billion), opens up new perspectives in the automotive sector. The joint venture will use core competencies and process expertise from existing business areas and jointly develop them for new markets.

Automotive Chassis Systems Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the automotive chassis systems market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global automotive chassis systems market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the automotive chassis systems industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.