As per the latest report by IMARC Group, titled " Automotive Chassis Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global automotive chassis systems market size reached US$ 84.9 Billion in 2022. The automotive chassis system is an essential component that plays a crucial role in the overall functioning and performance of a vehicle. It serves as the structural backbone, supporting and connecting various components of the vehicle. It is manufactured using steel, aluminum, magnesium, carbon fiber reinforced polymers (CFRP), and fiberglass reinforced polymers (FRP). The chassis system works by distributing the weight of the vehicle evenly across the wheels and providing a stable platform for the suspension and steering systems. It consists of the frame, suspension, steering, and braking components, all working together to deliver a safe and comfortable driving experience. The automotive chassis system helps to enhance vehicle stability, provide better handling and control, improve road grip, and reduce the chances of skidding or loss of control during cornering or emergency maneuvers. Additionally, it also contributes to passenger safety by absorbing and dissipating impact forces in the event of a collision. Currently, there are several types of product variants available, each catering to specific vehicle requirements, including ladder frame, monocoque, unibody, space frame, and tubular chassis systems.
Global Automotive Chassis Systems Market Trends:
The increasing demand for fuel-efficient and lightweight vehicles has propelled the adoption of advanced chassis systems, such as multi-link suspension and independent rear suspension, enhancing vehicle performance and handling, which represents one of the factors propelling the market growth. Moreover, governments of various nations are imposing stringent regulations focusing on safety and emission standards that have prompted automotive manufacturers to integrate advanced chassis technologies, including electronic stability control and anti-lock braking systems, which is acting as another growth-inducing factor. This is further supported by the rising trend of electric and hybrid vehicles and the growing preference for enhanced comfort and luxury features in vehicles. Furthermore, the increasing consumer inclination towards sporty and high-performance vehicles has led to the adoption of performance-oriented chassis systems, such as active roll control and torque vectoring, enhancing vehicle dynamics and handling capabilities, further creating a positive outlook for the market. In line with this, the rapid expansion of the automotive aftermarket, coupled with the need for chassis system upgrades and replacements, are accelerating the market growth. Additionally, the advancements in automotive technology, such as the integration of chassis systems with artificial intelligence (AI) and connectivity features and the burgeoning research and development (R&D) activities aimed at improving chassis system design, material composition, and overall performance are providing a thrust to the market growth. Looking forward, the market value is projected to reach US$ 117.9 Billion by 2028, expanding at a CAGR of 5.47% during 2023-2028.
- By the component, the market is segregated into control arms, tie-rods, stabilizer links, suspension ball joints, cross-axis joints, knuckles and hubs, and others.
- Based on the chassis system, the market is categorized into rear axle, front axle, corner modules, active kinematics control, and others.
- By the vehicle type, the market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, construction equipment vehicles, defense vehicles, and others.
- Region-wise, the market has been categorized into 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 Middle East and Africa.
- The competitive landscape of the industry has also been examined with some of the key players being 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.
|Base Year of the Analysis
||Component, Chassis System, Vehicle Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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
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