The automotive chassis systems market is expanding due to the heightened demand for stronger and lighter chassis systems. Automotive chassis systems are the inner frames of a vehicle that include control arms, knuckles, hubs, and suspension links, which are the main components. Aerodynamic and lightweight automotive chassis systems help enhance the fuel efficiency of the vehicle. The global automotive chassis systems market is expected to reach a value of US$ 86.48 billion by 2021 at a CAGR of 4.1% from 2015 to 2021. The automotive chassis systems market is fueled by end user preference. End users are motivated to upgrade their vehicles due to their preference for chassis systems with innovated features. Automotive chassis systems makers are producing superior-quality automotive chassis systems, making them ductile and aerodynamic. Automotive chassis systems are available with the latest modernized automatic fault detection systems, which alert drivers about malfunctions.
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Segmentation of the automotive chassis systems market by component breaks down the market into tie rods, cross-axis joints, suspension ball joints, control arms, and knuckles and hubs. Segments of the market by type of chassis system are corner modules, rear axles, active kinematics control and front axles.
Automotive Industry Expansion and Innovative Product Development Propel Market
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The automotive industry is thriving and expanding and is expected to experience substantial growth over the next few years. This factor will influence the making of better-quality chassis system. Innovative product development, incorporation of the latest features in chassis systems, and enhancement of infrastructure are some of the reasons propelling the automotive chassis systems market. A major market opportunity for automotive chassis systems is better reinforcement of safety. However, the availability of non-standardized products and high costs of research and development can hamper the automotive chassis systems market.
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Passenger Cars Have Largest Market Share due to Consumer Preference
The automotive chassis system market is segmented based on vehicle type into light commercial vehicles, heavy commercial vehicles, cars, construction equipment vehicles, off-road vehicles, and farm vehicles. The passenger car segment had the largest market share of automotive chassis systems. This segment is experiencing steady growth in North America and Asia Pacific.
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Asia Pacific Growing Market Due to Demand for Premium Class Vehicles
The infrastructural improvement in Asia Pacific is spurring the automotive chassis systems market due to demand for light commercial vehicles, heavy commercial vehicles, and construction equipment vehicles. Premium and luxury class vehicles are in demand among the growing business class in India and China, and this growth trend will affect the automotive chassis systems market positively. The U.K., Germany, and France have considerable growth prospects in the automotive chassis systems market.
Europe had the dominant market share in the automotive chassis systems market in 2014, due to shift in customer choices to smaller and cleaner vehicles. Due to the customer preference for downsizing of chassis, and upgrades in aerodynamic designs, the automotive chassis systems market gained significant impetus in this region. Key players operating in the automotive chassis system market are Robert Bosch GmbH, ZF Friedrichshafen, Continental AG, American Axle & Manufacturing, Bentley International AG, and Magna International Inc., among others.
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