Global automotive chassis systems market report published by Allied Market Research would reach $97 billion by 2022 from $71 billion in 2015; growing at a CAGR of 4.5% from 2016 to 2022. In 2015, Europe dominated the market with the maximum contribution in global market revenue.
Automotive chassis systems are attached to the vehicle chassis and used to anchor the other vehicular systems such as suspension systems and steering systems to the vehicle frame. The chassis are expected to be light, sturdy, and with improved aerodynamic quality to improve the fuel efficiency.
The improved production of the vehicles has increased the demand for the chassis system parts, which drives the market worldwide. Furthermore, the infrastructure facility improvement also influences the market growth. In 2015, control arms component segment dominated the global automotive chassis systems.
However, knuckle & hubs are expected to witness the fastest growth during the forecast period, at a CAGR of 6.6%. Based on chassis systems types, active kinematics control grew at the fastest rate, registering a CAGR of 5.3%, during the forecast period.
Among various geographical regions, Europe contributed the maximum revenue share in 2015 and is expected to maintain its lead throughout the forecast period. This could be attributed to various factors, for instance, higher vehicle production and rise in demand for commercial vehicles.
“The technological advancements in the automobile industry have greatly improved and changed the requirements of the industry. Moreover, technological advancement, such as an introduction of driverless cars and increased production of electric cars have fueled the requirement for precise components. However, the demand for efficient systems manufactured as per the stringent government policies, regarding emission, affect the market. Thus, technological advancements are expected to drive the market in the near future” states Eshan Hira, Research Associate, Automotive & transportation, at AMR.
However, Asia-Pacific is projected to be the fastest-growing region throughout the analysis period. The increase in the number of manufacturing facilities due to the low cost of production, increase in purchasing power of people in developing nations and the stringent norms for vehicular emissions are some important factors that affect the market in the Asia-Pacific region.
Key players in the market have adopted product launch as their key developmental strategy to expand their services and businesses across different geographies. The major players profiled in this report include Continental AG, Robert Bosch GmbH, American Axle & Manufacturing, Magna International Inc., Benteler International AG, ZF Friedrichafen, Aisin Seiki Co., Schaeffler AG, Hyundai Mobis, and Gestamp Automocion SA.