Pune, July 09, 2024 (GLOBE NEWSWIRE) -- The increasing global vehicle demand, especially passenger and commercial vehicles is driving the growth of advanced as well chassis systems in the automotive industry. According to the global report for automotive market sales, the total vehicle unit sales in the U.S. market will be around 27% in 2024. Same with the Indian market, the sales for Passenger vehicles had reached up to 42, 18,746 units in 2023-24, an increase of 8.4% from the previous year.
Beginning with the development of automobile manufacturing to high-performance, safe, and comfortable direction, which requires the new lightweight chassis material with excellent properties, which makes vehicle efficient and more productive. Moreover, the government laws and regulations for vehicle emissions & fuel economy have also impacted driving the automotive chassis market. In 2023, the U.S. government had granted $12 Billion for the setup of a plant for the production of Electric or other advanced vehicles.
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Market Players Covered in this Report:
- Schaeffler Technologies
- Hyundai Motor
- Aisin Seiki
- Mahna International
- Continental Ag
- Tower International
- CIE Automotive
- REE automotive
- Benteler International AG
- ZF Friedrichshafen AG
Car manufacturers are working on the development of lightweight chassis structures that will receive high-strength steel, aluminum, and carbon fiber composites. The materials provide similar performance as before but better fuel efficiency and lower emissions along with the same structural integrity in terms of safety.
The companies also invested in the development of new vehicles with light chassis material, giving the market key players an opportunity to fight, and customers have better options with the purchase of vehicles. For Instance, Leading global automotive supplier ZF Friedrichshafen AG and the world's largest electronics manufacturer, Hon Hai Technology Group (Foxconn), officially formed a strategic partnership by completing their transaction today to create provisionally named "ZF Foxconn Chassis Modules." The joint venture was officially launched on April 30, with Foxconn purchasing a 50% share in ZF Chassis Modules GmbH. ZF plans to utilize this partnership strategically and in a bid to open up promising growth prospects with a fresh customer base as well as other development opportunities outside its traditional axle system assembly core business. From Foxconn's perspective, the deal represents an entry into auto manufacturing and a way to secure further expertise amid its mass production of electronics.
Automotive Chassis Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 149.2 Billion |
| Market Size in 2032 | USD 441.1 Billion |
| CAGR (2024-2032) | 12.8% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Recent Developments:
In March 2023, the Carbon Fiber Chassis Lamborghini Aventador replacement revealed the design focuses on the increased use of composite materials for extra strength as well as the car builder's skill in building chassis.
In March 2023; the optional intelligent software for chassis systems was introduced, as it optimizes vehicle dynamics and improves acceleration, braking performance, and steering precision. This innovation is beneficial to improve driving behavior and comfort, which are based on the continued improvement of automotive chassis technology.
Segment Analysis
By Vehicle Type:
The passenger car segment accounted for over 30% market share in terms of revenue in 2023. This sector is fueled by the rapidly growing consumer demand for safety and advanced connected car applications. The introduction of lightweight materials in passenger cars, and integrated chassis systems to improve fuel efficiency & performance will significantly contribute to increasing automotive market size and reducing environmental Impact.
Rising global demand for an environmentally friendly and efficient mode of public transportation is likely to provide impetus to the bus chassis market from 2023 through 2031. This is likely to have a profound impact on the market, with technological developments various trends among urban communities, and greater emphasis being laid upon environmental sustainability all influencing future CNG demand dynamics.
Regional Analysis:
The Asia Pacific led the automotive chassis market with more than 30% of the global market share in 2023, with its cost-saving nature as a result of the availability of cheap labor and raw materials that tend to entrench growth. This includes China and India which contribute to ~34% of global vehicle production driven by their high populations and growing purchasing power parity. According to data that shows China’s new energy vehicle sales reached around 10 million in 2023, consisting of Battery Electric vehicles and Plug-in Hybrid vehicles.
The US has also shown growth and developments in the automotive chassis market. According to the study of the US market, the sales for EVs have increased to 53% in 2023 as compared to 2022, as the customers are more inclined towards EVs as compared to other alternatives due to the availability of charging stations. The public and private sectors have also announced a sum of $ 21 billion for the development of charging stations for the public.
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Key Takeaways
- Growing adoption of lightweight materials and integrated chassis systems to improve vehicle performance as well as fuel efficiency.
- Increasing preference for passenger cars with advanced safety and connectivity features to fuel market growth
- Meeting tough regulatory requirements and consumer demands is dependent on advancements in chassis construction.
- Rapid developments in electric and self-driving vehicles are opening up fresh opportunities for chassis makers.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Automotive Chassis Market Segmentation, By Chassis Type
7.1 Introduction
7.2 Non-Conventional
7.3 Modular
7.4 Conventional
8. Automotive Chassis Market Segmentation, By Vehicle Type
8.1 Introduction
8.2 Passenger Car
8.3 Commercial Car
8.4 Electric Vehicles
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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