New York , Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global automotive chassis market size is predicted to expand at 6% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 110 billion by the end of 2033, up from a revenue of USD 64 billion in the year 2022. The major element to dominate the market expansion is the rising demand for automobiles. Sales of automobiles increased globally from approximately 65 million in 2021 to approximately 66 million in 2022. Hence, the demand for automotive chassis is also growing.
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Furthermore, a large number of people are observed to prefer lightweight vehicles. For instance, in the case of the United States, the auto sector sold over 12 million light vehicle units in 2022. This is because, due to their lightweight design, cars can be both economical and environmentally benign. Moreover, the greatest degree of security for the occupants of the car is provided by its frame. As a result, a greater number of fatalities could be prevented.
Automotive Chassis Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- Monocoque chassis segment to garner the highest growth
- Market in North America region to grow at a notable rate
Growing Urban Population to Boost the Growth of Global Automotive Chassis Market
By 2021, there will be approximately 4 billion people residing in rural regions and 5 billion living in cities worldwide. Roughly 750 million people regarded themselves as primarily city dwellers in 1950. The population had almost doubled to over 5 billion by 2021, and it is expected to rise to over 7 billion by 2050, bringing an additional 3 billion people into metropolitan areas. Also, the standard of living in cities is high which further boosts the demand for automobiles. Hence, with this, the market revenue for automotive chassis is set to rise.
Automotive Chassis Industry: Regional Overview
The global automotive chassis market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Adoption of Electric Vehicles to Influence the Market Growth in Asia Pacific
The Asia Pacific market for automotive chassis is projected to capture the highest revenue by the end of 2033. This growth is set to be dominated by rising demand for electric vehicles. For instance, in the Asia-Pacific area, China sold adjacent to 5 million electric automobiles in 2022, the most of any country.
Rise in Disposable Income to Drive the Market Expansion in North America
The North America market for automotive chassis is set to have notable growth in the market over the forecast period. This growth is projected to be encouraged by rising disposable income. Approximately USD 14 trillion might be spent by Americans with average personal income in 2021. There were roughly 45,342 USD in personal disposable income per capita in that specific year.
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Automotive Chassis Segmentation by Product Type
- Frame Chassis
- Backbone Chassis
- Monocoque Chassis
- Subframes
The monocoque chassis segment is projected to gather the largest revenue in the market over the forecast period. This growth of the segment is poised to be dominated by rising demand for passenger vehicles. The worldwide sales of passenger cars totaled over 56 million in 2022, representing a rise of almost 2 percent over the previous year.
Automotive Chassis Segmentation by Vehicle Type
- Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Buses
The cars segment is set to have notable growth over the forecast period. The main element to dominates the segment growth is the rising production of cars. Nearly 84 million automobiles were manufactured globally in 2022. This corresponds to an increase of almost 5 percent when compared to the prior year.
Automotive Chassis Segmentation by Material
- Steel
- Aluminum Alloy
- Carbon Fiber Composite
A few of the well-known market leaders in the global automotive chassis market that are profiled by Research Nester are Stellantis N.V., Schaeffler Group, Benteler International AG, Aisin Corporation, Continental AG, Hyundai Mobis Co., Ltd., Gestamp Servicios, S.A., Magna International Inc., Autokiniton, ZF Friedrichshafen AG, and others.
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Recent Development in the Market
- Gestamp Servicios, S.A. announced a collaboration with ArcelorMittal to integrate steel components with reduced carbon emissions into the vehicle manufacturing process.
- With cutting-edge solutions from Schaeffler's electromobility, chassis systems, and hydrogen technology businesses, the Schaeffler Group showcased product developments for the future of mobility.
About Research Nester
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