Jersey City, New Jersey, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Automotive Subframe Market” By Product (Steel Subframe, Aluminum Alloy Subframe), By Application (Front Subframe, Rear Subframe), and By Geography. According to Verified Market Research, the Global Automotive Subframe Market size was valued at USD 2.52 Billion in 2020 and is projected to reach USD 3.61 Billion by 2028, growing at a CAGR of 5.27% from 2021 to 2028.
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202 - Pages
126 – Tables
37 – Figures
Global Automotive Subframe Market Overview
The demand for high-performance and fuel-efficient vehicles is growing among the masses. This is further putting emphasis on reducing the weight of the vehicle, thereby enhancing its performance. This trend has compelled manufacturers to design new vehicles and subframes or chassis that will result in lightweight and fuel-efficient vehicles. Moreover, the other rising concern is the emission of harmful gases from the exhaust of the vehicle. Hence, in order to monitor emission control, manufacturers should design low-emission vehicles, which raises the need to design low-weight chassis.
The automobile manufacturers are producing chassis systems with innovations and advancements owing to increasing demand for premium and improved performance vehicles. The rising technological advancements and innovations in vehicles are fueling demand for advanced subframes or chassis systems. For instance, AUDI AG manufactured a new car called Audi A6, which has a light-weight chassis and electric-assist steering. Such features can improve the driving experience, which in turn, augments the demand for luxurious vehicles.
The growing sales of light commercial vehicles and electric vehicles increase the production of electric vehicles which in turn drives the growth of the automotive subframe market. The adoption of electric vehicles in developed countries has increased owing to the greenhouse emission regulations by the government and the increasing price of fuel. For instance, according to Statistics Netherlands (CBS), in 2017, there were around 22,000 electric vehicles in the Netherlands, which is around a 60% increase from the previous year.
Key Developments in Automotive Subframe Market
- South Korea-based LG Electronics Inc and automotive supplier Magna International Inc are launching a joint venture that will make key components for electric cars.
- Canadian auto parts company Magna International Inc. is planning to expand its global manufacturing capacity to North America as it focuses on electric vehicle production.
- F-Tech Inc. has planned to increase business with GM and Toyota to deliver suspension parts.
- F-Tech Inc. announced that it won a new order to deliver suspension parts to Toyota vehicles built in the USA, Japan, and Asia.
The major players in the market are F-tech, Yorozu, Magna, Benteler Group, Toyoda Iron Works, Gestamp Automocion, Ryobi Limited, and Y-tec.
Verified Market Research has segmented the Global Automotive Subframe Market On the basis of Product, Application, and Geography.
- Automotive Subframe Market, By Product
- Steel Subframe
- Aluminum Alloy Subframe
- Automotive Subframe Market, By Application
- Front Subframe
- Rear Subframe
- Automotive Subframe Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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