Pune, India., July 18, 2023 (GLOBE NEWSWIRE) -- The global automotive chassis market size was USD 136.65 billion in 2022. The market is expected to grow from USD 147.68 billion in 2023 to USD 330.02 billion by 2030 at a CAGR of 12.17% in the 2023-2030 period. Chassis serves as the foundational structure of a vehicle, upon which the entire vehicle is built. It is a critical component that requires careful evaluation. A robust metal frame is essential to bear the weight of the vehicle in both stationary and moving conditions. The construction of the chassis is designed to provide adequate strength to endure various loads and stresses. "This information is provided by Fortune Business Insights, in its report titled, “Automotive Chassis Market, 2023-2030.”
Market Drivers & Restraints:
Growing Demand for Lightweight Vehicle Chassis Systems to Enhance Fuel Economy
The market is being driven by the increasing demand for weight reduction in vehicles to enhance overall efficiency, battery life, and fuel efficiency. Key industry players are predominantly utilizing aluminum alloy materials for manufacturing vehicle chassis systems. Aluminum, being the lightest metal, substantially reduces chassis weight, resulting in a significant reduction in the overall weight of the vehicle. On the contrary, fluctuation in raw material prices may stifle the automotive chassis market growth.
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Automotive Chassis Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 12.17% |
| 2030 Value Projection | USD 330.02 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 147.68 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 120 |
Segmentation Of Report:
Rapid Surge in Demand for Passenger Cars Driven by Advanced Technology
By vehicle type, the market is segmented into commercial cars, electric vehicles, and passenger cars. In 2022, the passenger cars segment recorded a market value of USD 69.75 billion. The demand for passenger cars is experiencing significant growth, driven by the increasing presence of global automotive manufacturers and consumers ready to invest in technologically advanced vehicles.
Non-conventional Segment to Dominate due to its Advanced Features
Based on chassis type, the market is divided into conventional, non-conventional, and modular. The increasing global demand for non-conventional chassis is fueled by the rising popularity of conventional passenger vehicles equipped with advanced features as well as the emphasis on improved fuel efficiency. Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
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Regional Insights:
Asia Pacific Dominates the Market due to Cost Advantages and Purchasing Power
Asia Pacific encompasses China and India, which contribute around 34% to the overall vehicle production, owing to their large populations and increasing purchasing power parity. The region maintains its market dominance, providing substantial cost advantages to manufacturers due to the presence of inexpensive labor and raw materials.
North America holds the second-largest automotive chassis market share due to advancements in technologies and materials.
Competitive Landscape:
Strategic Partnerships and Acquisitions by Key Players to Drive Product Enhancement
Automotive chassis players are prioritizing cost reduction measures, strategic collaborations, and acquisitions to enhance their range of products. As an example, in April 2021, Magna entered into a partnership with Israeli startup REE Automotive to develop an electric vehicle. This initiative aims to solidify Magna's position in the electric vehicle market as the industry progresses.
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A list of prominent Automotive Chassis manufacturers operating in the global market:
- Schaeffler Technologies AG (Germany)
- Hyundai Motor Company (South Korea)
- Aisin Seiki (Japan)
- Magna International Inc. (Canada)
- Continental AG (Germany)
- ZF Friedrichshafen AG (Germany)
- Tower International (U.S.)
- Benteler International AG (Germany)
- CIE Automotive (Spain)
- REE Automotive, Ltd. (Israel)
COVID-19 Impact:
Declining Sales and Reduced Purchasing Power Severely Impacted Market Growth
The global automotive market has experienced a severe impact from the COVID-19 pandemic. The second half of 2020 witnessed a sharp decline in auto sales as a result of the pandemic and the implementation of strict social distancing measures. Lockdowns, increased unemployment rates, and reduced wages have led to a significant decrease in the demand for cars. Consequently, consumers' purchasing power has been greatly diminished.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-chassis-market-101581
Notable Industry Development:
August 2022: REE Automotive introduced a class 3 panel van with P7 electric automotive chassis and REEcorners to serve the most popular vehicle types in the commercial segment. The platform supports both previously announced commercial electric vehicles and is built at REE's European Integration Center in the U.K. and North American Integration Center in Texas.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights - Impact of COVID-19 Pandemic on Global Automotive Chassis Market
- Global Automotive Chassis Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Electric Vehicle
- Market Analysis, Insights and Forecast - By Chassis Type
- Non-Conventional
- Conventional
- Modular
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast - By Vehicle Type
- North America Automotive Chassis Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Electric Vehicle
- Market Analysis, Insights and Forecast - By Chassis Type
- Non-Conventional
- Conventional
- Modular
- Market Analysis, Insights and Forecast - By Country
- U.S.
- By Vehicle Type
- Canada
- By Vehicle Type
- Mexico
- By Vehicle Type
- U.S.
- Market Analysis, Insights and Forecast - By Vehicle Type
- Europe Automotive Chassis Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Electric Vehicle
- Market Analysis, Insights and Forecast - By Chassis Type
- Non-Conventional
- Conventional
- Modular
- Market Analysis, Insights and Forecast - By Country
- U.K.
- By Vehicle Type
- Germany
- By Vehicle Type
- France
- By Vehicle Type
- Rest of the Europe
- By Vehicle Type
- U.K.
- Market Analysis, Insights and Forecast - By Vehicle Type
- Asia Pacific Automotive Chassis Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Electric Vehicle
- Market Analysis, Insights and Forecast - By Chassis Type
- Non-Conventional
- Conventional
- Modular
- Market Analysis, Insights and Forecast - By Country
- China
- By Vehicle Type
- Japan
- By Vehicle Type
- India
- By Vehicle Type
- South Korea
- By Vehicle Type
- Rest of APAC
- By Vehicle Type
- China
- Market Analysis, Insights and Forecast - By Vehicle Type
- Rest of the World Automotive Chassis Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Electric Vehicle
- Market Analysis, Insights and Forecast - By Chassis Type
- Non-Conventional
- Conventional
- Modular
- Market Analysis, Insights and Forecast - By Country
- Market Analysis, Insights and Forecast - By Vehicle Type
- Competitive Analysis
- Global Market Rank Analysis (2022)
- Competitive Dashboard
Continued...
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