According to the report, the global Automotive Chassis systems market is projected to surpass US$ 95 Bn by 2027, expanding at a CAGR of above 3 % during the forecast period.
Global Automotive Chassis Systems Market:
- According to the report, the global Automotive Chassis systems market is expected to expand at a CAGR of 3%, with rise in global production of vehicle
- Revival of economy with rapid industrialization in emerging economies of Asia Pacific and Rest of the World is anticipated to drive the automotive chassis system market during the forecast period
Expansion of Global Automotive Chassis Systems Market
- There has been an increase in construction activities in the developing countries of Asia Pacific and RoW. These construction activities depend highly on construction equipment vehicles. HCVs, and LCVs are also required for the transportation of raw materials from one point to another. Thus, these manufacturers of construction equipment vehicles need to constantly design the chassis system to suit the needs of construction activities in that particular area. This would fuel the demand for automotive chassis systems, thereby driving the market in the near future
- Manufacturers of automotive chassis systems are investing significantly in research and development for innovation of the latest composite components. This would help in the manufacture of automotive chassis systems that are lighter and stronger.
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- Latest innovative features such as automotive chassis sensors for the detection of any kind of malfunctioning of any of the components used in the automotive chassis system market are driving the market
- By vehicle type, the automotive chassis system market has been segmented into passenger cars, LCVs, HCVs, off-road vehicles, construction equipment vehicles, defense vehicles, and farm tractors. The passenger cars segment held the largest share of the automotive chassis system market in terms of revenue in 2018. Off-road vehicles such as dirt bikes and ATVs are popular among adventure lovers in North America and Europe. Furthermore, several sports activities are organized globally. This boosts the demand for off-road vehicles. LCV was the third largest segment of the automotive chassis system market, as these are the most preferred type of vehicles used for commercial purposes
Regional Analysis of Global Automotive Chassis Systems Market:
- In terms of region, the global Automotive Chassis systems market has been segregated into North America, Europe, Asia Pacific, and Rest of World. During 2018, Asia Pacific held the leading share of the global market followed by Europe and North America. Rising domestic demand of vehicles in China & India has boosted the automotive chassis system market in Asia Pacific region
- Prominent players operating in the global Automotive Chassis systems market include American Axle & Manufacturing, Benteler International AG, Continental AG, Robert Bosch GmbH, and ZF Friedrichshafen AG.