Global Automotive Chassis Market was valued at USD 53.6 Billion in 2018, and is expected to grow at CAGR of 5.4% over the forecast period 2020–2026. Key factors aiding the market include growing demand for efficient and high-performance vehicles, advances in chassis designing and increase in sales of commercial vehicles.
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Automotive Chassis are the skeleton structure of the automobile upon which the engines and other automotive parts are placed through which whole body of the automobile is fabricated. It is manufactured from Steel, Aluminium, Magnesium alloy, Cast Iron and Ferrous metal which comes under metal group. The focus has been shifted towards the non-metal material for producing high strength and light weight chassis from Carbon Fiber and conducive powder as these material reduces the cost of manufacturing and give high strength yield. Die casting and molding process is enforced to produce precise parts which is used for fastening of the chassis to the body parts of the automobile. Gas Metal Arc Welding and Metal Inert Gas Welding are the common practice to join the two ends of the chassis apart from that Adhesive Bonding is the new technique which is being implemented as it is eliminating the cost and providing the high strength and durability similar to other two joining process.
Chassis are used for providing the base for the automotive parts to be placed. It is like a skeleton of the automobile which upholds the automotive parts. These are widely used in Internal Combustion Vehicles, Electric Vehicles and Hybrid Vehicles. It comes in different shape and size with different material compositions. Space Frame is the most commonly and widely used Chassis around the automobile Industry. As it provides vast area for the automotive parts. Usually we see these type of chassis in four wheelers. Ladder frame and Rail frame are the chassis frame which is used for heavy vehicles due to its high strength and load resistance.
Market Trends, Drivers, Restraints and Opportunity:
- Surge in demand for passenger vehicles and growth in manufacture rate for automotive equipment is likely to enhance the demand for automotive chassis in the forthcoming period. Additionally, technological innovation and rise in vehicle ownership is a major growth aspect
- Innovative design for high-end cars and robust demand for durable chassis in the aftermarket sales is gaining traction. Demand for lightweight chassis is a major highlight in aftermarket scenarios
- Moreover, automotive chassis market is strongly influenced by the presence of key players and adoption of advanced technology for production. This results in creation of opportunities in terms of innovation and technological uplift
- However, fierce competition among the key players, lack of channelization and economic decline in the automotive industry in developing countries is restricting the market growth throughout the forecast period. Fluctuation in price of raw materials and high import duties tightens the market demand.