Allied Market Research recently published a report according to which the global automotive chassis systems market is projected to reach USD 97 billion by 2022 from the amount of USD 71 billion in 2015. Titled “Automotive Chassis Systems Market by components type, chassis systems type, vehicle type,and Geography-Global Opportunity Analysis and Industry Forecast, 2014-2022,” the report says the market will grow at a CAGR of 4.5% in the period from 2016 to 2022. In 2015, Europe accounted for the maximum contribution in global market revenue.
The automotive chassis systems are linked to the vehicle chassis and are used to anchor the other vehicular systems like steering systems and suspension systems and steering systems to the frame of the vehicle. In order to further boost fuel efficiency, in the modern era customers expect the chassis to be robust but light and with improved aerodynamic quality. The higher volume of production of vehicles has ramped up the demand for the chassis system parts. Furthermore, the infrastructure facility improvement also influences the market growth.
In 2015, it was the control arms component segment which dominated the global automotive chassis systems. However, during the period covered by the report, it is the knuckle & hubs segment which is expected to witness the fastest growth, at a CAGR of 6.6%. Based on the types of chassis, active kinematics control is expected to grow at the fastest rate, registering a CAGR of 5.3%, during the forecast period.
Europe is expected to maintain its lead when it comes to contribution to revenue share during the forecast period. This could be mainly due to the growing demand for commercial vehicles in the European market and the higher rate of production of vehicles.
Speaking about the report, Eshan Hira, Research Associate, Automotive & transportation, at AMR said that the technological advancements in the automobile industry have greatly improved and changed the requirements of the industry. Many technological innovations like the introduction of driverless cars and increased production of electric cars have led to an increase in the demand for precise components. Nevertheless, efficient systems need to be manufactured which confirm to the stringent government norms regarding emission and this has an effect on the market. Thus, he expects technological advancements to drive the market in the near future.
When it comes to the rate of growth, the Asia-Pacific region is expected to grow at the fastest paceduring the period covered by the forecast. The main factors that will affect this market are increase in purchasing power of people in developing nations, increase in number of manufacturing facilities due to low cost of production, and the stringent norms for vehicular emissions.
The key players in the market have used product launch as their key developmental strategy to expand their services and businesses across different markets. The major players mentioned in the report are Continental AG, Robert Bosch GmbH, American Axle & Manufacturing, Magna International Inc., Benteler International AG, ZF Friedrichafen, Aisin Seiki Co., Schaeffler AG, Hyundai Mobis, and Gestamp Automocion SA.
Manju Mathew, an MBA in marketing, completed publisher training courses from the Oxford Brookes University and New York University. She started with marketing and PR roles before moving on to her current position as a full time writer. Currently living in Dubai, her life as an expat has sharpened her observation skills and flair for writing. She enjoys writing about luxury cars like Ferrari, Lamborghini, etc even if she can only dream of owning them.
Your email address will not be published. Required fields are marked *
© 2017 Morjan Media LLC. All Rights Reserved.