Automotive Chassis Systems Market to Capitalize on Rising Demand for Better Fuel Efficiency in Vehicles
From steering systems to pedals, hoses, gearshifts, and more, an automotive chassis system comprises a myriad components. Apart from integrating functions, these components are also primary candidates for reducing the weight and cost of vehicles. With rapid expansion of the automotive industry, automakers have witnessed surging demand for lightweight and cost-effective chassis systems, without compromising on the performance and the safety of the vehicles.
Key players piloting the automotive industry such as Continental AG, Robert Bosch GmbH, Bentley International AG, American Axle & Manufacturing, ZF Friedrichshafen, and Magna International Inc. are working on design technology, processing capabilities, and predictive engineering to offer innovative automotive chassis designs.
Such efforts, coupled with increased investment by leading producers, are likely to propel the global automotive chassis systems market at a positive 4.1% CAGR between 2015 and 2021. In 2014, the global automotive chassis systems market was valued at US$65.50 billion in 2014. According to a report published by Transparency Market Research, by 2021 the market will reach US$86.48 billion.
What are Automotive Chassis Systems?
Chassis is the internal framework of a vehicle to support the automotive design in its construction. Analogous to an animal’s skeleton, the chassis forms the backbone of the vehicle. It can also include the engine, suspension system, and power transmission system, in which case it is called a rolling chassis. Major components of automotive chassis systems include control arms, knuckles, and suspension links.
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What Drives the Automotive Chassis Systems Market?
Apart from the expanding automotive industry, several other factors have contributed to the rapid development of the automotive chassis market. The key driving forces of the industry are discussed below:
Shifting preference of end users is a key growth driver of the automotive chassis systems market. Present-day customers seek chassis systems that are more ductile and aerodynamic. The aerodynamic properties of advanced chassis systems enhance the vehicle’s fuel efficiency. Increasing demand for reduced fuel consumption and better performance in vehicles boosts the global automotive chassis systems market.
Superior quality designs impress customers more. Hence, the demand for faster and ductile automotive chassis systems has increased considerably.
Increasing demand for vehicles in Asia Pacific is significantly contributing to the global automotive chassis systems market. Emerging economies in Asia Pacific are focusing on infrastructural development, and hence the demand for LCVs, HCVs, and construction equipment vehicles has considerably increased, fuelling the automotive chassis systems market. Moreover, increasing demand for luxury cars in Japan, and growing demand for premium segment vehicles among the emerging business class in India and China is expected to boost revenue generated by the automotive chassis systems market across Asia Pacific.
Enhancement of infrastructure and overall development in the automotive industry is a key growth driver of the automotive chassis systems market. In lines with the demand forces prevailing in the industry, vehicles manufactured lately offer better reinforcement of safety. This is yet another factor driving the global automotive chassis systems market.
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Through the automotive chassis systems market will positively expand in the next few years, high cost of research and non-standardization of products are likely to pose threats in front of leading manufacturers. To attain sustainable growth, the market needs to address these issues meticulously.