According to a new market research report published by Acute Market Reports “Automotive Chassis Systems Market (Chassis Type – Ladder Chassis, Monocoque Chassis, Backbone Chassis and Others; Material Type – Steel, Aluminum Alloy, Carbon Fiber Composite and Others; Vehicle Type – Passenger Cars, Commercial Vehicles, Utility Vehicles and Defense Vehicles) – Growth, Future Prospects and Competitive Analysis, 2021 – 2029”, the automotive chassis system market was valued at US$ 64.85 Bn in 2020 and expected to grow at 5.5% CAGR during the forecast period from 2021 to 2029. 

Market Insights

Automotive chassis system market was valued at US$ 64.85 Bn in 2020 and expected to grow at 5.5% CAGR during the forecast period from 2021 to 2029. Market conditions have forced automobile companies to adopt new production methods and materials in order to improve durability, strength and Noise, vibration & harshness (NVH). In recent years, the design of chassis has mainly focused upon adding more electronically-controlled systems and at the same time reducing the overall weight. The market is witnessing rapid innovation in terms of design of the chassis in order to provide better safety, improved fuel economy and enhanced ride & handling experience. Therefore, integration, complexity and electrification expected to remain as the main drivers of modern chassis systems development.

One of the most prominent factors aiding the automotive chassis systems market growth can be attributed to the rising motor vehicle production globally. In 2020, the global motor vehicle production grew by 2.36% as compared to the previous year. This growth is supported by rising net disposable income of people and easy availability of finance schemes. Stringent vehicle emission regulations has further influenced automotive chassis systems market growth positively. Reducing the overall weight of chassis systems improves the fuel efficiency and reduces the emission produced by the vehicle. This move on the part of the government has also led to increasing demand for electric vehicles. As electric vehicles are environment friendly, therefore people are increasingly adopting these vehicles. Rising fuel prices is another prominent factor contributing to the increasing sales of electric vehicles. In 2020, the world's fleet of electric vehicles grew 54% to reach 3.1 million. By 2030, this number further expected to reach 125 million.

Browse the full report at  https://www.acutemarketreports.com/report/automotive-chassis-systems-market

In terms of geography, Asia Pacific stood as the largest market in 2020. A high number of leading automobile manufacturers headquartered in the region is a major factor driving the market growth. Some of the leading automobile manufacturers headquartered in the region includes Toyota, Honda, Nissan, Suzuki and Hyundai among others. India and China expected to remain important market for the automotive chassis systems in the coming years.

Some of the major players operating in the market include Aisin Seiki, Continental, Magna, ZF, Benteler, Tower International, Schaeffler, CIE Automotive and KLT Auto among others. In coming years, automobile manufacturers are expected to use lightweight materials in the manufacturing of automotive chassis systems. This would increase the use of the lightweight materials such as aluminum alloy and carbon fiber composites.  Carbon fiber composites are known to offer a great deal of weight saving and manufacturing flexibility in the design of a high performance vehicles. However, fluctuating price of raw materials remains a challenge for the manufacturers.

The Global Automotive Chassis Systems Market is Segmented into:

*Complete segmentation list is on report page