USD 58.3 billion
Automotive Chassis Market Size, Share, Growth Analysis, By Chassis Type, By Material Type, By Vehicle Type, By Electric Vehicle Type, By Manufacturing Process, By Sales Channel, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2096 |
Region:
Global |
Published Date: December, 2024
Pages:
223
|Tables:
66
|Figures:
75
Automotive Chassis Market Insights
Global Automotive Chassis Market size was valued at USD 58.3 billion in 2022 and is poised to grow from USD 62.17 billion in 2023 to USD 103.89 billion by 2031, growing at a CAGR of 6.63% during the forecast period (2024-2031).
The automotive chassis industry is the backbone of the entire automotive industry across the globe. It is critical for the manufacturing side and for the users. It decides the performance, durability, and safety attributes of the vehicle. The market is expanding due to significant factors, including improvements in automotive technology, growing demand for lightweight cars, and increased popularity of electric vehicles. Electric and driverless vehicles will need entirely new designs of chassis to support unique features and powertrains, making them conducive for this. In meeting this standard, auto manufacturers are becoming innovative by producing lighter chassis that can usher into a more fuel-efficient operation to meet the regulatory requirements and subsequently, reduce emissions as concerns over environmental issues grow. There is also the factor of a growing demand for more advanced chassis systems that should be capable of supporting advanced driver assistance systems due to increasing emphasis on safety and integrating those technologies. Moreover, there is the factor of expanding the industry as a result of trends towards automobile customization and rising disposable incomes. The automotive chassis market growth is expected to benefit from new materials, technical advancements, and increased prospects in developing nations, especially Asia-Pacific, where vehicle manufacturing is growing rapidly, as the automotive industry continues to change.
US Automotive Chassis Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Non-Conventional
Fastest Growth
Modular
Growth Rate
6.63% CAGR
Global Automotive Chassis Market ($ Bn)
Country Share for Asia-Pacific (%)
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Automotive Chassis Market Segmental Analysis
Global Automotive Chassis Market is segmented by Chassis Type, Material Type, Vehicle Type, Electric Vehicle Type, Manufacturing Process, Sales Channel and Region. Based on Chassis Type, the market is segmented into Backbone Chassis, Ladder Chassis, Monocoque Chassis, and Modular Chassis. Based on Material Type, the market is segmented into AL Alloy, Carbon Fibre Composite, HSS (High Speed Steel), and MS (Mild Steel). Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Based on Electric Vehicle Type, the market is segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-In Hybrid Vehicle (PHEV). Based on Manufacturing Process, the market is segmented into Hydro-Forming, Stamping, Laser Cutting, and Welding. Based on Sales Channel, the market is segmented into OEM, and Aftermarket. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Chassis Type
Based on the 2023 automotive chassis market analysis, the non-conventional chassis category led the highest share in the market. Through the integration of the body and chassis, this system increases weight and rigidity for better handling and stability. Compared to the conventional chassis, the non-conventional design does not apply frame joints; this enhances the driving comfort by reducing vibrations and shocks produced by loose parts. Most of these chassis go into conventional passenger automobiles that require high-end functionality and performance. In the era of green-conscious customers and strict laws regarding emissions, non-conventional chassis are also in greater demand because they come in lighter weights, aiding in saving fuel and efficiency. Global acceptance of non-conventional chassis is expected to rise with the growing demand for high-performance, fuel-efficient cars.
However, the modular segment is expected to grow at a compound annual growth rate (CAGR) of 22.7% in the forecast period from its 2023 value of USD 6.31 billion. This market segment holds the second-largest position. Being much less expensive and easier to manufacture than other chassis configurations, modular EV chassis would, in time, yield improved efficiency in EV manufacture. As modular EVs can be customized, firms should be able to vary, up or down as the situation dictates, which is a powertrain as may be desired. This allows manufacturers to design virtually unlimited numbers of motor, suspension, steering, brake, and drive combinations to fulfill the performance requirements of electric vehicles (EVs). Thus, modular chassis can accommodate both huge minivans and tiny electric vehicles.
Analysis By Vehicle Type
As international manufacturers are gaining prominence and consumers are ready to buy new automobiles equipped with cutting-edge technologies, the passenger cars category dominates the market. The features available in advanced passenger automobiles include voice recognition, navigation, fast charging, and smartphones being connected to them. Technologies such as lane-keeping assistance, automated braking, and automated parking are also available in some passenger automobiles. These factors are expected to drive demand for the passenger vehicle industry during the estimated period and propel growth in the global automotive chassis market. Passenger automobiles sold globally increased by 5% from 53.92 million in 2020 to 56.40 million in 2021. As per estimates, sales of passenger cars in India witnessed an increase of more than 8% in January 2023 compared with December 2022.
Contrarily, based on the global automotive chassis market forecast, automotive technology is witnessing rapid shifts; the electric vehicle category is expected to grow at the fastest pace. Emerging electric vehicles and self-driving innovations will significantly transform the automobile world in the next ten years. Passenger cars will account for 28% of total global sales by 2030 and sail to an astounding 58% by 2040. The government incentives encouraging green technology, sustainable environmental conditions, and immediate solutions towards clean energy implementation have been driving the acquiring boom for electric vehicles. This change in direction has made the automotive chassis market expand more rapidly with the growing need for custom-made chassis meant to accommodate the unusual powertrains and lightweight specifications that electric cars have.
Global Automotive Chassis Market By Chassis Type
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Automotive Chassis Market Regional Insights
Due to the availability of inexpensive labor and raw resources, Asia-Pacific continues to dominate the automotive chassis market and provide businesses with considerable cost savings. Due to their massive populations and growing purchasing power parity, China and India, accounting for about 34% of the world's car production, are in this region. The sales of premium vehicles have risen with the popularity of the chassis made of aluminum alloy. Furthermore, the Asia-Pacific market is expected to be driven by increasing growth due to government and commercial investment and foreign direct investment during the forecast period.
However, due to the advancement of new materials and technology, North America now has the second-largest market share for the automotive chassis market. Some new types of materials are replacing traditionally used materials in car chassis for the optimization of joining in this region. North America's automobile sector is now utilizing the resin, fiber, and metal alloys as they are lightweight, cost-effective, and have a high payload capacity. Due to increasing consumer demand for sports and luxury vehicles, this factor is also expected to act as a lucrative opportunity for the growth of the regional market. For instance, GM started the production of the Hummer EV SUV at its Detroit-Hamtramac assembly plant in Michigan in January 2023.
Global Automotive Chassis Market By Geography
- Largest
- Fastest
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Automotive Chassis Market Dynamics
Automotive Chassis Market Drivers
Growing Interest in Lightweight Automobiles
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The effective weight components application on the automotive chassis design indirectly lays emphasis on fuel economy and low carbon dioxide emissions. Weight reduction of light material profiles, such as carbon fibers and aluminum, in these vehicles translates into lower fuel consumption and environmental impact. Among all the factors with regards to above-average weight reduction, the highest value has been attributed to batteries' performance improvement and the total range in electric vehicles.
Technological Advancements for Automotive Design
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Advancing automotive technology, including developing more complex driver-assistance systems, such as ADAS, and autonomous driving capabilities, are all driving the need for increasingly more sophisticated chassis systems. The chassis represents a critical component of today's automobile designs due to these new technologies requiring strong, yet flexible, chassis designs to house sensors, wiring, and other components. The requirement for advanced chassis solutions will therefore be expected to grow in response to these new technological developments.
Automotive Chassis Market Restraints
High Production Costs
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Advanced automotive chassis, especially those made from lightweight materials such as aluminum or carbon fiber, are expensive to produce. The overall cost of producing automobiles is increased by the high prices of these materials and the complex manufacturing processes. Such costs may be a discouragement, especially for producers who want to keep the price low or attract price-conscious consumers.
Complexity in Chassis Design and Integration
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As cars become more technologically advanced, it becomes even more challenging to integrate new technologies such as electric drivetrains or autonomous systems with conventional chassis designs. The necessity for accuracy and personalization during the designing and integrating steps may lead to increased manufacturing time and difficulties. This barrier could be up against a small producer with less funds or experience.
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Automotive Chassis Market Competitive Landscape
Major players in this highly competitive automotive chassis industry landscape include Bosch, Magna International, ZF Friedrichshafen, Benteler International, and Aisin Seiki. These players lead the innovation in chassis business with the most advanced solutions necessary to develop electric and driverless cars. To enhance vehicles, they focus on new light materials, integration of the latest safety features, and developments in technology. These major corporations further drive competition through further research and development, influencing the way automobile chassis systems move forward.
Automotive Chassis Market Top Player’s Company Profiles
- Continental AG
- ZF Friedrichshafen AG
- Magna International Inc.
- Aisin Seiki Co., Ltd.
- Gestamp Automocion
- American Axle & Manufacturing Holdings, Inc.
- Martinrea International Inc.
- Schaeffler AG
- Hyundai Mobis Co., Ltd.
- Thyssenkrupp AG
- Dana Incorporated
- GKN Automotive Limited
- Magneti Marelli S.p.A.
- IFA Rotorion - Holding GmbH
- KLT Automotive and Tubular Products Limited
- Tower Automotive Operations USA, LLC
Automotive Chassis Market Recent Developments
- Magna International recently contracted in April 2023 for the design and building of the new electric SUV at INEOS Automotive. This car will roll out from the assembly line sometime in 2026 at Graz, Austria. The general engineering will also be done by Magna.
- Lamborghini has unveiled the carbon fiber chassis in March 2023 for its next Aventador successor, using more composite material than ever before. The aim of this new design is to eliminate joints and welds by integrating as many components as feasible. Forged composites do away with the energy expenditure associated with cooling, making production more efficient.
- ZF launched software, in March 2023, for a "smartly networked" chassis system, which highly leverages the longitudinal, lateral, and vertical dynamics of the vehicle. All the chassis systems come under its management, which also ensures balanced damping, precise steering and braking, and fluent acceleration.
Automotive Chassis Key Market Trends
- Electrification of Chassis Systems: The electrification of chassis systems is also on the move through electric vehicles. Carbon and aluminum are the two light materials used more and more to extend the life of batteries and maximize energy efficiency. Chassis components are linked with electric powertrains to improve handling and performance, and so, to increase efficiency and sustainability.
- Integration of Advanced Driver Assistance Systems (ADAS): Advanced driver aid technologies such as automated driving systems, adaptive cruise control, and lane-keeping assistance are increasingly being integrated into the design of automotive chassis. These technological advancements, which are opening opportunities for autonomous cars and enhancing vehicle safety, stability, and overall driving experience, call for precision engineering to seamlessly integrate sensors, cameras, and radar systems into the chassis.
Automotive Chassis Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the automotive chassis industry outlook is changing at an unprecedented rate through new technologies and the growth in demand for high-performance and eco-friendly vehicles. Changes in the industry have taken the form of electric vehicle technology, which has led to bringing out innovative lightweight materials and energy-efficient designs in chassis to help the vehicle achieve maximum battery range and overall performance. Advanced driver assistance systems, also known as ADAS, are changing chassis development in itself, requiring precise engineering that could integrate sensors and ensure vehicle stability and safety. This sector, with an emphasis on sustainability, efficiency, and safety, will continue to evolve to reflect the shift toward automation and electrification. This should create ample opportunity for innovation while responding to the demands of new customers.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 58.3 billion |
| Market size value in 2031 | USD 103.89 billion |
| Growth Rate | 6.63% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Chassis Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Chassis Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Chassis Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Chassis Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Chassis Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Chassis Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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