PORTLAND, Oregon and PUNE, India, February 2, 2017 /PRNewswire/ --
According to the new report published by Allied Market Research, titled, "Automotive Chassis Systems Market by components type, chassis systems type, vehicle type, and Geography-Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the global automotive chassis systems market would reach $97 billion by 2022 from $71 billion in 2015; growing at a CAGR of 4.5% from 2016 to 2022. In 2015, Europe dominated the market with the maximum contribution in global market revenue.
Automotive chassis systems are attached to the vehicle chassis and used to anchor the other vehicular systems such as suspension systems and steering systems to the vehicle frame. The chassis are expected to be light, sturdy, and with improved aerodynamic quality to improve the fuel efficiency. The improved production of the vehicles has increased the demand for the chassis system parts, which drives the market worldwide. Furthermore, the infrastructure facility improvement also influences the market growth.
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In 2015, control arms component segment dominated the global automotive chassis systems. However, knuckle & hubs is expected to witness fastest growth during the forecast period, at a CAGR of 6.6%. Based on chassis systems types, active kinematics control grew at the fastest rate, registering a CAGR of 5.3%, during the forecast period.
Among various geographical regions Europe contributed the maximum revenue share in 2015 and is expected to maintain its lead throughout the forecast period. This could be attributed to various factors, for instance, higher vehicle production and rise in demand for commercial vehicles.
"The technological advancements in the automobile industry have greatly improved and changed the requirements of the industry. Moreover, technological advancement, such as introduction of driverless cars and increased production of electric cars have fueled the requirement for precise components. However, the demand for efficient systems manufactured as per the stringent government policies, regarding emission, affect the market. Thus, technological advancements are expected to drive the market in the near future" states Eshan Hira, Research Associate, Automotive & transportation, at AMR.
However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period. The increase in number of manufacturing facilities due to low cost of production, increase in purchasing power of people in developing nations and the stringent norms for vehicular emissions are some important factors that affect the market in the Asia-Pacific region.
Key findings of the study:
- In 2015, control arms component led the overall automotive chassis systems market revenue, which is projected to grow at a CAGR of 3.4% during the forecast period.
- Rear axle chassis systems type segment is expected to exhibit rapid growth as it maintains the proximity of the wheels relative to one another when the vehicle is in motion.
- Presently, Europe leads the global automotive chassis systems market and is expected to continue to dominate throughout the forecast period owing to the swift rise in commercial vehicle sales primarily in Japan and Australia.
- Germany leads the overall Europe automotive chassis systems market with about one-fourth of the market shares in the region.
Key players in the market have adopted product launch as their key developmental strategy to expand their services and businesses across different geographies. The major players profiled in this report include 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.
Read more about this research into the Automotive and Transportation market:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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