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The global automotive chassis market size was valued at USD 60.04 billion in 2018 is projected to growth at a CAGR of 7.4% during the forecast period. The LCV chassis market is expected to reach USD 16.53 billion by 2025, while the HCV chassis market is projected to reach USD 11.49 billion by 2025 at a CAGR of 2.5% from 2019 to 2025.
Stringent emission and safety norms have compelled the OEM’s and chassis manufacturers to fast track the transition in the chassis design from heavy conventional iron chassis to lightweight composite materials structures. The increased stringency in vehicular emission has made it necessary for the automobile manufacturers to reduce the overall weight of the vehicle, along with maintaining the strength of the structural design. The requirement of lightweight sturdy chassis design is accomplished by the increasing use of composite materials and alloys instead of conventional heavy metals.
Leading automobile companies are manufacturing chassis with technological advancements and innovation amid the requirement for a lightweight and high efficient vehicle. The market has been segmented based on chassis type into ladder, monocoque, compact modular, and modular. Monocoque chassis segment market is estimated to hold the largest market share as the type of chassis has the highest penetration in the passenger car segment. However, the modular and compact modular segment markets are projected to have a good growth potential over the forecast period amid the continuous increase in the adoption of electric and hybrid vehicle. It provides minimum emission, makes the vehicle safer and fuel-efficient. Hence monocoque chassis is expected to grow better than other types of chassis.
The automotive industry is in a transition phase amid the emergence of alternative fuel vehicle and electric vehicle over the conventional internal combustion engine vehicles. The particular scenario has created a need for extensive research and development in the chassis design and manufacturing process. The usage of advanced designing tools and software in the design and manufacturing process such as advanced computer-aided engineering, additive manufacturing, and artificial intelligence have been introduced. This has opened opportunities for players from other technology-driven sectors in the automotive chassis market.
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The introduction of battery-electric driven propulsion in the light commercial vehicle, medium & heavy commercial vehicle, and buses & coaches has further revolutionized the chassis industry. The light commercial vehicle segment has experienced increasing adoption of hybrid propulsion in top-end SUVs and pick up trucks with lightweight monocoque chassis instead of heavy ladder or backbone chassis. Electric propulsion for HCVs and shuttle coaches are still in the testing phase but is expected to gain momentum during the forecast period.
“Increasing Demand for Fuel-efficient and Low Emission Vehicles to drive the Market for Lightweight Composite Material Chassis.”
Harmful gases emission from the exhaust and amount of fuel combusted by a vehicle is directly proportional to emission control, which in return, results in increasing demand for low emission and fuel-efficient vehicles. Hence, the production of a vehicle with low weight chassis will significantly lower the weight of the vehicle, thus achieving the lower emission of harmful gases and better fuel efficiency. Considering this, various automotive design and engineering companies are designing lighter and robust chassis.
Motorsport legend Gordon Murray’s automotive manufacturing system designed chassis frame ‘IStream Superlight’ that cuts vehicle weight in half and is claimed to apply to every segment from small city car to commercial vehicles. This new chassis delivers a vehicle only a half of the weight of a standard metal chassis of the same class and size. The complex new designs also helps achieve new levels of durability and rigidity and also maximizing the flexibility of the production platform for manufactures. Moreover, this method will also reduce the cost of automotive manufacturing. So these advancements in chassis frame helps lower the overall weight of the vehicle, eventually lowering the emission from the vehicle. Therefore, the automotive chassis system market is growing amid to the rising demand for low emission and fuel-efficient vehicle.
Based on the chassis type, the market is segmented as a ladder, monocoque, compact modular, and modular. Monocoque chassis or body in white type has the largest share in the chassis market amid safety and better fuel efficiency with minimum emission in the environment. The lightweight structure helps in improving the fuel efficiency of the vehicle making the monocoque chassis the most widely used chassis type in the passenger car segment market.
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Monocoque chassis type may retain the largest market share during the forecast period; however, new advanced modular chassis are expected to experience tremendous growth during the forecast period. Modular chassis is an advanced detachable chassis type, being largely adopted in the upcoming passenger car designs as the chassis could be customized to the vehicle design requirement. The compact modular chassis segment market is expected to grow at CAGR of 48.9% during the forecast period.
The modular chassis is used in the electric vehicle. Advantage of modular chassis or electric vehicle chassis is that it can be adapted to new designs and technologies in the future. This, in turn, gives them a longer life span, thereby saving the huge cost of chassis development. Modular chassis structure can be adapted to different sizes of batteries, offering the company-wide ranges of vehicles. It can also be customized to accommodate new sizes, and types of the batteries as the technology evolves.
According to the present automotive chassis market trends, the market is segregated into the passenger car, light commercial vehicle, and heavy-commercial vehicle based on vehicle type. Passenger car holds the largest market share in this vehicle type segment in terms of volume. This market has seen an increase in the production of passenger car due to an increase in demand for passenger cars in developing nations contributing to the growth of passenger car chassis market.
Besides, with these factors, the improving standards and increasing buying power of people in developed and developing economies are also contributing to an increase in sales of passenger cars throughout the globe. All these factors are expected to drive this passenger car segment in the automotive chassis market during the forecast period.
North America Market Size, 2018
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The market is further segmented based on region into North America, Europe, Asia-Pacific, and Rest of the World. The North American light commercial vehicle market was estimated to be at 11.9 million units in 2018 and is estimated to be the largest vehicle type segment market in the region over the forecast period. North America is expected to be the second largest region dominating the automotive chassis market during the forecast period. There has been an increase in demand for lightweight and fuel-efficient vehicles in North America. This growing demand for lightweight vehicles will drive the market for this region.
Asia-Pacific is expected to dominate the automotive chassis market during the forecast period amid rising demand for vehicles in developing countries like China and India. The increase in safety of structure will lead to an increase in demand for the sustainable chassis system and will lead to the growth in automotive chassis market in Asia-Pacific.
The European Union has unilaterally decided to shift to zero-emission vehicles by 2030, which will further drive the modular chassis market in the region. As the modular chassis type is mainly used in electric vehicles, the growth for ladder and monocoque chassis in the Europe is expected to be minimal over the forecast period.
“Market Players such as Schaffler, Continental, and others are investing heavily in research and development of automotive chassis design for electric and hybrid vehicles ”
The market-leading players such as Continental, Schaeffler, ZF, among others have ramped up their investments and activities on the R&D for designing more efficient chassis for electric-powered vehicles. The range of the electric vehicle is most affected by the weight and the batteries the structure can accommodate. The leading manufacturers are in the process of refining the chassis design to accommodate more batteries while reducing the overall weight of the structure.
The automotive body manufacturing ecosystem has been consolidated to a few market leaders over the last few decades. However, the transition on going in the automotive industry from conventional fuel vehicle to electric vehicle has created opportunities for new market players to enter the automotive chassis manufacturing ecosystem.
The report provides qualitative and quantitative insights on the global automotive chassis market and detailed analysis of global automotive chassis market size & growth rate for all possible segments in the market. The global automotive chassis market is segmented by type, deployment, organization size, function, and geography. Based on the type, the global automotive chassis market is classified into ladder, monocoque, compact modular, and modular. By vehicle type, the global automotive chassis market is segmented into the passenger car, light commercial vehicle, and heavy commercial vehicle. Geographically, the global retail analytics market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, and Rest of the World. These regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the global automotive chassis market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global automotive chassis market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.
Volume (Million Units) & Value(USD Billion)
By Vehicle Type
Fortune Business Insights says that the automotive chassis market size was valued at USD 60.04 in 2018 and is projected to reach USD 97.72 billion by 2026
Growing at a CAGR of 7.4%, the Market will exhibit steady growth in the forecast period (2019-2026)
Monocoque chassis is expected to be the leading chassis type in passenger car chassis market during the forecast period.
The increasing production of passenger cars globally will drive the growth of this market.
Continental, Schaeffler, ZF are the top players in this market.
Asia pacific is expected to hold the highest market share in the market.
Increasing sales of electrical and hybrid vehicles will drive this market globally.
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