Automotive Chassis Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Automotive Chassis Market
The automotive chassis market size was reached at a value USD 147.68 billion in 2023, and the market is now projected to grow from USD 161.66 billion in 2024 to USD 439.69 billion by 2032, exhibiting a CAGR of 13.3% during the forecast period of 2023-2030.
Government-imposed restrictions on outing and social gathering to prevent the virus from spreading and had a negative impact on automotive industry. Lockdown enacted in numerous nations have hindered the manufacturing and caused transportation delays. In addition, worldwide restrictions have caused a halt in economic activities. The decrease in sales of passenger automobiles and commercial vehicles during the pandemic is a significant element influencing this industry hence reducing automotive chassis market growth. The shutdown of OEM manufacturing units has negatively affected manufacturers and the industry as a whole hence hindered automotive chassis market growth.
The demand for chassis material is rising with time, promoting automotive chassis market growth. Companies and organizations are prioritizing the development of innovative material technologies for automotive chassis due to their impact on conventional and electric vehicles carbon footprints creating remarkable opportunities for market expansion.Hybrid systems and composites are being used by the companies that combine multiple materials, including metal and composites which reduces mass and tooling costs, eliminates corrosion, and improves noise, vibration, and harshness.
Additionally, due to increasing carbon emissions the demand for electric vehicles is rising leading market expansion.Government organizations have established several objectives for reducing carbon emissions which will promote sale of electric vehicles. Manufacturers of electric vehicle are committed to provide automobile chassis with cutting-edge design and weight savings which spurred the automotive chassis market growth.
Comprehensive Analysis of Automotive Chassis Market
The medical devices market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed geographical assessment considering the dominant supply and demand forces that impact the automotive management industry. These segmentations are methodically segregated by types of vehicle and by chassis. The types of By Vehicle Type segment include Passenger Cars, Commercial Vehicles, and Electric Vehicles, and By Chassis Type segment include Non-Conventional, Conventional, and Modular.
In the automotive chassis market, Asia Pacific region lead the automotive devices market by benefitting a market size of USD 62.9 billion in 2023 owing to rising demand for chassis material, availability of raw materials and cheap labor.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Schaeffler Technologies AG (Germany), Hyundai Motor Company (South Korea), Aisin Seiki (Japan), Magna International Inc. (Canada), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Tower International (U.S.), Benteler International AG (Germany), CIE Automotive (Spain), REE Automotive, Ltd. (Israel), these market players provide a level-playing competitive landscape.
In April 2023, Magna International has signed a contracted to develop INEOS Automotive's all-new electric SUV, which will its begin production in Graz, Austria, in 2026.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 13.3% from 2024 to 2032
Unit Value (USD Billion) and Volume (Thousand Units)
Segmentation By Vehicle Type
Passenger Cars
Commercial Vehicles
Electric Vehicles
By Chassis Type
Non-Conventional
Conventional
Modular
By Region
North America (By Vehicle Type, By Country)
- U.S. (By Vehicle Type)
- Canada (By Vehicle Type)
- Mexico (By Vehicle Type)
Europe (By Vehicle Type, By Country)
- U.K. (By Vehicle Type)
- Germany (By Vehicle Type)
- France (By Vehicle Type)
- Rest of Europe (By Vehicle Type)
Asia Pacific (By Vehicle Type, By Country)
- China (By Vehicle Type)
- Japan (By Vehicle Type)
- India (By Vehicle Type)
- South Korea (By Vehicle Type)
- Rest of APAC (By Vehicle Type)
Rest of the World (By Vehicle Type, By Chassis Type)
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