Rise in adoption rate of electric vehicles globally has propelled demand for lightweight materials in automotive chassis systems
Adoption of aluminum alloy chassis is likely to increase revenue of companies in the automotive chassis system industry
Asia Pacific and North America are projected to be lucrative markets, driven by thriving automobile industry and rise in sales of passenger and commercial vehicles
WILMINGTON, Del., Jan. 10, 2023 /PRNewswire/ — Automotive chassis manufacturers are seeking lightweight materials to improve the fuel economy of modern automobiles. Demand for aluminum alloy chassis is set to present attractive opportunities for companies in the global automotive chassis system industry. The market was valued at US$ 59.7 Bn in 2021.
Rapid penetration of electric vehicles in several countries in the past few years has propelled automotive chassis system market development. Sales of electric cars have increased significantly in Asia Pacific, Europe, and North America, which spurred demand for lightweight and robust automotive chassis system. Furthermore, increase in sales of SUVs in India and the U.S. has led to increase in revenue of automotive chassis manufacturers.
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Key Findings of Study
Increased Commercialization of Electric Vehicles Presents Lucrative Opportunities: Electric vehicle (EV) manufacturers are adopting lightweight and robust chassis systems to improve battery life and fuel efficiency. Increase in utilization of lightweight structural materials in battery-powered pickup trucks has led to significant improvement in fuel efficiency. Rise in trend of electrification in the transportation sector presents lucrative opportunities for automotive chassis manufacturers, which is likely to broaden automotive chassis system market outlook. Use of lightweight and robust chassis materials has increased in the body of long-haul electric vehicles.
Demand for Automotive Chassis System Made of Aluminum Presents Attractive Opportunities: Chassis systems made of aluminum and its alloys are likely to gain traction in the automotive markets in China, Japan, and Germany. Growth of the automotive chassis system market in these countries is fueled by rapid penetration of EVs. Usage of aluminum alloy has increased in the past few years in regions with significant adoption of electric commercial and passenger vehicles. Research and development in automotive lightweight materials for both internal combustion engine vehicles and EVs is likely to lead to usage of other alloys in chassis systems. For instance, chassis system manufacturers have shown increase in interest in carbon fiber and glass composites in the past few years.
Key Drivers
Rise in demand for lightweight materials for vehicle bodies is ascribed to focus of automakers and OEMs on fuel efficiency, while maintaining security and performance standards. Utilization of alloys in vehicle chassis reduces fuel consumption considerably.
Increase in adoption of electric vehicles (EVs) in several countries is expected to drive global automotive chassis system market growth. Automotive companies are seeking chassis systems that enable them to incorporate more compact and lower cost battery, thus helping in the penetration of EVs in developing regions of the world.
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Regional Growth Dynamics
Asia Pacific was a lucrative market in 2021, driven by substantial demand for automotive chassis systems in commercial and passenger vehicles. Increase in purchasing power parity of the population of China is bolstering the market in Asia Pacific.
North America and Europe are lucrative markets. Growth of these markets during the forecast period is likely to be fueled by presence of several prominent OEMs and a large consumer base for electric vehicles. Consumers in these regions are seeking hybrid electric vehicles with high electric range in order to gain fuel economy benefits.
Competition Landscape
Key players operating in the global automotive chassis system market are Detroit Diesel Corporation., Dana Limited, Meritor, Tower International, MAHLE GmbH, Magna International Inc., KLT-Auto, Benteler International AG, American Axle, and Robert Bosch GmbH, Continental AG. These companies have adopted strategies such as product portfolio expansion in order to gain automotive chassis system market share.
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Automotive Chassis System Market Segmentation
Component
Suspension Ball Joints
Cross Axis Joints
Tie Rods
Stabilizer Links
Control Arms
Knuckles and Hubs
Chassis Type
Backbone Chassis
Ladder Chassis
Monocoque Chassis
Modular Chassis
Others
Chassis Material
Aluminum Alloy
Mild Steel
High Speed Steel
Others (carbon fiber composite, etc.)
EV Type
BEV
PHEV
HEV
Vehicle Type
Passenger Cars
Hatchback
Sedan
Utility Vehicles
Light Commercial Vehicles
Heavy Duty Trucks
Buses and Coaches
Regions Covered
North America
Europe
Asia Pacific
Middle East & Africa
South America
Countries Covered
U.S.
Canada
Germany
U.K.
France
Spain
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
GCC
South Africa
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