Analysis by Product Type (Frame Chassis, Backbone Chassis, Monocoque Chassis, Subframes); by Material (Steel, Aluminum Alloy, Carbon Fiber Composite); and by Vehicle Type (Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Buses) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Regionally, the global automotive chassis market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of a strong automobile network in the region, growing export of automobiles, as well as the rising production of vehicles. For instance, China accounted for ~32% of the global vehicle production in 2021.
The global automotive chassis market is further classified on the basis of region as follows:
Growth Drivers
Growing Dependencies on Heavy Commercial Vehicles – chassis being the structural skeleton for every vehicle including truck. Chassis is the platform on which the truck is laid on as it contains the axles, fuel tank engine, cab, and batteries. The rising dependency on trucks is expected to boost the automotive chassis market in the projected period. For instance, ~70% of all freight transported United States depends on trucks for deliveries.
Rising Number of Buses - for instance, there were almost 167,200 units of bus in the world in 2021.
Upsurge in the Demand for Sports Cars – which accounted for about 1.5% of the total United States car sales in 2021.
Increasing Number of Trailers – it was found that, in 2021, there were more than 2.5 million tractor trailers in United States alone.
Challenges
The global automotive chassis market is segmented and analyzed for demand and supply by product type into frame chassis, backbone chassis, monocoque chassis, and subframes. Amongst these segments, the monocoque chassis segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing demand passenger cars along with the surge in the production of cars worldwide. For instance, China produced ~20 million cars passenger cars in 2020.
Our in-depth analysis of the global automotive chassis market includes the following segments:
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing number of motor vehicles as well as rising number of cars along with surge in the demand for trucks & trailers are some of the major factors anticipated to drive the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: The high cost involved in the manufacturing of chassis as well as fluctuating cost of raw material are some of the factors estimated to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Schaeffler Group, Stellantis N.V., Benteler International AG, Aisin Corporation, Continental AG, Hyundai Mobis Co., Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, material, vehicle type and by region.
Ans: The monocoque chassis segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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