Global Automotive Chassis Systems Market to Exhibit 4.1% CAGR 2015-2021 Boosted by Growing Demand from Asia Pacific

2024-11-07 06:41:35 News & Society

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According to a recent market research report published by Transparency Market Research, the global automotive chassis systems market is estimated to expand at a CAGR of 4.1% during the period between 2015 and 2021. The report, titled ?Automotive Chassis Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,? projects the global automotive chassis systems market to be worth US$86.48 bn by 2021. The overall market stood at a valuation of US$65.50 bn in 2014.

Automotive chassis system refers to the inner frame of a vehicle. Nowadays, consumers prefer aerodynamic and ductile automotive chassis systems. Aerodynamic chassis systems increase fuel efficiency of vehicles and have superior quality designing. Advanced features in chassis systems such as automatic fault detection alert drivers regarding any kind of malfunction in the system.

The report states that innovative product development and the introduction of advanced features in automotive chassis system have boosted the growth of the global automotive chassis systems market. Rapid expansion of the infrastructure sector particularly in regions such as Asia Pacific has further augmented the market?s growth. However, high cost of research and development and the availability of non-standardized products in the market will restrain the overall market during the forecast horizon.

On the basis of vehicle types, the report segments the global automotive chassis systems market into ICVs, LCVs, HCVs, cars, off road vehicles, defense vehicles, construction equipment vehicles, and farm tractors. Passenger cars hold the majority of the market owing to the growing demand from Asia Pacific and North America.

The report studies the global automotive chassis systems market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. Europe was the largest market for automotive chassis systems in 2014 due to the rising demand among customers for smaller and cleaner vehicles. During the forecast horizon, factors such as usage of upgraded aerodynamic designs and composite compounds for reducing weight of vehicles and downsizing of chassis will propel the growth of the market in the region.

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Asia Pacific has emerged as one of the most lucrative regions for the market due to the growing demand for automotive chassis systems across India, China, and Japan. In Asia Pacific, there is a growing trend of owing private vehicles due to rise in disposable income. Purchasing of vehicles has also become easier with easy availability of finance. All these factors will contribute towards the growth of the Asia Pacific automotive chassis systems market.

Describing the competitive hierarchy, the report profiles some of the prominent players operating in the global automotive chassis systems market such as Robert Bosch GmbH, Benteler International AG, Continental AG, Magna International Inc., American Axle & Manufacturing, and ZF Friedrichshafen. The report offers detailed information about the key players including their company overview, financial overview, revenue, business strategies, and recent developments.

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