The automotive chassis systems market is expanding due to the heightened demand for stronger and lighter chassis systems. Automotive chassis systems are the inner frames of a vehicle that include control arms, knuckles, hubs, and suspension links, which are the main components. Aerodynamic and lightweight automotive chassis systems help enhance the fuel efficiency of the vehicle. The global automotive chassis systems market is expected to reach a value of US$86.48 billion by 2021 at a CAGR of 4.1% from 2015 to 2021. The automotive chassis systems market is fueled by end user preference. End users are motivated to upgrade their vehicles due to their preference for chassis systems with innovated features. Automotive chassis systems makers are producing superior-quality automotive chassis systems, making them ductile and aerodynamic. Automotive chassis systems are available with the latest modernized automatic fault detection systems, which alert drivers about malfunctions.
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Research Report of Automotive Chassis Systems Market :
Segmentation of the
automotive chassis systems market by component breaks down the market
into tie rods, cross-axis joints, suspension ball joints, control
arms, and knuckles and hubs. Segments of the market by type of
chassis system are corner modules, rear axles, active kinematics
control and front axles.
Automotive
Industry Expansion and Innovative Product Development Propel Market
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The automotive
industry is thriving and expanding and is expected to experience
substantial growth over the next few years. This factor will
influence the making of better-quality chassis system. Innovative
product development, incorporation of the latest features in chassis
systems, and enhancement of infrastructure are some of the reasons
propelling the automotive chassis systems market. A major market
opportunity for automotive chassis systems is better reinforcement of
safety. However, the availability of non-standardized products and
high costs of research and development can hamper the automotive
chassis systems market.
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Release of Automotive Chassis Systems Market :
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Passenger Cars
Have Largest Market Share due to Consumer Preference
The automotive
chassis system market is segmented based on vehicle type into light
commercial vehicles, heavy commercial vehicles, cars, construction
equipment vehicles, off-road vehicles, and farm vehicles. The
passenger car segment had the largest market share of automotive
chassis systems. This segment is experiencing steady growth in North
America and Asia Pacific.
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Automotive Chassis Systems Market :
Asia Pacific
Growing Market Due to Demand for Premium Class Vehicles
The infrastructural
improvement in Asia Pacific is spurring the automotive chassis
systems market due to demand for light commercial vehicles, heavy
commercial vehicles, and construction equipment vehicles. Premium and
luxury class vehicles are in demand among the growing business class
in India and China, and this growth trend will affect the automotive
chassis systems market positively. The U.K., Germany, and France
have considerable growth prospects in the automotive chassis systems
market.
Europe had the
dominant market share in the automotive chassis systems market in
2014, due to shift in customer choices to smaller and cleaner
vehicles. Due to the customer preference for downsizing of chassis,
and upgrades in aerodynamic designs, the automotive chassis systems
market gained significant impetus in this region. Key players
operating in the automotive chassis system market are Robert Bosch
GmbH, ZF Friedrichshafen, Continental AG, American Axle &
Manufacturing, Bentley International AG, and Magna International
Inc., among others.
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