Automotive Chassis System Market to Reach $120.51 Bn, Globally, by 2025 at 5.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 28, 2018 /PRNewswire/ --
Surge in demand for fuel-efficient vehicles, rapid innovations in ultra-light chassis system, and increase in vehicle production in developing countries are expected to boost the growth of the global automotive chassis system market.
Allied Market Research recently published a report, "Automotive Chassis System Market: Global Opportunity Analysis and Industry Forecast, 2018-2025". The report provides in-depth analyses of the top investment pockets, competitive landscape, drivers & opportunities, and key strategic moves by key players. According to the report, the global automotive chassis system market accounted for $76.37 billion in 2017 and is expected to reach $120.51 billion by 2025, registering a CAGR of 5.7% from 2018 to 2025.
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Surge in demand for fuel-efficient vehicles and technological advancements in chassis systems propel the growth of the global automotive chassis system market. Moreover, rise in automobile production supplement the market growth. However, fluctuating prices of raw materials and inclination to shared mobility hamper the growth of the market. On the contrary, rising vehicle production and development of ultra-light chassis system are expected to create lucrative opportunities for the market players in the near future.
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Stabilizer links segment to portray fastest growth through 2025
The stabilizer links segment is expected to register the fastest CAGR of 8.6% during the forecast period, as it enhances the safety and comfort of passengers. However, the control arms segment held the largest share in 2017, contributing about one-third of the market share and is expected to dominate the market throughout the study period. The other segments analyzed in the report include tie-rods, suspension ball joints, cross-axis joints, and knuckles & hubs.
Rear axle segment governs the market
In 2017, the rear axle segment held the largest market share, reaping more than half of the market share, as rear axle are costlier compared to the front axle and undergo more wear and tear. However, the active kinematics control segment is estimated to portray the fastest CAGR of 7.9% during the forecast period, owing to rising usage for complementing the steering system to facilitate the movement of the wheels in automobile production. Other segments such as front axle and corner modules are also analyzed in the report.
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Farm Tractors segment to manifest fastest CAGR by 2025
The farm tractors segment is expected to register the fastest CAGR of 9.5% from 2018 to 2025, owing to increasing farming activities to fulfill the rising food demand across the globe. However, the cars segments reaped the largest share in 2017, contributing about 46.8% market share, owing to industrialization and rising production of cars to cater to the increasing demand for automotive. The other segments analyzed in the report include light commercial vehicles, heavy commercial vehicles, construction equipment vehicles, and defense vehicles.
Asia-Pacific region to dominate the market
Asia-Pacific region governed the global automotive chassis system market, contributing about half of the market share, owing to higher production and consumption of automobile. However, LAMEA region is expected to manifest the fastest CAGR of 8.5% during the study period, owing to untapped markets in the region. Other regions including Europe and North America are also analyzed in the report.
Major market players
The leading companies analyzed in the report include Continental AG, American Axle & Manufacturing, Inc., Benteler International AG, Aisin Seiki Co., Ltd., Hyundai Mobis, Robert Bosch GmbH, Magna International Inc., ZF Friedrichshafen, Schaeffler AG, and Gestamp Automocion SA.
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