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The automotive chassis market size is estimated to grow by USD 29.63 billion at a CAGR of 9.23% between 2023 and 2028. Market growth is influenced by several pivotal factors. The adoption of advanced chassis designs, which result in lighter vehicle weights, is on the rise. Moreover, the mass production of monocoque chassis, facilitated by advanced robotics manufacturing, is becoming increasingly prevalent. Additionally, stringent regulations aimed at controlling emissions further drive market dynamics. These factors collectively shape the market landscape, with a focus on enhancing vehicle performance, optimizing manufacturing processes, and adhering to environmental standards. As automotive industry stakeholders strive for innovation and compliance, the market for chassis design and manufacturing continues to evolve and expand. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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In the market, factors such as volume (units) and consumer preferences significantly impact trends. Collaborations through joint ventures foster innovation in chassis design. Manufacturers prioritize materials that ensure safety while meeting environmental concerns, leading to the adoption of lighter material. Particularly in the HCV segment, where safety of the Vehicle and efficiency are paramount. Advancements in battery pack technology cater to the rising demand for environment friendly and fuel-efficient vehicles. As fuel prices fluctuate, consumers seek lighter vehicles that offer better mileage, driving the market towards lighter and more sustainable chassis solutions.
The passenger cars segment is estimated to witness significant growth during the forecast period. The adoption of passenger cars, along with the stringent emission norms, is leading to the significant adoption of lightweight chassis. Additionally, the adoption of EVs will also increase. As a result, the demand for these for passenger cars will rise. This will increase the adoption of materials like aluminum and carbon fiber in the passenger cars segment.
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The passenger cars segment was the largest segment and was valued at USD 35.03 billion in 2018. OEMs are increasingly looking for ways to meet the demand by mass production of vehicles. Monocoque chassis provides an excellent platform for high-volume production. During the forecast period, almost all passenger cars, except SUVs, would feature monocoque chassis type. However, small SUVs are finding increased adoption of monocoque chassis. Consequently, OEMs may integrate more advanced technologies to upgrade vehicles. This presents a significant market opportunity for manufacturers to promote these made with aluminum and carbon fiber materials. Thus, such factors will drive segment growth during the forecast period.
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APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the fastest-growing region in the global market owing to the high adoption of automobiles. China, India, South Korea, and Japan are the major countries in the region contributing to the growth of the regional market. The increasing demand for passenger cars in the region is driving the growth of the regional market.
Additionally, the shift in consumer preference from mileage to aesthetics and performance is expected to drive the adoption of lightweight chassis like aluminum-based and carbon fiber-based chassis. Furthermore, the EVs demand these to enhance the battery performance. This will act as a driver for the global market's growth. Therefore, the growing adoption of EVs in the region is expected to boost the growth of the market in the region during the forecast period.
The market is influenced by factors like volume, vehicle type, and raw material type. Technological advancements drive new product launches and expansions, leading to innovations like modular frame chassis and skateboard chassis. Automakers prioritize safety and environmental friendliness, hence the adoption of materials like aluminum alloy for lighter and eco-friendly electric vehicles. Additionally, advancements in suspension, brakes, and cylindrical motors enhance vehicle performance. With consumer preferences shifting towards lighter and aerodynamic vehicles, manufacturers focus on developing efficient body styles to meet market demands. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Stringent regulations to control emissions is the key factor driving market growth. The emission of harmful greenhouse gases has been increasing at an alarming rate in most countries. As a result, many governments worldwide have shifted their focus on curbing emissions. Fuel economy has become a crucial metric for regulators to push OEMs toward the development of a sustainable future. For instance, regulatory standards about fuel efficiency have led to a surge in the electronic content of modern vehicles, which, in turn, increases the fuel efficiency of vehicles considerably.
Consequently, automotive OEMs are spending a huge amount to comply with these stringent fuel economy standards. They is one of the critical components that automotive OEMs are focusing on, as the adoption of lightweight materials to improve the power-to-weight ratio enhances the fuel economy of vehicles. Developing economies are also adopting stringent regulations, which act as an important driver for the global market during the forecast period.
The development of multi-material chassis construction is the primary trend shaping market growth. The automotive industry is witnessing new ideas related to vehicle weight reduction, primarily as automotive OEMs are facing more pressure from regulators and growing customer demand. Advanced materials like aluminum, carbon fiber, and magnesium are considered more ideal materials for manufacturing than conventional steel, as the former can reduce weight and maintain durability.
For instance, the Audi A8 spaceframe chassis incorporates magnesium, aluminum, and CFRP, along with conventional steel throughout its structure. Aluminum accounts for the largest part of the chassis, with 58%. The company is deploying the right material at the right place rather than one material for the entire chassis. The use of this smart mix technology has enabled significant weight reduction in the model along with product differentiation. Thus, the development of multi-material chassis construction significantly contributes to the growth of the global market during the forecast period.
The increasing popularity of shared mobility is a challenge that affects market growth. The shared mobility concept includes micro-mobility and car sharing. The increasing popularity of shared mobility declines vehicle sales and decreases vehicle ownership. The rapidly changing consumer preferences, driven by factors such as the need for convenience, cost-effectiveness, and sustainability, are resulting in the shift in preference from car ownership toward shared mobility.
Moreover, the advancement of technologies such as machine learning and artificial intelligence in shared mobility to enhance efficiency, safety, and user experience will drive the demand for shared mobility services, reducing vehicle ownership. Therefore, such factors will impede the growth of the global market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
In the market, compliance with fuel efficiency regulations and emissions regulations is paramount. Chassis options include backbone chassis, modular chassis, and others chassis to ensure optimal strength, rigidity, and handling for various vehicle types, including high-end vehicles and luxury vehicles. The utilization of carbon fiber composite addresses concerns regarding carbon emissions and enhances strength while maintaining lightweight construction. With a focus on cost-effective items solutions and manufacturing locally, companies aim to minimize infrastructure costs and establish a worldwide footprint in the automotive industry.
Further, in the market, factors such as volume and consumer preferences significantly impact trends. Collaborations through joint ventures foster innovation in chassis design. Manufacturers prioritize materials that ensure safety while meeting environmental concerns, leading to the adoption of lighter materials. Particularly in the HCV segment, where safety and efficiency are paramount. Advancements in battery pack technology cater to the rising demand for environmentally friendly and fuel-efficient vehicles. As fuel prices fluctuate, consumers seek lighter vehicles that offer better mileage, driving the market towards lighter and more sustainable chassis solutions.
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.23% |
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Market Growth 2024-2028 |
USD 29.63 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.7 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 54% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, market report, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AISIN CORP., ALF Engineering Pvt. Ltd., American Axle and Manufacturing Holdings Inc., Autokiniton US Holdings Inc., Benteler International AG, BWI Group, CIE Automotive SA, Continental AG, DuPont de Nemours Inc., FEV Group GmbH, FTECH Inc., Hyundai Motor Co., Kalyani Forge Ltd., KLT Automotive and Tubular Products Ltd., Magna International Inc., Rausch and Pausch SE, Schaeffler AG, Surin Automotive P Ltd., Tenneco Inc., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, market forecast, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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