LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive chassis market to grow at a CAGR of over 3% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive chassis market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The global automotive chassis market is expected to grow at a significant rate during the forecast period owing to the increased sales of automobiles across the world during the forecast period. With the growing economy of emerging markets such as China, India, and Mexico, these countries are also expected to lead in vehicle production and sales.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive chassis market:
Cost effectiveness through mass production of monocoque chassis
Monocoque chassis is a one-piece structure that defines the overall design of the vehicle, while the other types of chassis such as ladder and backbone only define the stress bearing part of the vehicle and need the body to be built around them. Monocoque chassis is built by welding different parts together.
Siddharth Jaiswal, a lead automotive components research analyst at Technavio, says, “Monocoque chassis also offers the best crash protection since it uses a lot of metal and hence, the crumple zone can be built into the structure. Crumple zone is a part of the vehicle, usually either at the extreme front or rear, designed to crumple easily in case of a crash and absorb most of the force of impact.”
Higher vehicle production due to rise in demand
The demand for passenger cars is rising, particularly in emerging economies like Brazil, China, and India, due to a rise in the purchasing power of consumers and the significant economic growth in these countries. China's massive fiscal stimulus packages in recent years made it the leader in emerging markets. Over the past few years, China has maintained its position as the world's largest automotive market.
“The automotive market in India is dynamic in nature and is rapidly growing; many auto OEMs are entering the market to tap into the substantial potential. The economic growth in the BRIC nations has propelled growth rates in the automotive industry. Intense vendor competition and saturated markets in developed countries have encouraged many global vehicle manufacturers to shift their focus to these countries,” adds Siddharth.
Lightweighting and use of alternative materials
The automobile industry is seeing extensive use of advanced technologies to reduce emission levels, increase fuel efficiency, and improve the driving dynamics of the vehicle. Aluminum alloys are used for automobiles that weigh half that of regular steel vehicles and absorb twice the impact of energy during accidents.
In Europe and North America, the use of automotive lightweight materials has increased and has high penetration rates. The adoption rate of aluminum material is expected to be highest in the automobile industries in China, Germany, Japan, and the US.
Top vendors:
- BENTELER International
- Bosch
- Continental
- Magna International
- ZF Group
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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