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DUBLIN, July 4, 2022 /PRNewswire/ — The “Automotive Chassis Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global automotive chassis systems market reached a value of US$ 80.14 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 112.02 Billion by 2027, exhibiting a CAGR of 5.74% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Automotive chassis systems are internal frames that support the vehicle’s body parts and are used to grip steering systems and suspension systems. The systems are manufactured using a magnesium alloy, steel, cast iron, and ferrous metal. Backbone, monocoque, ladder, and modular are some of the common types of automotive chassis. They consist of an engine, power-suspension system, brakes, and a structurally independent frame.
Automotive chassis systems are widely used to provide strength and support to various vehicular components and keep automobiles rigid and stiff. Control arms, suspension links, knuckles, and hubs are some of the major components of the automotive chassis system. As a result, they are widely used in agricultural equipment, passenger vehicles, construction equipment, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Automotive chassis systems are widely used to enhance the safety aspect of the vehicle as they are light, aerodynamic, and ductile. Moreover, various product innovations, such as the development of naturally weighted electric-assist steering and dynamic chassis mode, are providing an impetus to the market growth.
Additionally, the widespread adoption of modular and compact chassis systems due to the increasing demand for electric vehicles (EVs) is positively impacting the market growth. Other factors, such as the surging demand for fuel-efficient vehicles and the implementation of various government initiatives for emission control, …
Full story available on Benzinga.com
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