According to a report released by Inkwood Research, the automotive chassis systems market is expected to register CAGR of 4.60 % over the 2019-2027 period and is expected to reach a revenue of $ 114.575 bn by 2027. The research firm said the global automotive chassis systems market is driven by advancements in technology, growth in demand for low-emission automobiles, increasing demand for vehicles and financial flexibility for automobile purchase. The report also revealed that control arms are the majorly-used components of the automotive chassis system, with active kinematics control emerging as the fastest-growing chassis system.
The growth in demand for low-emission automobiles is considered the primary driver for the growth of the global automotive chassis systems market, since emissions and fuel consumption of a vehicle are directly proportional to the vehicle weight, noted Inkwood Research. The production of vehicles with lightweight chassis systems is expected to reduce vehicle weight, which has prompted various automotive design and engineering companies to line up plans to manufacture lighter and sturdy chassis. On the flip side, the market growth of this segment is restricted by the cost of these systems, with suppliers coming under high pressure to maintain costs, while maintaining the quality of these materials to meet stringent quality control, the report noted.
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This story is from the May 2020 edition of Auto Tech Review.
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