Automotive Chassis Systems Market: Market and Growth Analysis
The automotive chassis systems market is facing a growing demand for lighter and stronger chassis systems. Chassis system made of composite components which would make the chassis lighter and stronger and aerodynamic are some of the key factors in driving the automotive chassis systems market. Light weight and aerodynamic chassis system also enhance the fuel efficiency of the vehicle. Companies manufacturing automotive chassis systems constantly invest in research and development activities for the purpose of innovating new composite materials, which are a mixture of more than one element and are stronger and lighter than traditional components. These chassis systems are much lighter in weight and safer than ordinary chassis systems. Reduction in weight significantly enhances the fuel efficiency of the vehicle. Thus, innovation of this new type of composite material for the manufacture of automotive chassis system is a major driver for the automotive chassis system market. Polymer Matrix Composite, Metal Matrix Composite and Ceramic Matrix Composite are some of the composite materials that have been recently used in the manufacture of chassis components. Obtain Report Details @ http://www.transparencymarketresearch.com/automotive-chassis-systems-market.html Safety of the passengers traveling in the vehicle is constantly improving with time. Usage of better composite materials increasingly makes vehicles safer and lighter than before. Companies are constantly focusing on research and development to improve the design of the vehicle chassis so that it is better equipped to handle the impact at the time of the crash. Based on the types of vehicles, the automotive chassis system market has been segmented into passenger cars, LCVs, ICVs, HCVs, off-road vehicles, construction equipment vehicles, defense vehicles, and farm tractors. The passenger cars segment held the largest share of the automotive chassis system market in terms of revenue in 2014. Off-road vehicles such as dirt bikes and ATVs are popular among adventure lovers in North America and Europe. Furthermore, several sports activities are organized globally. This boosts the demand for off-road vehicles. LCVs was the third largest segment of the automotive chassis system market, as these are the most preferred type of vehicles used for commercial purposes.