China’s automobile chassis parts market size, related industrial policies and analysis of key enterprises in 2023

The automobile chassis is one of the most important components of the automobile, including the transmission system, driving system, steering system and braking system. Against the backdrop of rising car ownership, the automotive chassis aftermarket is showing a more active development trend. China’s passenger car market is huge and its scale is increasing year by year. The size of China’s fuel vehicle market has declined in recent years, but the rapid development of the new energy vehicle market has caused China’s overall passenger car market to show a growth trend. According to statistics, China’s passenger car market will reach 23.563 million units in 2022, a year-on-year increase of 9.69%. The market size is expected to reach 24.38 million units in 2023. The huge passenger car market will also increase the demand for chassis parts.

The market size of these five types of chassis products in the global market is showing good development momentum. From 2019 to 2023, except for wheel hub units, the compound annual growth rate of the other four types of products has exceeded 10%. In 2021, the global aftermarket size of these five types of products will be approximately 332.49 billion yuan, and it is expected to exceed 370 billion yuan by 2023. As far as the Chinese market is concerned, the aftermarket scale of five categories of products, including drive shafts, hub units, constant velocity joints, suspensions and shock absorbers, has maintained rapid growth, with a compound growth rate of 10 from 2019 to 2023. %above. Although the replacement cycle of the drive shaft is longer, its average price is relatively high, so the market size remains at a high level. It will be approximately 6.75 billion yuan in 2021 and is expected to reach 9.18 billion yuan in 2023, with a compound annual growth rate is 14.3%. In the past few years, through national-level guidance, China’s automotive chassis aftermarket has been increasingly regulated. Before 2018, the quality of IAM accessories was relatively low, and the products on the market were mixed. After 2018, the domestic IAM market began to develop in a professional and standardized direction, and consumer recognition continued to increase. In 2019, IAM’s market share in China’s chassis aftermarket was approximately 38%, and in 2021 it has reached approximately 44%.

For traditional fuel vehicles, the chassis adopts a mechanical structure, and operations such as braking and transmission rely on mechanical movement. Taking braking as an example, braking is performed using vacuum assistance provided by the engine. In electric vehicles, electronic vacuum pumps or wire-controlled systems are used for braking. The electrification of the chassis structure lays the foundation for enriching and upgrading chassis functions. With the gradual deepening of vehicle electrification and the rapid increase in the penetration rate of electric vehicles, the chassis parts market is facing huge opportunities. Chassis component products built around electrification will have an increasingly wide demand in the aftermarket.