The motor vehicle electrical and electronic equipment market is progressing from $496.1 billion in 2023 to $541.2 billion in 2024, reflecting a CAGR of 9.1%. This growth is fueled by advancements in automotive technology and consumer demand for enhanced features. The market is projected to reach $763.24 billion by 2028, with a CAGR of 9.0%. Notable trends include the rise of electric vehicles and an emphasis on cybersecurity.
Major Driver In The Motor Vehicle Electrical and Electronic Equipment Steering Suspension and Interiors Market
Technological advancements continue to drive growth within the motor vehicle electrical and electronic equipment, steering suspension, and interior market segments. The transport manufacturing industry has witnessed a paradigm shift with the integration of advanced features such as blind-spot monitoring, lane-departure warning, and Apple CarPlay, among others. These innovations are poised to reshape the landscape of motor vehicle interiors, steering, and electronic systems, driving market growth in the forecast period. As per Forbes, a slew of new features is expected to revolutionize vehicles by 2021, underscoring the transformative potential of technological advancements within the automotive sector. Forecasts for market size in 2023, 2024, and 2028 underscore the pivotal role of technology in shaping the growth trajectory of motor vehicle components and systems, with implications for industry players and consumers alike.
Request A Free Sample Of The Global Motor Vehicle Electrical and Electronic Equipment Steering Suspension and Interiors Market Report
Motor Vehicle Electrical and Electronic Equipment Steering Suspension and Interiors Market Competitive Landscape
SAIC Motor Corporation Limited, FCA Fiat Chrysler Automobiles, Hyundai Motor Company, Robert Bosch GmbH, Peugeot S.A., Denso Corporation, Continental Aktiengesellschaft, Magna International Inc., Faurecia S.E., Valeo S.A., Lear Corporation, Tenneco Inc., Aptiv plc, Nidec Corporation, BorgWarner Inc., Infineon Technologies AG, Adient plc, Mahle GmbH, Toyota Boshoku Corporation, Magneti Marelli S.p.A., Autoliv Inc., Omron Corporation, Mando Corporation, GKN Automotive Limited, Alpine Electronics Inc., Nexteer Automotive, Visteon Corporation, Calsonic Kansei Corporation, Panasonic Automotive Systems, HGM Automotive Electronics, Pioneer Corporation, Toyoda Gosei Co. Ltd., Yanfeng Automotive Interiors
Key Motor Vehicle Electrical and Electronic Equipment Steering Suspension and Interiors Market Trend
The demand for electric vehicles is increasing rapidly, and this is expected to disrupt the automotive value chain. Engines of electric vehicles are less complicated than their gasoline counterparts, thus requiring fewer replacement parts over the lifetime of a car. Electrification of cars also means that components such as air-conditioning units, water pumps, brakes, and steering systems will need to be adapted and designed to meet the requirements of electric cars. Since electric vehicles are manufactured with one-third the number of internal combustion engine (ICE) cars’ components, less collaboration will be required between the automaker and parts suppliers. This will decrease vehicle-to-component calibration, thus allowing parts suppliers to develop products with more autonomy. According to an EY report, the electric vehicle transformation in India may have an impact on existing automobile spare part sales because EVs have 20 moving parts while vehicles with internal combustion engines have around 200 spare parts.
Get The Full Global Motor Vehicle Electrical and Electronic Equipment Steering Suspension and Interiors Market Report
Motor Vehicle Electrical and Electronic Equipment Steering Suspension and Interiors Market Segmentation
The motor vehicle electrical & electronic equipment, steering suspension, & interiors market covered in this report is segmented –
1) By Type: Motor Vehicle Electrical and Electronic Equipment, Motor Vehicle Steering and Suspension Components (except Spring), Motor Vehicle Seating and Interior Trim
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, Aftermarket
By Geography:The regions covered in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the motor vehicle electrical & electronic equipment, steering, suspension, & interiors market in 2023.
The Motor Vehicle Electrical and Electronic Equipment Steering Suspension and Interiors Global Market Report 2024 furnishes information about the global motor vehicle electrical and electronic equipment steering suspension and interiors market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
