Global Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

5 Feb, 2021

The motor vehicle electrical & electronic equipment, steering, suspension, & interiors market consists of sales of motor vehicle electrical & electronic equipment, steering, suspension, & interiors and related services by entities (organizations, sole traders and partnerships) that produce and/or rebuild electrical and electronic equipment for motor vehicles and internal combustion engines, motor vehicle steering mechanisms and suspension components or motor vehicle seating, seats, seat frames, seat belts, and interior trimmings.

Global Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Size And Drivers:

The global motor vehicle electrical & electronic equipment, steering suspension, & interiors market is expected to grow from $484.85 billion in 2020 to $510.6 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $745.35 billion in 2025 at a CAGR of 10%. Advances in technology are expected to be a continued driver of motor vehicle electrical & electronic equipment, steering suspension, & interiors market growth in the forecast period.

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Trends In The Global Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market

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 automaker and parts suppliers. This will decrease vehicle-to-component calibration, thus allowing parts suppliers to develop products with more autonomy.

Global Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Segments:

The global motor vehicle electrical & electronic equipment, steering suspension, & interiors market is further segmented based on type, application, end use and geography.
By Type: Motor Vehicle Electrical and Electronic Equipment, Motor Vehicle Steering And Suspension Components (Except Spring), Motor Vehicle Seating and Interior Trim.
By Application: Passenger Vehicle, Commercial Vehicle.
By End Use: OEM, Aftermarket.
By Geography: The global motor vehicle electrical & electronic equipment, steering suspension, & interiors market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific is the largest region in the global motor vehicle electrical & electronic equipment, steering suspension, & interiors market, accounting for 39% of the total market.

Read More On The Report For The Global Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market At:
https://www.thebusinessresearchcompany.com/report/motor-vehicle-electrical-and-electronic-equipment-steering-suspension-and-interiors-global-market-report-2020-30-covid-19-impact-and-recovery

Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides motor vehicle electrical & electronic equipment, steering suspension, & interiors market overviews, analyzes and forecasts market size and growth for the global motor vehicle electrical & electronic equipment, steering suspension, & interiors market, motor vehicle electrical & electronic equipment, steering suspension, & interiors market share, motor vehicle electrical & electronic equipment, steering suspension, & interiors market players, motor vehicle electrical & electronic equipment, steering suspension, & interiors market segments and geographies, motor vehicle electrical & electronic equipment, steering suspension, & interiors market’s leading competitors’ revenues, profiles and market shares. The motor vehicle electrical & electronic equipment, steering suspension, & interiors market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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