Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Global Market Report 2024

The motor vehicle electrical & electronic equipment, steering suspension, & interiors market size has grown strongly in recent years. It will grow from $496.1 billion in 2023 to $541.2 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth witnessed during the historic period can be attributed to several factors. These include automotive innovation leading to technological advancements, increased consumer demand for advanced features in vehicles, emphasis on fuel efficiency, the integration of safety and driver assistance systems, the rising popularity of infotainment systems, and the globalization of the automotive industry.

The motor vehicle electrical & electronic equipment, steering suspension, & interiors market size is expected to see strong growth in the next few years. It will grow to $763.24 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. Forecasted growth is driven by factors such as the rise of electric and hybrid vehicles, smart interior innovations, sustainable materials, adaptive suspension systems, energy-efficient electrical systems, and heightened attention to cybersecurity in vehicles. Key trends include the integration of advanced driver assistance systems (ADAS), augmented reality displays, lightweight materials in suspensions, electronic stability control (ESC), and advanced interior lighting systems.

Ongoing technological advancements are poised to play a pivotal role in propelling the growth of the motor vehicle electrical and electronic equipment, steering, suspension, and interior markets in the projected period. Over the last decade, the global transport manufacturing industry has witnessed substantial technological progress, a trend that is anticipated to further intensify. Forbes highlights ten anticipated vehicle features by 2021, including Blind-spot monitoring, Heated seats, Front and rear parking sensors, All-wheel or four-wheel drive, Lane-departure warning, Apple CarPlay and/or Android Auto, Power front passenger seat, LED accent lights, Ventilated or cooled seats, and Memory driver's seat. These innovations are anticipated to be key drivers for the growth of the motor vehicle electrical and electronic equipment, steering, suspension, and interior markets in the forecasted timeframe.

The increasing adoption of electric and hybrid vehicles is expected to be a significant catalyst for the expansion of the motor vehicle electrical and electronic equipment, steering, suspension, and interior markets in the coming years. Electric vehicles (EVs) are powered by one or more electric motors, relying on either a collection system, external electricity sources, or batteries. Hybrid vehicles, on the other hand, combine different power sources, such as an internal combustion engine (ICE) and an electric motor. The shift towards electric and hybrid vehicles necessitates the integration of advanced electrical and electronic components, including batteries, electric power steering, and electronic control units (ECUs). Notably, in the second quarter of 2023, hybrid, plug-in hybrid, and battery-powered vehicles accounted for 16% of light-duty auto sales in the United States, as reported by the Energy Information Administration. This accelerating adoption of electric and hybrid vehicles serves as a driving force behind the growth of the motor vehicle electrical and electronic equipment, steering, suspension, and interior markets.

The onset of the COVID-19 pandemic had a profound impact on the motor vehicle electrical and electronic equipment, steering suspension, and interiors markets in 2020. Global supply chains experienced disruptions due to trade restrictions, and consumption declined significantly as governments worldwide implemented lockdowns. The pandemic, identified as COVID-19, is an infectious disease with symptoms resembling the flu, first identified in Wuhan, China, in 2019. Governments imposed restrictions on the movement of goods, leading to manufacturing halts as parts and components became unavailable. The automotive industry faced a substantial decrease in new automobile sales due to reduced consumer demand amid widespread lockdowns. While the outbreak continued to adversely affect businesses into 2021, it is anticipated that the motor vehicle electrical and electronic equipment, steering suspension, and interiors market will rebound over the forecast period, considering the nature of the pandemic as a "black swan" event rather than indicative of underlying market or economic weaknesses.

The growing demand for electric vehicles is reshaping the automotive value chain, introducing disruptions and opportunities. Electric vehicle engines are less intricate, requiring fewer replacement parts over their lifespan compared to traditional gasoline engines. The electrification of cars necessitates adaptations in components such as air-conditioning units, water pumps, brakes, and steering systems to meet electric car requirements. With electric vehicles having significantly fewer components than internal combustion engine (ICE) cars, the need for collaboration between automakers and parts suppliers is reduced. This shift allows parts suppliers greater autonomy in product development. An EY report suggests that the transformation to electric vehicles in India may impact existing automobile spare part sales due to the lower number of moving parts in electric vehicles.

Leading companies in the motor vehicle electrical and electronic equipment, steering, suspension, and interior markets are concentrating on innovation to cater to evolving consumer needs. Rear-wheel steering systems have emerged as a key focus area for these companies. In August 2023, Schaeffler Group, a German company specializing in automotive steering and bearings, unveiled a Mechatronic rear-wheel steering system. This groundbreaking system, featuring a planetary roller gear, is the world's first of its kind and enhances agility on curves, inner-city adaptability, and lane-change stability for a renowned electric SUV produced by a leading vehicle manufacturer. Schaeffler's innovative technology provides steering capabilities to the back axle, significantly improving handling in city traffic and making parking easier.

Major companies operating in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market report are 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.

Asia-Pacific was the largest region in the motor vehicle electrical & electronic equipment, steering, suspension, & interiors market in 2023. North America was the second largest market in motor vehicle electrical & electronic equipment, steering, suspension, & interiors market. The regions covered in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries 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.

The primary types encompass motor vehicle electrical and electronic equipment, steering and suspension components (excluding springs), motor vehicle seating, and interior trim. Electrical and electronic equipment in vehicles primarily involve electronic parts, serving applications in both passenger and commercial vehicles. These components find usage in Original Equipment Manufacturers (OEMs) as well as aftermarket installations.

The motor vehicle electrical & electronic equipment, steering, suspension, & interiors market research report is one of a series of new reports that provides motor vehicle electrical & electronic equipment, steering, suspension, & interiors industry global market size, regional shares, competitors with a motor vehicle electrical & electronic equipment, steering, suspension, & interiors market share, detailed motor vehicle electrical & electronic equipment, steering, suspension, & interiors market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle electrical & electronic equipment, steering, suspension, & interiors industry. This motor vehicle electrical and electronic equipment, steering, suspension, and interiors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The motor vehicle electrical & electronic equipment, steering suspension, & interiors market consist of sales of 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. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.