Motor Vehicle Electrical Systems and Interiors Market Outlook 2024

"The Business Research Company recently released a comprehensive report on the Global Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 in the historic period can be attributed to automotive innovation, consumer demand for features, fuel efficiency, safety and driver assistance systems, infotainment systems, globalization of 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%. The growth in the forecast period can be attributed to electric and hybrid vehicle growth, smart interiors, sustainable and recyclable materials, adaptive suspension systems, energy-efficient electrical systems, cybersecurity in vehicles. Major trends in the forecast period include advanced driver assistance systems (adas), augmented reality (ar) displays, lightweight materials in suspension systems, electronic stability control (esc), advanced interior lighting systems.

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Market Drivers and Trends:

Advances in technology are expected to be a continued driver of motor vehicle electrical and electronic equipment, steering suspension, and interior market growth in the forecast period. The global transport manufacturing industry has experienced many technological advances in the last decade, and this trend is expected to intensify. According to Forbes, the ten new features to expect in vehicles by 2021 include 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; Memory driver's seat. These innovations are expected to drive the motor vehicle electrical and electronic equipment, steering suspension, and interior market during the forecast period.

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.

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Major Key Players of the Market:

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

Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market 2024 Key Insights:

• 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%.
• Evolving Technology Propels Growth In The Motor Vehicle Electrical And Electronic Equipment, Steering Suspension, And Interior Market
• Electric Vehicle Revolution Transforming The Automotive Value Chain And Motor Vehicle Electrical And Electronic Equipment, Steering Suspension, And Interior Market
• Asia-Pacific was the largest region in the motor vehicle electrical & electronic equipment, steering, suspension, & interiors market in 2023

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