Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors

What combination of drivers is leading to accelerated growth in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market?
The predicted growth in the global market for motor vehicle electrical and electronic equipment, steering suspension, and interiors is greatly influenced by technological advancements. Over the last ten years, there have been significant tech breakthroughs in the global transportation manufacturing sector, a pattern projected to escalate. To illustrate, Li Auto Inc., a Chinese automobile manufacturer, unveiled its new product, Li L6, in April 2024. This premium family SUV with five seats is backed by a dual-motor all-wheel-drive system that can output a peak power of 300 kW, or about 408 horsepower. It features a four-screen interaction system powered by the Qualcomm Snapdragon 8295P chip that ensures a seamless infotainment experience. The Li L6 Max also includes dual Orin-X chips that provide 508 TOPS, thus enabling advanced pilot-assisted driving in metropolitan settings.

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What is the projected compound annual growth rate (CAGR) of the motor vehicle electrical & electronic equipment, steering suspension, & interiors market from 2025 to 2034, and what factors influence it?
The market size of motor vehicle electrical & electronic equipment, steering suspension, & interiors has significantly expanded in the recent past. It is projected to rise from $548.07 billion in 2024 to $602.79 billion in 2025, with a compound annual growth rate (CAGR) of 10.0%. The historic growth period has seen contributions from automotive innovation, the demand for consumer features, fuel efficiency, safety and driver assistance systems, infotainment systems, and globalization of the automotive industry.

The market for motor vehicle electrical & electronic equipment, steering suspension, & interiors is projected to experience significant expansion in the coming years. The market value is anticipated to reach $856.98 billion by 2029, with a compound annual growth rate (CAGR) of 9.2%. The increase for the predicted period can be credited to the rise in electric and hybrid vehicles, intelligent interiors, recyclable and sustainable materials, adaptable suspension systems, energy-saving electrical setups, and vehicular cybersecurity. The forecast period is also expected to see key trends such as advanced driver assistance systems (ADAS), augmented reality (AR) displays, the use of lightweight materials in suspension systems, electronic stability control (esc), and sophisticated interior lighting systems.

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How are the latest trends influencing the growth of the motor vehicle electrical & electronic equipment, steering suspension, & interiors market?
There is a burgeoning demand for electric vehicles which is anticipated to cause a major upheaval in the automotive value chain. The engines present in electric vehicles are less intricate compared to those fueled by gasoline and hence, do not need as many replacement parts throughout the car's lifespan. Car components like air-conditioning units, water pumps, brakes, and steering systems must be modified and tailored according to the specifications of electric cars. Since electric vehicles consist of one-third of the components found in internal combustion engine (ICE) cars, it could reduce the collaboration between automakers and parts suppliers. This could potentially reduce the adjustments needed between vehicle and component, empowering parts suppliers to create products with more independence. An EY report suggests that the shift to electric vehicles in India could influence the sales of existing automobile spare parts, given the significant difference in number of moving parts that EVs (20 parts) have compared to ICE vehicles (around 200 spare parts).

What are the major segments of the motor vehicle electrical & electronic equipment, steering suspension, & interiors market and their role in driving growth?
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, After market

Subsegments:
1) By Motor Vehicle Electrical and Electronic Equipment: Power Distribution Modules, Infotainment Systems, Advanced Driver Assistance Systems (ADAS), Engine Control Units (ECUs), Lighting Systems
2) By Motor Vehicle Steering and Suspension Components (except Spring): Steering Gearboxes, Steering Columns, Ball Joints, Control Arms, Shock Absorbers
3) By Motor Vehicle Seating and Interior Trim: Seats (Front and Rear), Seat Covers and Upholstery, Dashboard Components, Interior Panels and Trim, Headliners and Carpets

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Which regions are key players in the growth of the motor vehicle electrical & electronic equipment, steering suspension, & interiors market?
Asia-Pacific was the largest region in the motor vehicle electrical & electronic equipment, steering, suspension, & interiors market in 2024. 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.

Who are the key firms paving the way for growth in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market?
Major companies operating in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market include 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

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What Is Covered In The Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Global Market Report?

•Market Size Forecast: Examine the motor vehicle electrical & electronic equipment, steering suspension, & interiors market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the motor vehicle electrical & electronic equipment, steering suspension, & interiors market for a structured understanding.
•Key Players Overview: Analyze major players in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market.
•Segment Contributions: Evaluate how different segments drive overall growth in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the motor vehicle electrical & electronic equipment, steering suspension, & interiors market.
•Industry Challenges: Identify potential risks and obstacles affecting the motor vehicle electrical & electronic equipment, steering suspension, & interiors market.
•Competitive Landscape: Review strategic developments in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market, including expansions, agreements, and new product launches.

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