Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Industry to See Robust Expansion, Valued at $754.55 Billion by 2029

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What Is the Projected CAGR for the Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market from 2024 to 2025?
The size of the motor vehicle electrical & electronic equipment, steering suspension, & interiors market has seen substantial expansion in the past few years. A rise from $507.81 billion in 2024 to $545.99 billion in 2025 is projected, indicating a compound annual growth rate (CAGR) of 7.5%. The market's significant growth over the historical period can be linked to factors such as automotive innovation, user demand for certain features, improvements in fuel efficiency and safety, the implementation of driver assistance systems, infotainment systems, and the globalization of the automotive industry.

What are the Expected Market Size and CAGR for Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors by 2029?
In the near future, the market size of the motor vehicle electrical & electronic equipment, steering suspension, & interiors sector is expected to witness robust growth. It is projected to reach a valuation of $754.55 billion by 2029, with a compound annual growth rate (CAGR) of 8.4%. The growth during this forecast period will be driven by factors such as the proliferation of electric and hybrid vehicles, the development of smart interiors, the use of sustainable and recyclable materials, the incorporation of adaptive suspension systems, the implementation of energy-efficient electrical systems, and the focus on cybersecurity in vehicles. Some of the notable trends expected during this period include the increased adoption of advanced driver assistance systems (ADAS), the emergence of augmented reality (AR) displays, the use of lightweight materials in suspension systems, the reliance on electronic stability control (esc), and the introduction of advanced interior lighting systems.

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Which Factors Are Driving the Global Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Expansion?
Progress in technology is anticipated to consistently propel the growth of the motor vehicle electrical and electronic equipment, steering suspension, and interior market in the times to come. The global transport manufacturing sector has seen a lot of technological progress in the previous decade and this momentum is destined to pick up. An example of this is when Li Auto Inc., a Chinese car company, introduced the Li L6, a luxurious family SUV with five seats, in April 2024. The vehicle is powered by a dual-motor all-wheel-drive system capable of delivering up to 300 kW (approximately 408 horsepower). It boasts a four-screen interaction system driven by the Qualcomm Snapdragon 8295P chip, offering a seamless infotainment experience. Furthermore, the Li L6 Max is equipped with dual Orin-X chips that offer 508 TOPS, enabling advanced pilot-assisted driving in city environments.

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Which Segment Currently Holds the Largest Share of the Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market?
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

Which Major Trends Are Shaping the Future of the Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Industry?
Interest in electric vehicles is on the rise, a shift that is predicted to have a major influence on the automotive value chain. The simplicity of electric vehicle engines compared to traditional gasoline ones results in less demand for replacement parts over a car's lifespan. The transition to electric vehicles also necessitates that components like air conditioning units, water pumps, brakes, and steering systems be customised to support electric car functionalities. As electric cars are produced with one-third fewer components than internal combustion engine (ICE) vehicles, there will be less need for cooperation between car manufacturers and parts suppliers. This will reduce the calibration between vehicles and components, granting suppliers more independence in product development. An EY report proposes that the surge of electric vehicles in India could affect the current automotive spare part sales as electric vehicles possess 20 moving parts, a huge difference from the around 200 spare parts found in internal combustion engine vehicles.

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Which Key Players Dominate the Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Industry Globally?
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

What Are the Fastest-Growing Regions in 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.

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