Top 10 Automotive Suppliers: Key Market Developments and Predictions for 2033

 

Overview

Companies that produce components or parts utilized in the manufacturing of automobiles, and who either directly or indirectly supply these components to automakers, are known as Original Equipment Manufacturers (OEM). The global automotive suppliers market size is expected to grow from USD 0.9 trillion in 2023 to USD 1.34 trillion by 2033, at a CAGR of 4.06% during the forecast period 2023-2033. These products can be complete assemblies, like pre-assembled door modules, or individual parts, like screws. As a result, automotive suppliers get involved in the supply chain that supplies automobiles.

 

Advancements in Automotive Suppliers

The global market comprises some of the leading companies in the automotive supplier’s industry, such as Thales Group, Tesla, Mahindra and Mahindra, Tata Motors, and Toyota Motor Corporation. Technology breakthroughs are being used by auto OEM makers to introduce new goods and obtain a competitive edge. For instance, in May 2024, a significant portion of Veritas AG's business will be purchased by HDT Automotive. In important global auto manufacturing hubs, HDT develops and produces cutting-edge thermal control, HVAC, and electric vehicle (EV) components and systems.

 

Government Initiatives and Regional Market Expansion

 

• The purpose of the PLI Scheme for automobile manufacturers is to address the financial constraints facing the Indian innovative automotive technology manufacturing sector. An indigenous worldwide supply network of Advanced Automotive Technology items will benefit from additional expenditures encouraged by the incentive structure. For the next five years, the PLI Program for the Automobile and Auto Equipment Sector is expected to generate over Rs 2.3 lakh crore in additional output, over Rs 42,500 crore in new investments, and 7.5 lakh new jobs. Furthermore, India's market share in automobiles worldwide will rise as a result.

 

• The enormous consumer base of the Asia-Pacific area is characterized by a rapidly expanding middle class, driven by industrialization and higher earnings, that has increasing purchasing power. The growing number of consumers drives up the cost and demand of cars, especially passenger cars. The Asia-Pacific region's urbanization patterns have resulted in the development of infrastructure, including public transportation systems, highways, and roads, which have increased mobility and access while also driving up demand for cars in rural as well as urban areas. The market in the Asia-Pacific region is diversified, with a wide range of consumer demands and tastes. By offering a wide range of automobile models, combinations, and amenities, OEMs may satisfy these demands and increase their market share.

 

Insights and Projections: Global Automotive Suppliers Market Analysis

The report provides a summary of the global top trends and future prospects for the global automotive suppliers market based on historical data sets (current trends, industry statistics, and emerging trends shaping the automotive suppliers industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global automotive suppliers trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.  

 

Growth Factors and Emerging Trends in the Automotive Suppliers Industry

 

1. Increasing utilization of electric automobiles.

As electric vehicles gain more traction, the automotive industry as a whole grows, offering OEMs additional opportunities to make money. Manufacturers may benefit from the growing customer interest in electric vehicles (EVs) by offering a wide variety of EV models that appeal to various market segments, hence increasing their market share and revenue streams. The transition to electric vehicles encourages automotive suppliers to invest in cutting-edge battery systems, vehicle architecture, and electric powertrain technology, which in turn promotes innovation and distinction in the automotive industry. By differentiating themselves through technological breakthroughs and providing appealing electric car features like expanded range, faster charging times, and greater connectivity, automotive suppliers may increase their market competitiveness and draw in more customers.

 

1. Increasing need for industrial and passenger automobiles.

The increasing need for civilian and transport vehicles is expected to propel the expansion of the automotive original equipment manufacturers (OEMs) market. The global rise in automobile ownership highlights the vital need for original equipment manufacturer (OEM) parts, particularly for passenger cars, and points to a promising future for automotive suppliers. The German startup Away collaborates with original equipment manufacturers to develop novel human-machine interfaces that transform car interaction in ways that promote accessibility and safety. With this partnership, car technology will likely progress significantly and provide better experiences for both drivers and passengers.

 

Opportunities and Future Prospects in the Automotive Suppliers Industry

 

1. In the automobile sector, there is a growing need for AI and machine learning-based solutions.

Globally, technological innovation and digitalization are nearly completely replacing old systems. They made it possible for actual machinery or equipment to interact with control systems and take independent actions by utilizing AI and machine learning. Customers could return food items that have exceeded their expiration date or defective products that have scratches. Errors can damage a company's or retailer's reputation at a time when keeping customer's confidence is essential. For these reasons, a lot of businesses have adopted automation and artificial intelligence (AI) to boost quality assurance, expedite supply chains, and improve stocking and accuracy of orders. With their many advantages, machine learning and artificial intelligence (AI) have the capability to completely transform the automobile manufacturing sector.

 

List of Key Companies in the Automotive Suppliers Industry

1. Bosch
2. Denso
3. Continental AG
4. ZF Friedrichshafen
5. Magna
6. Hyundai Mobis
7. Aisin
8. Michelin
9. Bridgestone
10. CATL

 

5 Players in the Automotive Suppliers Industry

 

1. Bosch

 

Headquarters: Gerlingen, Germany

The Bosch Group is a renowned international provider of technology as well as services. As of December 31, 2017, it had about 402,000 colleagues working for it internationally. In 2017, the company's sales totaled 78.1 billion euros. Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology are the four business sectors into which it operates. Bosch is a pioneer in the Internet of Things, providing cutting-edge solutions for connected manufacturing, linked mobility, smart cities, and smart homes. Evaluation, power and construction solutions, commercial and engineering solutions, software and hardware products, and aftermarket services are all offered by the organization. India's Bengaluru, Karnataka, is home to Bosch's headquarters.

 

2. Continental AG

 

Headquarters: Hanover, Germany

Continental AG produces industrial goods, tires, and vehicle parts. Continental is an automobile company owned by Continental AG. Its areas of expertise include the production and marketing of brake systems, as well as systems and parts for chassis and powertrains, automotive electronics, entertainment systems, tires, and technical elastomers. Customers from Asia, Europe, North America, Africa, South America, and Australia are served by the company. The headquarters of Continental are located in Hanover, Niedersachsen, Germany.

 

3. DENSO

 

Headquarters:   Aichi, Japan

DENSO is a global leader in automotive technology and component supply, with products found in nearly every car brand, including General Motors, Ford, Volvo, Toyota, Honda, and FCA. 24,000+ North American associates brilliant engineers, driven researchers, accomplished artisans, and committed professionals cooperate in global offices and manufacturing facilities to develop and propel the future of electrification, automated driving, shared mobility, and connected cars. With the help of remarkable goods and the innovative manufacturing techniques we employ, DENSO is constructing a future of mobility that permits people and things to move freely, removes accidents, revitalizes the environment, and improves society. The abilities and commitment of DENSO's staff determine the company's success.

 

4. Rheinmetall

 

Headquarters: Düsseldorf, Germany

The German automaker Rheinmetall AG is based in Düsseldorf and produces both weapons and automobiles. In March 2023, the Group received a promotion to the German stock exchange's top index, the DAX. Producing both track and motorized variants of armored personnel transports and armored combat engines, it is the fifth biggest arms supplier in Europe. Numerous services are offered by Rheinmetall, including fleet management, mission support, training, plant overhaul, spare part management, and on-site technicians. It sells goods under the Kolbenschmidt and Pierburg trademarks. The company operates in the Americas, Europe, Asia, Africa, and Australia. The headquarters of Rheinmetall are located in Dusseldorf, Germany's Nordrhein-Westfalen.

 

5. ZF Friedrichshafen AG

 

 

Headquarters: Friedrichshafen, Germany

The automobile component supplier is ZF Friedrichshafen AG. The organization sells manufacturing equipment, industrial trucks, and passenger automobile systems. ZF Friedrichshafen caters to clients all around the world. Major automotive components are manufactured and supplied to OEMs and aftermarket businesses by ZF Friedrichshafen. Produces driveline, chassis, electronics, braking, steering, shock absorbers, axles, clutches, suspension, and transmission parts for automobiles, trucks, buses, and motorbikes. also produces parts for industrial drives, test systems, rail cars, aircraft, marine, wind power, and agricultural gear. The business made $0.29 billion in net profit in 2015.

 

Recent Development

 

• In May 2024, the globe's leading electronics producer, Hon Hai Technology Group, and one of the biggest automotive suppliers, ZF Friedrichshafen AG, successfully launched their joint venture in the transportation car chassis systems industry.

 

• In April 2024, a joint initiative between industry, government, and academia was chosen to include DENSO CORPORATION and other partners. The project was funded by the Japanese Ministry of the Environment and aimed to increase the amount of recycled content in autos by the fiscal year 2023.

 

• In February 2024, Continental has carried out the international actions it announced in December to boost R&D efficiency in the automobile group sector, affecting about 1,750 positions internationally.

 

• In November 2023, DENSO Corporation and Isol Corporation reached an agreement for DENSO Corporation to purchase an extra 35% of Aubass Co.,ltd. On November 30, 2023, the stock transfer agreement is anticipated to be executed, and on April 1, 2024, the transaction is anticipated to be finalized.

 

• In April 2022, Zeliot Connected Services Private Limited is a B2B start-up situated in Bengaluru. Bosch Limited, a prominent provider of technology and services in the mobility ecosystem, has purchased a minority share of 14% in the company. Bosch Limited's position in the mobility market will be strengthened by this investment due to its digital platform capabilities for linked and personalized mobility.

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

CONTACT US:

For More Information on Your Target Market, Please Contact Us Below:    

Phone: +1 303 800 4326 (the U.S.)

Phone: +91 90289 24100 (APAC)

Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com

Contact Us: https://www.sphericalinsights.com/contact-us

Follow Us: LinkedIn | Facebook | Twitter