Development Trends of the Automotive Parts Industry
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Release time:
2024-10-31
The development trend of the automotive parts industry is mainly reflected in the following aspects:
Electrification and Intelligence Trends: Electrification and intelligence are the main development directions of the current automotive parts industry. Electrification has driven the development of key components such as battery packs, motor controls, and sensors, while intelligence has promoted the growth of demand for high-end components such as intelligent driving and cabin domain control. It is expected that by 2027, the penetration rate of L3 level intelligent driving will increase to 40%, and the penetration rate of intelligent cockpit domain controllers will also significantly increase.
Specialization and refinement development: The automotive parts industry tends towards specialization and refinement development to improve production efficiency and reduce costs. Many component companies have separated from vehicle manufacturers and focused on research and production in specific fields, forming their own core competitiveness. Global vehicle manufacturers are also paying more attention to core processes, outsourcing the research and development, procurement, and production of non core components to professional enterprises.
Market concentration has increased: With the development of industry specialization, market concentration has gradually increased and competition has intensified. Although there are numerous sub sectors in the automotive parts industry, market concentration will gradually increase with integration and optimization.
Export growth: China's automotive parts exports have continued to grow in the past few years, reaching $88.4 billion in 2023, a year-on-year increase of 9.1%. This demonstrates the competitiveness of Chinese automotive components in the international market.
New energy vehicles drive growth: The rapid development of new energy vehicles has driven the demand for related components. With the dual promotion of policies and markets, new energy vehicles are expected to continue to grow rapidly, and the market size of components suitable for new energy vehicle models will also continue to expand.
The trend towards lightweighting and energy conservation in automobiles has driven the application of lightweight materials such as aluminum alloys in the automotive industry. These materials not only reduce vehicle weight, but also improve fuel economy.
Global market changes: The global automotive production base is shifting from traditional markets to emerging markets such as China, India, Brazil, etc. The Asia Pacific region has become the world's leading automobile production base, accounting for over 58% of the total global automobile production.
In summary, the automotive parts industry has shown strong development momentum in electrification, intelligence, specialization, and export growth, while also responding to new opportunities and challenges brought by global market changes and the rapid development of new energy vehicles.
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