New York, Feb. 17, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06025341/?utm_source=GNW
85 billion in 2020 to $510.6 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $745.35 billion in 2025 at a CAGR of 10%.
The motor vehicle electrical & electronic equipment, steering, suspension, & interiors market consists of sales of motor vehicle electrical & electronic equipment, steering, suspension, & interiors and related services by entities (organizations, sole traders and partnerships) that produce and/or rebuild electrical and electronic equipment for motor vehicles and internal combustion engines, motor vehicle steering mechanisms and suspension components or motor vehicle seating, seats, seat frames, seat belts, and interior trimmings. The motor vehicle electrical & electronic equipment, steering suspension, & interiors market is segmented into motor vehicle electrical and electronic equipment; motor vehicle steering and suspension components (except spring) and motor vehicle seating and interior trim.
Asia Pacific was the largest region in the global motor vehicle electrical & electronic equipment, steering suspension, & interiors market, accounting for 39% of the market in 2020. North America was the second largest region accounting for 30% of the global motor vehicle electrical & electronic equipment, steering suspension, & interiors market. Africa was the smallest region in the global motor vehicle electrical & electronic equipment, steering suspension, & interiors market.
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 automaker and parts suppliers. This will decrease vehicle-to-component calibration, thus allowing parts suppliers to develop products with more autonomy. According to a report by EY firm, electric vehicles transformation in India may affect existing automobile spare part sales as EV is built with 20 moving parts while vehicles equipped with internal combustion engines have around 200 spare parts.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the motor vehicle electrical & Electronic equipment, steering suspension& interiors market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Transportation manufacturers depend heavily on supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the motor vehicle electrical & Electronic equipment, steering suspension& interiors market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Advances in technology are expected to be a continued driver of motor vehicle electrical & electronic equipment, steering suspension, & interiors 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 2020 include autonomous driving, driver override systems, biometric vehicle access, comprehensive vehicle tracking, active window displays, remote vehicle shutdown, active health monitoring, four-cylinder supercars, smart and personalized in-car marketing and reconfigurable body panels. These innovations are expected to drive the motor vehicle motor vehicle electrical & electronic equipment, steering suspension, & interiors market during the forecast period.
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