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Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Forecast: What Value Will The Market Reach By 2030?
The motor vehicle electrical & electronic equipment, steering suspension, & interiors market size has grown strongly in recent years. It will grow from $545.99 billion in 2025 to $588.17 billion in 2026 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to vehicle comfort demand, growth of electronic systems, steering technology advancements, safety feature adoption, interior design evolution.
The motor vehicle electrical & electronic equipment, steering suspension, & interiors market size is expected to see strong growth in the next few years. It will grow to $822.74 billion in 2030 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to software defined vehicles, electrified steering systems, connected interior platforms, autonomous feature integration, premiumization trends. Major trends in the forecast period include growing integration of electronic control systems, rising demand for advanced vehicle interiors, expansion of adas and infotainment modules, increasing use of electronic steering systems, focus on ride comfort and handling.
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Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Development Factors: What’s Supporting Demand?
Advances in technology are expected to be a continued driver of motor vehicle electrical and electronic equipment, steering suspension, and interior 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. For instance, in April 2024, Li Auto Inc. a China based motor vehicle company, launched Li L6, a five-seat premium family SUV. Powered by a dual-motor all-wheel-drive system delivering a maximum power of 300 kW (approximately 408 horsepower). Four-screen interaction system powered by the Qualcomm Snapdragon 8295P chip, providing a smooth infotainment experience. Li L6 Max includes dual Orin-X chips offering 508 TOPS, supporting advanced pilot-assisted driving in urban areas.
Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Driver: Rising Adoption Of Electric And Hybrid Vehicles Sparks Growth In Motor Vehicle Electrical And Electronic Equipment, Steering, Suspension, And Interior Markets
The increasing shift towards electric and hybrid vehicles is expected to propel the growth of the motor vehicle electrical and electronic equipment, steering, suspension, and interior markets in the coming years. An electric vehicle (EV) is an automobile operated by one or more electric motors. It can be driven by a collection system, extravehicular sources of electricity, or by a battery. A hybrid vehicle operates by combining two or more different forms of power, such as an ICE (internal combustion engine) and an electrical motor. The transition to electric and hybrid cars necessitates the use of sophisticated electrical and electronic components such as batteries, electric power steering, and electronic control units (ECUs). For instance, in September 2023, according to the Energy Information Administration, a US-based principal government statistical system establishment in charge of obtaining, analyzing, and disseminating energy data, hybrid, plug-in hybrid, and battery-powered automobiles represented 16% of light-duty auto sales in America in the 2nd quarter of 2023 (2Q23). Therefore, the increasing shift towards electric and hybrid vehicles is driving the motor vehicle electrical and electronic equipment, steering, suspension, and interior market.
Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Segment Analysis: What Are The Core Market Categories?
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, Aftermarket
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
Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Transformation Trends: What Innovations Are Driving Change?
Major companies operating in the motor vehicle electrical and electronic equipment, steering, suspension, and interior markets are focusing on innovative products such as, rear-wheel steering systems to better meet the needs of their existing consumers. A rear-wheel steering system (RWS) is a specific kind of steering system that enables a vehicle’s back wheels to rotate in addition to its front wheels. For instance, in August 2023, Schaeffler Group, a Germany-based company that manufactures automotive steering and rolling element bearings, launched a Mechatronic rear-wheel steering system. It is the world’s first rear-wheel steering system with planetary roller gear, based on Schaeffler precision mechanical engineering. Schaeffler’s innovative mechatronic rear-wheel steering system has made its series-production debut, giving greater agility on curves and superior inner-city adaptability to a famous vehicle manufacturer’s new electric SUV. Schaeffler’s innovative technology enhances handling in city traffic, increases lane-change stability, and renders the car easier to park by providing steering capabilities to the back axle.
Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Top Companies Driving Competitive Growth
Major companies operating in the motor vehicle electrical & electronic equipment, steering suspension, & interiors market report 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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Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors Market Regional Analysis: Which Geography Leads On Revenue?
Asia-Pacific was the largest region in the motor vehicle electrical & electronic equipment, steering, suspension, & interiors market in 2025. 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 include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
