Automotive parts manufacturing industry development overview
(1) Overview of the global auto parts industry
With the transformation of vehicle manufacturing enterprises to the specialized production mode of vehicle research and development, design and assembly, their demand for auto parts is increasingly dependent on external parts suppliers, and auto parts suppliers are gradually independent of vehicle manufacturing enterprises. After years of development, the global auto parts industry has formed a large scale, strong technical force, sufficient capital strength, industrial concentration and other characteristics.
Internationally renowned auto parts companies have strong economic strength and research and development strength, such as Germany's Bosch, ZF, Continental, BASF; Japan's electronics, Aixin precision machinery, Panasonic and other multinational parts giants, leading the development direction of the world's parts industry.
According to the data disclosed by the "Automotive News" in the United States, the total revenue of the world's top ten auto parts supporting suppliers in 2021 is 321.5 billion US dollars. According to EMR (Expert Market Research), the global auto parts market size is about $380 billion in 2020 and is expected to grow to $453 billion by 2026, with a compound annual growth rate of 2.97%.
(2) Overview of the development of China's auto parts industry
With the expansion of China's auto market and the rapid growth of global procurement, China's auto parts industry supply system has gradually improved, forming the world's largest, complete categories, complete supporting industrial system, China has been deeply integrated into the global supply chain system, becoming an important production and supply base. According to the "China Automobile Industry Development Annual Report (2021)" issued by the Equipment Industry Development Center of the Ministry of Industry and Information Technology, the operating income of China's auto parts manufacturing industry in 2020 is 36,31.1 billion yuan, an increase of 1.55%, and the compound annual growth rate from 2012 to 2020 is 6.30%.
Data Source: China Automotive Industry Development Annual Report (2021)
Although the operating income of China's auto parts manufacturing industry is growing steadily, it is still slightly insufficient compared with the rapid development of China's auto vehicle manufacturing industry. China's auto parts manufacturing industry revenue accounted for the proportion of auto manufacturing industry maintained at about 45%, the proportion of vehicle manufacturing revenue and parts manufacturing revenue is close to 1:1, and the automotive industry developed countries 1:1.7 whole zero proportion difference is large, China's auto parts accounted for the proportion of the entire automotive industry still has room for further improvement.
The broad market space of the automobile industry provides a favorable guarantee for the development of China's auto parts enterprises. The development of new energy vehicles has also brought growth opportunities for China's auto parts industry: On the one hand, China's new energy vehicle related technologies have developed rapidly, and some core technologies have reached the world's leading level, promoting the market share of domestic parts manufacturers to increase, taking power batteries as an example, according to the report of SNE Research, six of the top ten companies in the world's power battery installed capacity in 2021 are Chinese companies;
On the other hand, due to the relative stability of the supply chain of traditional automobile manufacturers, especially foreign-funded manufacturers (wholly-owned and Sino-foreign joint ventures), it is difficult for domestic parts manufacturers to cut into their supply chain system, and a number of new domestic car manufacturers emerging in the new energy automobile industry, due to the relatively short development time, their supply chain is not mature. Prefer domestic parts manufacturers with cost advantages, which can drive the development of local supply chains and provide opportunities for domestic substitution. Therefore, with the gradual maturity of domestic auto parts technology and the further development of the new energy automobile industry in the future, China's auto parts manufacturers are expected to break through the technological monopoly of foreign-backed manufacturers, and the auto parts industry will usher in opportunities for domestic substitution.
In addition, due to the late start of China's auto parts industry, domestic enterprises lag behind in terms of enterprise scale and manufacturing technology, and the degree of dependence on auto parts imports is high. In recent years, the growth rate of China's auto parts imports has been maintained at about 7%-8%, and the import amount in 2021 is 243.9 billion yuan.
In terms of exports, China's auto parts exports continued to grow, with an export value of 488.7 billion yuan in 2021. With the development of domestic auto parts technology and China's position in the global auto parts supply chain continues to improve, China's auto parts imports usher in domestic substitution opportunities, foreign exports will continue to grow steadily, and the auto parts industry has greater growth potential.
① China's automobile seat belt market overview
Automotive seat belts are passive safety system products. In the event of an accident, they mainly play a role in fixing the member's body and avoiding collisions, which can reduce the user's injury in the accident and improve the survival rate. The size of the car seat belt market continues to increase with the increase in car production and ownership, according to the Anxin Securities Research Institute report, the general passenger car front co-driver will be equipped with pre-tightening seat belts, the rear seat according to the seat with the corresponding number of emergency locking seat belts or ordinary emergency locking seat belts, the average bicycle value of seat belts is 350-400 yuan. According to the calculation of China's passenger car production of 21.3971 million in 2021, the seat belt market size is 7.489-8.559 billion yuan.
From 2011 to 2020, the number of cars per thousand people in China has increased year by year, with an average annual compound growth rate of 10.90%, and in 2021, the number of cars per thousand people in China will be 213.79. Although the number of cars per 1,000 people in China is growing rapidly, there is still a big gap between developed countries, and the number of cars per 1,000 people in Japan and Germany in 2020 is 621.43 and 628.61, respectively, and the market size of China's seat belt industry still has a large room for growth with the development of the automotive industry.
Data sources: National Bureau of Statistics, Ministry of Public Security, World Bank, Japan Automobile Industry Association, German Automobile Industry Federation
The safety belt industry is relatively rich in products, and the trend of the industry is changing from traditional mechanical components to electronic control, from passive to active development. The function of seat belt products is also more perfect, and the technical content is gradually improved. In addition to the application of emergency locking, pre-tensioning and force limiting technology, in order to further strengthen the protection ability of passive safety system, seat belt manufacturers have also developed bilateral pre-tensioning force limiting and hip locking functions. In order to strengthen the applicability of seat belts, seat belt manufacturers have targeted the development of child locks, anti-lock and other functions; In order to improve the seat belt wearing experience for drivers and passengers, seat belt manufacturers continue to develop features such as noise suppression, adjustable tilt Angle, and low sensitivity trigger. Therefore, the unit price of seat belt products also increases with the increase of functions and technical level.
In addition, across the scope of passive safety systems, the application of ECU chips and motor components in the seat belt industry has gradually become popular, and the integration of passive and active safety systems is conducive to further boosting the value of seat belts. Therefore, the seat belt industry benefits from the continuous growth of the automotive industry and the increase in unit price brought about by product matrix optimization, and the future market size growth space is large.
② China's airbag industry market overview
A, the market size of the airbag is mainly to prevent injuries caused by collisions between the car occupants and the car components, it is usually used as an auxiliary safety device of the seat belt, the two work together.
The size of the car airbag market also continues to increase with the increase in car production and ownership, according to the Anxin Securities Research Institute report, the current domestic main passenger cars are equipped with 1-2 airbags, the average value of the bicycle in 150-400 yuan. According to the calculation of China's passenger car production of 21.3971 million in 2021, the airbag market size is 3.10-8.559 billion yuan. With the increasing attention of the market to automobile safety, the number of automobile airbags will gradually increase in the future, and the growth trend of the market size is obvious.
According to Autoliv's 2021 Annual report, in developed markets, such as Western Europe, North America, Japan and South Korea, the per-car value of automotive safety systems is about $310, and its growth is mainly due to new automotive safety configurations, such as knee airbags and front center airbags. In emerging markets, the value of car safety systems is about $200, and the value of car safety-related parts in China, especially the value of airbags, has greater potential to increase. In addition, in terms of car ownership, in 2021, the number of cars per 1,000 people in China is 213.79. There is still a big gap between developed countries, with Japan and Germany having 621.43 and 628.61 cars per 1,000 people in 2020. Therefore, with the increase of the value of bicycles and the rise of car ownership, China's airbag industry has a large room for future growth.
C, consumption upgrade to promote the development of the airbag industry At present, the low-end models are mainly equipped with driver airbags and co-pilot airbags, mid-end models increase side airbags, high-end cars on the basis of mid-end cars, not only with side air curtains, seat belt airbags, rear airbags, external airbags, etc., but also intelligent identification and analysis according to occupant characteristics, dynamic change of airbag detonating conditions parameters. To achieve the best protection effect.
According to statistics, the top ten models with a price of more than 300,000 yuan in sales are equipped with at least 3 airbags, of which Mercedes-Benz, Audi and some ideal models are equipped with 4 or 5 airbags, the higher the price of the model configuration of airbags is relatively more, and the value of airbags is higher.
According to the in-depth analysis report of the passenger car market in June 2019, 2020, 2021 and 2022 released by the Passenger Federation, the sales volume and proportion of cars above 300,000 yuan in China have increased year by year, and the proportion of car sales above 300,000 yuan has increased from 6.20% to 12.40% from the first quarter of 2019 to the second quarter of 2022. With the development of China's economy, the improvement of residents' disposable income and the upgrading of domestic consumption, the proportion of vehicles above 300,000 yuan can maintain an upward trend, thus promoting the further expansion of the airbag industry.
③ Market overview of China's steering wheel industry
The steering wheel is a wheel-like device that controls the driving direction of the car. As one of the most important safety components on the car, it is the key to ensure that the car travels along the correct route. The size of the car steering wheel market also continues to increase with the increase in car production and ownership, according to the Anxin Securities Research Institute report, the value of the car steering wheel bicycle is about 80-200 yuan, in 2021 China's passenger car production is 21,397,100, the estimated seat belt market size is about 1.712-4.279 billion yuan.
From 2011 to 2020, the compound annual growth rate of car ownership per thousand people in China is 10.90%. In 2021, the car ownership per thousand people in China is 213.79, which is still a big gap from developed countries. In 2020, the car ownership per thousand people in Japan and Germany is 621.43 and 628.61 respectively. Simply refer to the Japanese and German thousand car ownership data analogy calculation, China's steering wheel industry market size with the development of the automotive industry still has nearly twice the growth space.
In addition, with the popularization of intelligent driving technology, steering wheel products are gradually developing towards automation and multi-functional trends. Through the collection of motor vibration, auxiliary preheating and other functions, independent according to the car driving conditions, resulting in a higher technical content of the car steering wheel and industry entry threshold, the value of the bicycle is expected to increase. Therefore, the volume and price will open the future performance space of the steering wheel industry.