Global Automotive Parts Suppliers Ranking

On June 23, Automotive News released the 2024 Global Automotive Parts Suppliers Ranking. This year's list has three notable changes:

• Two more Chinese companies have made it to the list, Guoxuan High-Tech and Sanhua Auto Parts, bringing the total number of Chinese companies to 15.
• Contemporary Amperex Technology Co. Limited (CATL) has risen to the fourth position, just behind Bosch, ZF, and Magna, the traditional international parts giants.
• With the strong recovery of the global automotive market in 2023, most parts suppliers have seen steady growth in their performance.

However, it is worth noting that the slowing demand for electric vehicles in Europe and America has put pressure on suppliers accelerating their transformation, and the ongoing "price war" has also put pressure on the OEMs, and this pressure has been passed on to the suppliers.

New Entrants: Guoxuan High-Tech and Sanhua Auto Parts

Since 2005, Automotive News has been publishing the Global Automotive Parts Suppliers Ranking, ranking suppliers based on their business revenue (sales) in the automotive industry's supporting market of the previous year. In recent years, the number of Chinese companies has been increasing, with 7, 8, 10, 13, and 15 companies from 2020 to 2024, respectively. This reflects the business expansion and progress of Chinese parts enterprises.

Most Suppliers Achieve Positive Growth

With the recovery of the global automotive market in 2023, most parts suppliers have achieved positive growth in revenue. The average revenue growth of the automotive business of the 100 suppliers on the list this year was about 9% year-on-year. Among them, Bosch Group remains the world's largest automotive parts supplier, with automotive segment revenue close to 56 billion USD in 2023, higher than the nearly 50.5 billion USD of the previous year.

Pressure from "Internal Competition" Transferred to Suppliers

Behind the general increase in supplier revenue in 2023, there are also a series of hidden concerns. The cooling of the European and American electric vehicle market is not friendly to those parts manufacturers who have "overdone" their electrification transformation. BorgWarner is a typical example, failing to achieve the promise of breaking even in electrification in 2023.

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