Author: Jeff
In 2021, the global automotive industry has finally recovered from the unprecedented plunge in 2020, gradually returning to order from the initial panic and shutdown. According to the data, global automobile production in 2021 will increase slightly by 3.4% year-on-year to about 77.1 million units.
As a core component of the automotive industry, the world's major parts manufacturers are also recovering from the pain of 2020, according to the 2021 financial report data that has been released, the rally is significant, and the profitability situation has greatly improved.
GPLP Rhino Finance has compiled a list of the top ten according to the revenue of various auto parts manufacturers around the world in 2021, and let's take a look at how these auto parts giants have completed their breakthrough under the attack of the epidemic, lack of core and supply chain crisis.
The world's top 10 auto parts manufacturers in 2022 (Note: The amount of the list is calculated in euros, of which the euro exchange rate against the US dollar is 1: 1.15; EURJPY 1: 130.6; EUR/KRW 1: 1348. ）
From the ranking point of view, the biggest change was Continental, due to the completion of the divestiture of the powertrain business (Weipan Technology), sales fell rapidly, and the ranking slipped directly from the second place in the world to the fourth place, surpassed by Denso and ZF.
From the sales performance, all 10 major auto parts manufacturers have achieved different degrees of increase, of which the fastest increase is Bridgestone, an increase of up to 20%, followed by ZF (17.5%), Michelin (16.3%), Hyundai Mobis (13.9%), Magna (11%).
No.1 Robert Bosch
2021 was Dr. Volkmar Denner's last year as CEO of Bosch, and under Dr. Denner's leadership, Bosch's full-year sales increased by 10% year-on-year to €78.8 billion, with an EBIT margin of 4.1%, an increase of 1.6 percentage points over 2020. Sales in the Automotive Division amounted to EUR 45.4 billion, up 7.5% year-on-year.
At present, Bosch Automotive Division focuses on chips, electric drives and automotive software. Bosch has the world's largest market share of automotive sensor chips, up to 22%, and plans to invest 400 million euros in 2022 to expand its plants in Germany and Malaysia to further increase its chip production capacity. In terms of electric drives, heavy investment is invested in research and development every year, and the competitiveness of electric drive systems, fuel cell systems and other products is continuously improved. In terms of automotive software, Bosch is undergoing large-scale recruitment, and by the end of 2021, the number of employees engaged in software development will reach 38,000, accounting for about half of the company's total R&D workforce.
No.2 DENSO Denso
Denso, Japan's largest auto parts manufacturer, completed sales of 40.3 billion euros (520 million yen) in 2021, up 7.1% year-on-year, and pretax operating margin of 7.4%, up 7.6% year-on-year, led by President Koji Arima.
In order to comply with the development trend of the automotive industry, DENSO is also fully transforming into the field of electrification and unmanned driving. Denso Group's Electrification Division continued to improve the competitiveness of electric drives, motors, and battery packs, and achieved sales of 1.1 trillion yen in 2021, up 22.6% year-on-year.
In the field of unmanned driving, denso is actively cooperating with competitors such as Bosch and Continental. At present, products such as lidar, millimeter wave radar, cameras, and automatic driving controllers have been widely recognized by OEMs.
In addition, DENSO is also accelerating its layout in the field of semiconductor design and manufacturing, successively increasing its stake in Renesas and injecting capital into Infineon to ensure the safety and stability of the supply chain.
No.3 ZF Friedrichshafen AG ZF
Led by Wolf-Henning Scheider, ZF achieved rapid growth in 2021, with full-year sales of €38.3 billion, up 17.5% year-on-year, and adjusted EBITDA of €1.91 billion, up 82.4% year-on-year.
The increase in ZF sales was mainly due to the inclusion of full-year sales of WABCO, a purchased supplier of braking systems for commercial vehicles in the United States, (EUR 2.8 billion) in the statement. Despite the sluggish global commercial vehicle market in 2021, ZF's commercial vehicle business did buck the trend, with annual sales in the commercial vehicle (including WABCO) segment reaching 7 billion euros, an increase of nearly 20% year-on-year. In addition, the Electric Drive Powertrain Division and the Electronics and Autonomous Driving Division also performed well, achieving sales growth of 19.4% and 18% respectively.
2022 is Wolf-Henning Sheide's last year at ZF and will be completely out of the automotive sector in 2023 and moving into new areas. ZF is optimistic that sales will exceed 40 billion euros in 2022, when it will be possible to break the wrist with denso, the world's second-ranked.
No.4 Continental Continental
In November 2020, continental's Supervisory Board appointed Nikolai Setzer to the position of Chairman of the Executive Board, succeeding Dr. Elmar Degenhart, who had left for health reasons. Nikolai Setzer, who led Continental Germany out of the trough, delivered a decent report card in his first full year as CEO: sales of €33.8 billion, up 6% year-on-year, and EBIT margins rose to 5.5%, turning around.
However, the fly in the ointment is that the autonomous driving and safety business of the Automotive Division and the Internet of Vehicles and Information segments dragged their feet, and fell into a state of loss for three consecutive years, with sales decreasing by 120 million euros year-on-year and slightly increasing by 0.3 billion euros, respectively.
Following the successful divestiture of the powertrain, Continental achieved the Board's goal of increasing profits. According to the latest news, Continental Will continue to carry out business spin-offs, and it is possible to split into four independent operations. In this way, it is almost impossible to surpass ZF.
No.5 Magna Magna
Magna, the largest auto parts manufacturer in North America, mainly engaged in body parts, seats, powertrains and other products, recorded sales of 31.5 billion euros ($36.2 billion) in 2021, up 11% year-on-year, and adjusted EBIT margin of 5.7%, an increase of 0.6 percentage points over 2020.
In recent years, Magna has focused its efforts on the development of driverless businesses and electric drives. In 2021, Magna's ADAS business will have sales of about $700 million, which is a significant gap with Continental and Valeo. With sales of approximately $275 million, the Electric Drive business is hard to lead in the industry. According to Magna's plan, sales in the ADAS business and the electric drive business will increase to $1.1 billion and $2 billion, respectively, by 2023.
No.6 Hyundai MOBIS Hyundai Mobis
Backed by the two big trees of Hyundai and Kia, Hyundai Mobis can always maintain the foundation of the field of auto parts, and its business scope has basically achieved no dead angle coverage of the core parts of the car. Hyundai Motor Group became the world's third-largest auto seller with sales of 6.668 million units in 2021, and Hyundai Mobis also took advantage of the leadership of new president Cao Chenghuan to achieve excellent results: sales of 30.9 billion euros (42 trillion won), an increase of 14% year-on-year, and operating margin of 4.9%, the same as in 2020.
Although sales have risen significantly, hyundai Mobis is withering away in China, the world's largest single car market, like Hyundai/Kia, and in 2021, Beijing Hyundai rumors of "selling factories" are rumored to be shut down.
No.7 AISIN Aisin Group
Under the leadership of Yoshida Moriko, who succeeded Kiyoko Ise in mid-2021 to lead the AISIN Group, the AISIN Group's automotive-related businesses achieved sales revenue of 28.9 billion euros (3.8 trillion yen) in 2021, an increase of 4.1% year-on-year, and pretax operating margin increased by 6.1 percentage points from 2020 to 7%.
The traditional Japanese automotive transmission manufacturer is making great strides toward electrification. At present, it has produced 10 million sets of drive motors, and has established four special production lines for electric drive systems in China, Japan and North America, with an annual production capacity of 4.5 million units (sets). In the next two years, the AISIN Group plans to internally transform 1,500 employees into the Electric Drive Division. Over the next five years, it will continue to invest 270 billion yen (about 2 billion euros) in the development of electric technology.
No.8 Bridgestone Bridgestone
Despite the divestiture of non-tire businesses such as The Fightstone Building Products, Japanese tire manufacturer Bridgestone achieved both sales and profit growth in 2021. According to the data, Bridgestone's operating income in 2021 was 24.1 billion euros (3.2 trillion yen), an increase of 20% year-on-year, and operating profit and net profit doubled to completely reverse the loss.
In 2021, Bridgestone began to focus on its main business, divesting some non-tire business segments. Benefiting from the economic recovery after the epidemic in Europe and the United States and other countries, as well as the continuous rise in tire prices, Bridgestone's tire business segment has grown significantly, which is more conducive to competing with its old rival Michelin for the throne of the world's first tire manufacturer.
No.9 Michelin Michelin
After the darkest moment of 2020, French tire manufacturer Michelin finally ushered in a turnaround in 2021, with sales of 23.8 billion euros, an increase of 16.3% year-on-year; segment operating profit of 3 billion euros, an increase of 57.9% year-on-year; and segment operating margin of 12.5%. Michelin's tire sales in 2021 increased by 11.8% year-on-year, and the performance of the three major business segments of passenger car tires, commercial vehicle tires and specialty tires achieved full growth.
In 2021, due to the change of ranking rules, Michelin in the global tire top 75 rankings to beat Bridgestone to get the first place, with Bridgestone's concentrated efforts in the tire business, the title of the world's first tire manufacturer in 2022 will be spent, which is very worth looking forward to.
No.10 VAELO Valeo
French auto parts giant Valeo is in a global leading position in the field of electric drive (+ Valeo Siemens), wiper system, lamp lighting system, thermal management system, and has also made great achievements in the field of automatic driving, radar, camera and system are also available. In 2021, valeo Group achieved sales of 17.3 billion euros, an increase of 5% year-on-year, and an operating margin of 2.6%, an increase of 6.6% over 2020.
In view of the company's good development prospects, the newly appointed CEO Christophe Périllat in January 2022 has set very challenging medium- and long-term targets for Valeo: sales and EBIT margins of €27.5 billion and 6.5% respectively in 2025 and €40 billion in 2030.
Lear and Faurecia
In addition to the top 10 auto parts manufacturers above, the more well-known Lear Group and Faurecia also achieved sales and profit growth in 2021.
U.S. automotive seat and electronic systems manufacturer Lear Group achieved sales of 16.7 billion euros in 2021, up 13% year-on-year; adjusted operating margin of 4.3%, an increase of 0.7 percentage points over 2020; and the seat business continued to suppress Andotto (formerly Johnson Seats), with a market share increasing from 23% to 25%, ranking first in the world.
French manufacturer of seating, interiors and exhaust systems Faurecia Group generated sales of 15.6 billion euros in 2021, an increase of 8.1% year-on-year, and an operating margin of 5.5%, an increase of 2.6 percentage points from 2020.
After the successful acquisition of the German lighting and automotive electronics giant HELLA Group in 2021, it is widely believed that Faurecia will achieve a real transformation and will bring about a surge in sales. According to Faurecia's goal, sales will reach 33 billion euros and operating profit will reach 2.8 billion euros in 2025.