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1、Global Automotive Supplier Study 2023 Opportunities for growth amid the challenge of change REPORTCover:Artur Debat|Getty ImagesContents Management summary1 2 3 4Taking stock Slower growth is here to stay Automotive suppliers financial health Coping with structurally thinner margins Outlook for the
2、supplier industry Growth in new places and new technologies Recommendations Selective strategies and radical repositioning There is a way forward!471418PageAfter three consecutive years of crisis,the nascent recovery in the automotive market is proving to be a slow and inconsistent one.Suppliers con
3、tinue to struggle with a broad set of challenges,from lackluster growth to cost-driving regulatory frameworks,from expensive raw materials to increasing labor rates,from worsening capital constraints and financing costs to subsequently declining margins.Traditional players in particular are having a
4、 hard time dealing with global disruptions and finding their place in a seemingly unstoppable technological transformation.This new study conducted by Roland Berger in collaboration with Lazard in late 2023 takes a deep dive into where the automotive supplier industry is at today and what key challe
5、nges it faces.Though the situation is unquestionably sobering overall,the study also identifies opportunities and strategies that can help suppliers adapt to and successfully master these testing times.3 Roland Berger|Lazard|Global Automotive Supplier Study 20232 Roland Berger|Lazard|Global Automoti
6、ve Supplier Study 2023Taking stockSlower growth is here to stay The coronavirus pandemic destroyed a decade of growth in the automotive industry.And that was only the beginning.Supply chain disruptions followed even ahead of the war in Ukraine,which in turn accelerated surging commodity prices and g
7、eneral inflationary pressures.Add in labor shortages,massive inflation and rising interest rates,the threat to trade emanating from resurgent nationalist tendencies all alongside a groundbreaking and ongoing shift in the powertrain and digitalization technologies at the very heart of automotive engi
8、neering and it is easy to see why large swaths of the industry were in rough shape even before the latest geopolitical conflict flared up in the Middle East.Permacrisis,it seems,is the new normal.A 1A While China and South Asia are expected to be the growth drivers of global vehicle production,Europ
9、e and NA will likely not return to peak volumes by the end of the decadeProduction volume of passenger cars1)by region,2018-2030e m units1)Incl.LCV;excl.CIS 2)Incl.RoWChinaNorth AmericaEurope Japan/South KoreaSouth AmericaSouth AsiaVolume below historic peak volumeVolume above historic peak volumeSo
10、urce:IHS,Roland Berger/Lazard94.2Peak volume:95.1(2017)89.074.677.2200212023e2024e2026e2028e2030e202282.385.788.192.495.797.6Global2)200212023e2024e2026e2028e2030e202226.924.723.624.826.4 26.427.830.532.133.222.021.216.615.9 15.817.117.617.517.818.013.213.111.210.911.112.211.71
11、1.011.010.59.28.46.27.99.69.89.810.711.512.5Peak volume:28.2(2017)Peak volume:22.4(2017)Peak volume:16.5(2007)Peak volume:9.6(2022)200212023e2024e2026e2028e2030e2022Peak volume:17.9(2016)17.016.313.0 13.014.315.015.616.516.716.5200212023e2024e2026e2028e2030e2022Peak volume:4.3(
12、2013)3.43.32.22.62.82.93.13.53.94.2200212023e2024e2026e2028e2030e2022200212023e2024e2026e2028e2030e2022200212023e2024e2026e2028e2030e20224 5 Roland Berger|Lazard|Global Automotive Supplier Study 2023Roland Berger|Lazard|Global Automotive Supplier Study 2023Automotive
13、 suppliers financial health Coping with structurally thinner margins2 Many of the pain points touched on above are having a very tangible impact on automotive suppliers profitability.Lower volumes have eroded their ability to reap the efficiency benefits of scale effects,for example.Market volumes r
14、emain distinctly volatile because of supply chain frictions and program shifts on the OEMs side,making it difficult for all market players to draft reliable plans.A chronic shortage of suitably skilled labor has been worsened by the need for new skill sets to cope with digital transformation and the
15、 transition to new powertrains.This fact in turn has conspired with other inflationary pressures such as steep wage rises in Europe and the still-growing expectation levels of unions going forward to sharply drive up labor costs,alongside higher prices for utilities and materials.At the same time,OE
16、Ms are increasingly limiting their contribution to suppliers to compensate for such impacts,for instance.All these developments have unfolded against the backdrop of higher interest rates and a deteriorating perception of the sector on the capital markets,leading to a commensurately higher cost of c
17、apital.B,C,D Growth has nevertheless returned to automotive vehicle production volumes,which have been recovering slowly since bottoming out early in the pandemic.However,this volume growth is generally taking place only in China,India and Southeast Asia.Also,it is largely being driven by new compon
18、ents(for battery electric vehicles,for example)made by new players in some cases for new OEMs.By contrast,volumes are effectively flatlining in Japan and South Korea.Worse,production volumes in Europe and North America are not likely to return to the peaks witnessed in 2017/2018 until around the end
19、 of the decade.This is a serious issue for traditional European suppliers,whose financial health as discussed below is already suffering badly as they effectively sit on the sidelines watching other players participate in growth in other markets.As growing uncertainty surrounds the economic future a
20、nd the industry still faces geopolitical uncertainties,India too is putting in a notable appearance on the worlds automotive stage.The subcontinent rebounded swiftly in the wake of Covid and is projected to see forceful growth through 2030.The same seems to apply for Southeast Asia,too,which is plot
21、ting a trajectory similar to that of India.Unlike in China,however,the potential for Western suppliers to play a significant role in these markets currently appears limited,and neither market can keep up with China in terms of overall volumes.To summarize:global automotive production volume growth w
22、ill not surpass pre-Covid levels until 2028 at the earliest.Moreover,even the growth that is taking place will be driven mainly by new technologies surrounding the transition from internal combustion engines to electric powertrains.And as this growth gravitates eastward,Europe and North America are
23、in real danger of simply losing relevance.In particular,European suppliers that have hitherto done the vast majority of their business on their domestic market need to realize that they will most likely never see a return to the volumes they enjoyed in the past.The market as is clearly raises a lot
24、of very serious strategic questions for automotive suppliers who want to stay successful in todays rapidly changing environment.Many suppliers need dedicated performance programs to stabilize their margins and secure the company against future uncertainties.They should reconsider all activities,spec
25、ifically in terms of product portfolio,production locations and supply chain structures.Felix Mogge,Partner,Roland BergerB Although a recovery in global auto production is expected,the growth dynamics of the past will not be achieved anymore Production volume development 2001-2030Source:IHS,Roland B
26、erger/LazardGrowth dynamicsPeak volumesm unitsCAGR%4.41.73.62.0-2.8Global financial crisis7174959497Covid crisis,chip shortage,raw material shortage and war in Ukraine2000030e6 7 Roland Berger|Lazard|Global Automotive Supplier Study 2023Roland Berger|Lazard|Global Au
27、tomotive Supplier Study 20232015 2016 2017 2018 2019 2020 2021 2022 2023e1234567804.65.32.55.16.87.67.26.7Vacancy development#kRevenue development globallyEBIT margin%Unemployment rate%Hourly labor wage YoY growthSource:Center for Automotive Research,IMF,Roland Berger/LazardChinaGermany1,00005001005
28、10051.8%5.6%5.75.35.75.95.05.25.712,00006,000USA100510053.5%5.4%3.83.65.38.13.73.94.4Source:Company information,Roland Berger/Lazard C Labor costs increased significantly because of high inflation in 2022/2023 but also due to a lack of skilled workforce Labor market parameters4113100Covid
29、 impactInflation impact(c.11%)103121Indexed 2015=100172015 2016 2017 2018 2019 2020 2021 2022 2023e627545-2-11YoY%D Compared with pre-crisis levels,the automotive supplier industry has structurally lost three percentage points on EBIT marginKey supplier performance indicators,2015-2023e(n=600 suppli
30、ers)00202220223 YTD1005Historical average 2017-2022Projected annual growth 2023-20242.3%6.3%4.14.23.94.33.63.83.9Q1 2017Q1 2018Q1 2019Q1 2021Q1 2022Q1 20208 9 Roland Berger|Lazard|Global Automotive Supplier Study 2023Roland Berger|Lazard|Global Automotive Supplier St
31、udy 2023Taken together,these and other factors have structurally shaved 3%points off suppliers EBIT margins,which have fallen from around 7.5%to under 5%.Digging deeper into this profit squeeze,a number of further interesting points add revealing detail to the reasons for this decline.The first is t
32、hat after years of rampant returns,profitability in China appears to be normalizing to the kind of levels more familiar in Western markets.This began with the Covid lockdowns in 2021/2022,but has continued as the Chinese auto industry increasingly aligns with Western-style standards.EBIT margins in
33、this market thus seem to be stabilizing at more modest levels(currently about 5.4%)than in the past even though these are still better than returns in South Korea and Japan,and far superior to EBIT in Europe,which has been hit hard by material shortages and price increases exacerbated by the war in
34、Ukraine.Following a trend observable in recent years,another key factor is that larger suppliers are evidently better able to absorb crisis impacts and still stay on an even keel.Small suppliers are often highly dependent on specific products or markets and suffer the most when markets are disrupted
35、 and/or financial challenges arise.After riding the wave of extraordinarily strong performance(with margins upward of 10%in some cases)from Asian process specialists for the past decade,even mid-sized players are now seeing EBIT erode.In contrast,larger suppliers are generally more capable of recove
36、ring costs from OEMs although this may not be the case for the very largest players,whose volume can significantly affect OEMs profits too.EA third important factor in the structural margin decline is that higher profits are now coming from different activities.While margins are visibly deterioratin
37、g across all aspects of supply,tires are perhaps the only traditional automotive discipline where returns remain stable.And even this is mostly because of their large share of aftermarket business.On the other hand,In an environment where lower returns and higher risk meet more limited and more expe
38、nsive funding,suppliers have to pursue strategic portfolio adjustments and explore new ways to remain competitive.Dr.Christian Kames,Co-Head DACH,LazardSource:Roland Berger/LazardImpact over the next years:strongly negative|negative|0 no impact|+strongly positive|+positiveEU commodity playersICE-foc
39、used suppliersLarge-scale cost leadersChina-based OESBattery leadersSoftware/tech giantsBattery followersSoftware boutiquesALack of volume and scale effects 0+0+0+0+0+0+0+0+BVolume volatility 0+0+0+0+0+0+0+0+CAbove-average raw material prices 0+0+0+0+0+0+0+0+DHigh energy prices 0+0+0+0+0+0+0+0+ELimi
40、ted claim success 0+0+0+0+0+0+0+0+FLabor scarcity and salary increases 0+0+0+0+0+0+0+0+GRising interest and unfavorable equity capital markets 0+0+0+0+0+0+0+0+E While conventional suppliers are hit,many of the tech players are far less impacted by the current short-term developments and challengesPo
41、sitioning of automotive supplier cluster10 11 Roland Berger|Lazard|Global Automotive Supplier Study 2023Roland Berger|Lazard|Global Automotive Supplier Study 2023the trends toward digitalization and new functions such as connectivity and automated driving have enabled electronics and infotainment su
42、ppliers to defend their margins fairly well.That said,the shift toward electrified vehicles is creating significant margin issues for almost all types of powertrain suppliers:for players focused solely on ICE,volumes are slowly starting to come under pressure as the last generations of current produ
43、cts come to an end.For ICE players who are actively managing the transition toward electrified powertrain products,R&D spending on e-mobility continues to eat into profitability.Moreover,new EV products many of them acquired through hard-fought competition are still far from profitable,either from a
44、 price perspective or because BEV model sales still lack the scale needed to offset these effects.F Perhaps most critically of all for traditional OES,the transition in powertrains away from ICE technology is bringing completely new,powerful and much more profitable players into the automotive space
45、 in precisely those areas with high profit pools.A glance at the chart above illustrates the point:while battery players have on average double the margins of traditional suppliers,the margins of non-automotive semiconductor and software suppliers are more than four times as high(and significantly h
46、igher than those of OEMs).GDeep pockets are key when it comes to reaping handsome rewards in automotive growth segments.The new tech players entering the market together with successful Asian-based suppliers and some large traditional OES of systemic importance have these resources and are thus bett
47、er able to fund the R&D that will let them capture lucrative market shares going forward.F The margin deterioration is visible across all domains,with tires and electronics/infotainment being the most stable Key supplier performance indicators by product focus%Source:Company information,Roland Berge
48、r/LazardEBIT 2019EBIT 2020EBIT 2021EBIT 2022TiresElectronics/infotainmentPowertrainChassisExteriorInteriorRevenueCAGR 15-22EBIT margin19-22c.3.7%c.5.1%c.2.7%c.3.1%c.4.3%c.0.3%8.86.15.06.25.74.62.65.24.04.39.37.85.31.15.55.05.31.24.35.14.11.84.43.3G Contrary to traditional components,suppliers in the
49、 new vehicle domains can achieve much higher EBIT marginsSupplier EBIT margin comparison,old vs.new tech%Source:Consensus,Roland Berger/Lazard1)Volkswagen,BMW,Mercedes-Benz,Toyota,Hyundai,Tesla,Ford,GM,BYD,SAIC 2)CATL,Farasis Energy,GS Yuasa,Samsung SDI 3)AMD,Wolfspeed,Elmos,Infineon,Intel,Nvidia,NX
50、P,ON,Qualcomm,Renesas,Rohm,ST,Texas Instruments 4)Microsoft,Google,Apple,Qualcomm OEMs1)2002220185.84.84.88.08.3Traditional suppliers2002220186.85.12.55.34.6Semiconductor3)20022201826.426.127.726.829.7Software4)20022201834.230.828.921.621.7Battery2)2019202
51、0202.810.57.29.58.212 13 Roland Berger|Lazard|Global Automotive Supplier Study 2023Roland Berger|Lazard|Global Automotive Supplier Study 2023Outlook for the supplier industry Growth in new places and new technologiesEven if the rate of expansion overall has slackened,we have seen that aut
52、omotive supply is still an expanding industry.Growth is slated to average roughly 4%per annum from 2022 through 2030.And where there is growth,there are opportunities.The principal challenge facing existing suppliers,however,is aptly summarized in the chart shown below.HSimply put,the bulk of automo
53、tive supply growth for the remainder of this decade will come from different components than in the past.It will come in response to demand from different customers than in the past.And all the signs suggest that it will be realized by 3 different competitors than in the past.As traditional combusti
54、on engine technologies continue their decline and mechanical components in general slide even further toward commoditization,it will be software,electronics and battery technology that primarily deliver growth.New BEV OEMs from Asia will be the main source of demand.And with the exception of Tesla,w
55、hose growth is literally off the charts,Chinese OEMs such as BYD are the only ones currently fueling constant growth.Critically,traditional North American and European suppliers in the powertrain segment have virtually no chance of participating in this growth to any significant degree if they stay
56、with their existing portfolios.IIt is also important to note that Chinese OEMs are substantially enlarging their share of their home market.In 2024,local OEMs are for the first time expected to account for more than 50%of vehicle production in China.Even in the attractive premium segment,which has 1
57、)Assuming constant material prices 2)Incl.cells 3)Incl.autonomous driving 4)Incl.E/E architectureLTAs:long-term agreementsICE:internal combustion engineADAS:advanced driver-assistance systems H The automotive supplier industry offers growth but with different components,customers and competitorsGlob
58、al automotive supplier market development 2022-2030e1)EUR bnSource:Roland Berger/LazardBy componentsA94525560401,260Revenue pool 2022LTAsVolume growth/penetrationxEV value addICE declineBattery value add2)ADAS3)Software4)Revenue pool 2030Revenue pool 2022Revenue pool 2022Revenue pool 2030
59、Revenue pool 20309871271103231,2601,260Traditional OEMsTrad.OES(old techn.)Up-and-coming CHN OEMsTrad.OES(new techn.)New BEV OEMsNew OESBy customerBBy competitorC14 15 Roland Berger|Lazard|Global Automotive Supplier Study 2023Roland Berger|Lazard|Global Automotive Supplier Study 2023histo
60、rically been dominated by European OEMs in particular,two of the top five best-selling models in 2022 already came from Chinese manufacturer BYD.As the Chinese government persists in incentivizing local players,but also because of the growing loyalty of Chinese customers to domestic players,this tre
61、nd is set to continue:it is no coincidence that nine of the countrys top ten pure electric vehicle manufacturers are home-grown.The logical consequence of this trajectory is that,of the 30 million or so cars soon to be made for the Chinese market,perhaps less than 15 million will even theoretically
62、be accessible to Western players.Paradoxically,a market growing fast in absolute terms could thus become a flattening or even shrinking playing field for Western companies.For traditional suppliers,the writing is on the wall.It is high time for them to see Chinese OEMs as serious customers and Chine
63、se suppliers as very professional competitors.Nor does this apply only to the domestic Chinese market:as leaders in the advanced technologies surrounding battery electric vehicles,these players are also looking to ramp up their market shares in other regions as well.Moreover,their impressive command
64、 of scale effects helps them keep overall costs down even when,like Western suppliers,they are faced with rising input costs.The realistic nature of their expansion ambitions is reflected in Chinese suppliers upward surge in global ranking tables.JWhen we distill this industry outlook into the simpl
65、e categories of winners and losers,a sobering picture emerges for traditional Western OES.KLarge numbers of traditional suppliers are becoming increasingly irrelevant as newcomers many of which are established and well-resourced technology players from other industries assume strong market positions
66、 and capture attractive areas of future growth.The series of crises enumerated at the beginning of this study has accelerated this paradigmatic shift in the automotive supply industry.Perhaps the only trump cards large traditional suppliers still possess are their scale and their financial strength.
67、Going forward,however,their market success will depend on how they play these cards which leads us into concrete recommendations for players in the automotive supply space.Source:IHS,Roland Berger/Lazard2018 2019 2020 2023 202528%27%10%35%30%28%9%33%28%25%9%39%22%21%8%49%19%20%8%53%CHNNAEuropeAsia e
68、xcl.ChinaSales development inChina by OEM regionI Chinese OEMs continuously gain market share in their home market and have a leading position in BEV production Role of Chinese OEMsSource:Roland Berger/LazardJChinese players are professionalizing and are active in growing segments,as reflected in th
69、eir presence in the global top-100Role of Chinese automotive suppliersK While new suppliers mostly see the automotive industry as an attractive growth opportunity,traditional OES often suffer Automotive supplier clusterRank of best CHN supplier#24#12#3Revenue share of CHN suppliers in top-1002%5%9%N
70、o.of CHN suppliers among global top-100 suppliers37022Top-100 suppliersSource:Consensus,Roland Berger/LazardLarge-scale cost leaders Leverage design-to-cost and production efficiencies in times of macro challengesChina-based OES Exposure to growing OEM clients in Asia Lower average person
71、nel cost basisSoftware/tech giants Leverage technology know-how from other industries and financial room for investmentBattery leaders Leading position in a segment with high entry barriers and rapid growthWinnersTraditional OESNew OES15%20%Battery followers Large investment requirements for uncerta
72、in revenues Less scale effects than market leadersEU commodity players High exposure to macro cost increases,on already low margin levelsICE-focused suppliers Often late in transition to BEV technologies Continuously decreasing scales and limited refinancing opportunitiesSoftware boutiques Often too
73、 inefficient/unused to automotive procurement standards and processes Partly inferior software quality compared with tech giantsLosers50%15%.%Estimated share of suppliers within the cluster Automotive suppliers have lost nearly 3%-points of EBIT margin since 2017/18 current profitability level is no
74、t sufficient to match the average cost of capitalChristof Sndermann,Managing Director,Lazard16 17 Roland Berger|Lazard|Global Automotive Supplier Study 2023Roland Berger|Lazard|Global Automotive Supplier Study 2023Recommendations Selective strategies and radical repositioning There is no stopping th
75、e transition from internal combustion to electric powertrains,nor can the industrys eastward drift be halted.Also,the fresh flare-up of conflicts in Israel and the Middle East could yet have another serious set of implications for more than just the automotive industry.However,as this study constant
76、ly reiterates,growth opportunities are still very much there,so there will definitely be winners as the current transitions and transformations play out.Suppliers and OEMs alike must face up to these new realities.And,especially in the case of traditional suppliers,they must radically rethink their
77、strategy and find their place in the new-look automotive space of the future.4 Overall,the supplier market remains a growth business,albeit with different components,for different customers,and for other suppliers than today.Florian Daniel,Partner,Roland BergerThere is never a one-size-fits-all solu
78、tion,and this is all the more true in the complex and changing constellation we have described.Nevertheless,five basic principles and approaches must underpin every suppliers strategy to adapt and advance in the current climate:PERFORMANCE As global economic and political disruptions continue and OE
79、Ms exert ever greater pressure for lower costs and greater efficiency,it is crucial for suppliers to launch dedicated performance programs that can stabilize margins,increase cash flow and hedge their business against future uncertainties.Rising interest expenses in upcoming refinancing rounds will
80、further increase the need for such actions.In the short term,the after-effects of the various crises make this a good time to implement unpopular measures(such as resizing or relocating the workforce)in order to slash overheads and boost performance.PIVOT TO ASIA Those suppliers that have not alread
81、y done so must accept that the global focus of the automotive industry is shifting away from Europe and toward the Asian market.As Asian OEMs in general and Chinese OEMs in particular grow in importance and increasingly set market trends,incumbent(Western)suppliers must realign the regional focus of
82、 their own activities especially with regard to product portfolios,production sites and supply chain structures.Doing so will also help them mitigate risks in case of geopolitical conflicts.PLAYERS FUTURE SKILL SETSThe dramatic changes being driven by new technology players will give a definite adva
83、ntage to players with strong skills in software and the development of batteries and new powertrain technologies,but also in the wider connectivity and digital space.Of central importance will be suppliers ability to onboard and retain the necessary expertise beyond their traditional strengths.PARTN
84、ERSHIPS Potential M&A buyers willing to make cash acquisitions are in short supply,financing has become more expensive and the cost of capital is higher.Accordingly,mergers,joint ventures and other forms of collaboration with both OEMs and other suppliers will be essential to properly master the cap
85、ex-intensive industry transformation.PORTFOLIO AND POSITIONING Given the above requirements,it almost goes without saying that scale and a top-three leadership position are critical.Suppliers must clearly define a focused strategic course,which primarily means deciding where to invest and capture gr
86、owth on the one hand,but also where to consolidate and which activities to exit on the other.18 19 Roland Berger|Lazard|Global Automotive Supplier Study 2023Roland Berger|Lazard|Global Automotive Supplier Study 2023There is a way forward!DisclaimerPerhaps the most encouraging aspect of the challenge
87、s currently facing automotive suppliers is that they are staked out very clearly.In terms of both geographic market trends and ascendent technologies,industry players know where they stand and what needs to be done.This clear-cut knowledge gives an advantage even to those suppliers for whom the most
88、 radical realignments are necessary.The important thing is for each supplier to carefully choose the cluster it wants to occupy and develop the corresponding focus,which will obviously vary from company to company.Large-scale cost leaders will have a very different focus than software and tech playe
89、rs,for example,as will battery leaders and what we call battery followers.Asian-based suppliers must also get themselves in shape to tackle established competitors as they expand into Europe,but without compromising their market position at home.For many different players,committing to R&D partnersh
90、ips will be a must,both to keep up with(or stay ahead of)the technological transformation and to keep a cap on costs.The rewards for those who do choose the right partners,target the right markets and niches,and apply the right strategies promise to be handsome.Even and especially as far-reaching tr
91、ansformation unfolds,it is well worth fighting for a lucrative position in the automotive market of tomorrow.We welcome your feedback,questions and suggestions and would be happy to talk to you about your companys road to the automotive future.This publication is based on publicly available informat
92、ion that has not been independently verified by Lazard or RB.Any estimates and projections contained herein involve significant elements of subjective judgment and analysis,which may or may not be correct.Neither Lazard,nor any of its affiliates,nor any of its direct or indirect shareholders,nor any
93、 of its or their respective members,employees or agents,nor RB provides any guarantee or warranty(express or implied)or assumes any responsibility with respect to the authenticity,origin,validity,accuracy or completeness of the information and data contained herein or assumes any obligation for dama
94、ges,losses or costs(including,without limitation,any direct or consequential losses)resulting from any errors or omissions in this publication.The economic estimates,projections and valuations contained in this publication are necessarily based on current market conditions,which may change significa
95、ntly over a short period of time.In addition,this publication contains certain forward-looking statements regarding,among other things,the future financial performance of automotive suppliers,which may include projections based on growth strategies,business plans and trends in the automotive sector
96、and global markets.These forward-looking statements are only predictions based on current expectations;the actual future results,levels of activity and/or financial performance of automotive suppliers may differ materially from the predictions contained in this publication.Changes and events occurri
97、ng after the date hereof may,therefore,affect the validity of the statements contained in this publication,and neither Lazard nor RB assumes any obligation to update and/or revise this publication or the information and data upon which it has been based.20 Roland Berger|Lazard|Global Automotive Supp
98、lier Study 202321 Roland Berger|Lazard|Global Automotive Supplier Study 2023ROLAND BERGERAUTHORSAUTHORSLAZARDGLOBAL CONTACTSGLOBAL CONTACTSThis publication has been prepared for general guidance only.The reader should not act according to any information provided in this publication without receivin
99、g specific professional advice.Roland Berger GmbH and Lazard&Co.GmbH shall not be liable for any damages resulting from any use of the information contained in the publication.2023 ROLAND BERGER GMBH.ALL RIGHTS RESERVED.2023 LAZARD&CO.GMBH.ALL RIGHTS RESERVED.12.2023ROLANDBERGER.COMLAZARD.COMFelix M
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