WBTL(SH:603596) Chan Ye Xin Xi Wang·2025-06-08 02:10Core Viewpoint - The demand for brake-by-wire systems is expanding due to increasing consumer requirements for vehicle safety and comfort, as well as the rapid growth of the electric vehicle market. The development of autonomous driving technology positions brake-by-wire systems as a key component for achieving high-level autonomous driving functions [1][11]. Group 1: Market Overview - The market for brake-by-wire systems in China is projected to grow significantly, with local brand production expected to reach 5.29 million units in 2024 and 6.55 million units in 2025. The total demand is anticipated to be 13.96 million units in 2024 and 16.19 million units in 2025, leading to a market size of 23.73 billion yuan in 2024 and 24.78 billion yuan in 2025 [1][11]. - The penetration rate of brake-by-wire systems in the Chinese market is expected to increase from 3.29% in 2018 to 50.8% in 2024, with electric vehicles reaching a penetration rate of 90% by 2024 [9][11]. Group 2: Industry Environment - The rapid development of electric vehicles has significantly boosted the demand for brake-by-wire systems. The Chinese government is likely to respond with regulations to support and standardize the development of the brake-by-wire industry [4][11]. - The brake-by-wire industry is part of a broader automotive industry chain, with upstream components including EHB/EMB parts, sensors, and actuators, while downstream includes vehicle manufacturing and aftermarket services [6][11]. Group 3: Competitive Landscape - The brake-by-wire market in China is characterized by competition between domestic and international brands. Bosch is the largest player, followed by Continental, ZF, and Wanli. Domestic suppliers include Tongyu Automotive, Yingchuang Huizhi, and Bertli [13][18]. - Key domestic companies are focusing on advanced technologies and partnerships with major automotive manufacturers to enhance their market presence and product offerings [18][21]. Group 4: Technological Development Trends - Brake-by-wire technology is rapidly replacing traditional hydraulic systems, driven by the trends of electrification and intelligence in the automotive sector. The industry is expected to see continued growth in demand as technology evolves [23].