线控底盘：智能驾驶遗珠，国产替代富矿

Industry Overview - The wire-controlled chassis is considered the final piece of the puzzle for intelligent driving [2] - The wire-controlled chassis market is projected to reach a scale of hundreds of billions of yuan [2] - Currently, foreign companies dominate the chassis market, but domestic OEMs have a strong willingness to support localization [2] - Companies like Bethel, Nexteer, and Baolong Technology are making rapid progress in wire-controlled chassis development [2] Wire-Controlled Chassis Definition and Features - The wire-controlled chassis replaces mechanical connections with electrical signals to control vehicle functions such as acceleration, braking, steering, and suspension adjustment [5] - Key feature: Human-machine decoupling, where the control mechanism and execution mechanism are not mechanically connected [5] - The wire-controlled chassis consists of five core systems: wire-controlled braking, wire-controlled steering, wire-controlled suspension, wire-controlled gear shifting, and wire-controlled throttle [5] Functional Integration of Wire-Controlled Chassis - The wire-controlled chassis integrates longitudinal (acceleration/braking), lateral (steering), and vertical (suspension) control, enhancing vehicle motion control capabilities [7] - Traditional chassis systems lack wire-controlled technology, relying on vacuum boosters, column EPS, and passive dampers, which limit functionality [7] - Functional integration of the wire-controlled chassis improves driving stability, extends range, and enhances safety [7] Advantages of Wire-Controlled Chassis - The wire-controlled chassis meets the high precision and sensitivity requirements of intelligent driving systems [9] - Wire-controlled technology is more suitable for intelligent driving than mechanical connections, as it allows full access to steering and braking systems in high-level autonomous driving [9] - The wire-controlled chassis enables redundancy design among functions, reducing costs while meeting the redundancy requirements of high-level autonomous driving [8] - Suppliers can improve R&D and manufacturing efficiency by offering integrated wire-controlled chassis products [8] - OEMs can focus on differentiated function development, improving development efficiency [8] Market Trends and Growth Drivers - L2 penetration rate in China's passenger car market reached 34.9% in the first half of 2023, with a year-on-year increase of 8 percentage points [11] - The penetration rate of L2 (including L2+) in new energy vehicles reached 50.4% in the same period [11] - Regulatory support, such as the "Notice on Pilot Work for Access and Road Travel of Intelligent Connected Vehicles," is accelerating the development of intelligent driving [11] - The wire-controlled braking, steering, air suspension, and CDC damper markets are expected to reach 462 billion yuan and 1,195 billion yuan in 2025 and 2030, respectively, with a CAGR of 21% from 2025 to 2030 [12][13] Key Players and Technological Progress - Bethel, Nexteer, and Baolong Technology are leading in the development of wire-controlled chassis systems [2] - Bethel has launched a front-wet-rear-dry wire-controlled braking system and plans to support OEM customers in 2024 [32] - Nexteer has secured wire-controlled steering projects from global leading OEMs [39] - Baolong Technology is making progress in air spring and CDC damper development [45] Market Segmentation and Forecasts - The wire-controlled braking market is expected to reach 196 billion yuan in 2025, with a penetration rate of 45% [13] - The wire-controlled steering market is projected to grow to 261 billion yuan by 2030, with a CAGR of 37% from 2025 to 2030 [36][37] - The air suspension market is forecasted to reach 400 billion yuan by 2030, with a CAGR of 29% from 2025 to 2030 [43][44] - The CDC damper market is expected to grow to 231 billion yuan by 2030, with a CAGR of 18% from 2025 to 2030 [43][44]