According to a research report from Huajin Securities, the market size for intelligent chassis systems in China's passenger vehicles is projected to reach 46.6 billion yuan by 2025 and 117.1 billion yuan by 2030, with a compound annual growth rate (CAGR) of 20.24% from 2025 to 2030, indicating a trend of rapid market penetration. In 2025, new national standards for braking systems will take effect, providing a regulatory basis for the adoption of Electro-Mechanical Braking (EMB) systems and accelerating their mass production timeline. Multiple companies have completed production line construction, with planned mass production timelines concentrated between late 2025 and the first half of 2026. Looking ahead to 2026, wire-controlled chassis systems are entering a critical phase of industrialization. Current penetration rates remain relatively low, but driven by the advancement of intelligent driving technologies, these systems are expected to see accelerated adoption and further market expansion, benefiting related enterprises. Key viewpoints from Huajin Securities are as follows:

Wire-controlled chassis systems are essential for achieving high-level autonomous driving. They serve as a key differentiator for intelligent electric vehicles, facilitating the transition from mechanical to wire-controlled driving systems. The core value of wire-controlled chassis lies in surpassing the performance limits of traditional mechanical chassis through real-time sensor data, dynamic algorithmic decision-making, and precise responses from actuators, providing the accuracy and reliability required for advanced autonomous driving.

Within wire-controlled chassis systems, particular attention should be paid to wire-controlled braking and steering. Among the five major subsystems, wire-controlled braking, steering, and suspension present higher development challenges and are currently dominated by foreign companies. In terms of market penetration, wire-controlled drive systems are nearing standard equipment levels, while wire-controlled steering and suspension are still in early stages. Wire-controlled braking and shifting are on the verge of large-scale commercialization. From a technical difficulty perspective, wire-controlled drive and shifting technologies are relatively mature. Wire-controlled braking and steering pose the highest technical barriers, placing domestic and foreign suppliers on a more level playing field and highlighting significant potential for domestic suppliers.

Wire-controlled braking aligns with the development trends of autonomous driving and is progressing toward mass production as regulations ease. Currently, EHB One-box is the mainstream solution. EMB systems, which eliminate hydraulic components and use electric motors for braking, achieve full wire-control. Compared to EHB, EMB better meets the stringent requirements for response speed and control precision in L4+ level autonomous driving. With new national braking standards effective in 2025, EMB adoption gains regulatory support, accelerating its mass production. Several companies, including established players like Bosch, Continental, and Bethel, as well as new entrants such as Coordinate System, JiongYi Electronics, MouXing Technology, and HuaShen RuiLi, have completed production line setups, with mass production planned for late 2025 to mid-2026.

Wire-controlled steering is suitable for L3+ level autonomous driving, prompting multiple suppliers to actively develop solutions. EPS is the most widely used steering system currently. Steer-by-Wire (SBW) systems remove mechanical linkages between the steering wheel and wheels, relying entirely on electrical power for steering. While EPS retains mechanical components—leading to response delays, layout constraints, and mechanical wear—and struggles to fully meet the precise coordination demands of autonomous driving, SBW represents the next-generation solution. SBW offers faster response, flexible layout, and, with dual-redundancy design and intelligent preview capabilities, meets higher safety standards and full-scenario autonomous driving needs. Overseas companies like Bosch, JTEKT, and ZF have a first-mover advantage. Domestic manufacturers, having entered the field later, are mostly in the R&D phase, though Nexteer has made rapid progress and achieved mass production.

Investment Recommendation: By 2026, wire-controlled chassis systems will enter a critical industrialization phase. With current low penetration rates, catalyzed by intelligent driving adoption, these systems are poised for accelerated penetration and market expansion. Related companies are expected to benefit. It is advisable to focus on firms within the supply chain that are developing wire-controlled products and possess platform capabilities, such as Bethel (603596.SH), Nexteer (01316), ZHEJIANG SHIBAO (002703.SZ, 01057), Asia-Pacific Mechanical Component (002284.SZ), Tuopu Group (601689.SH), Jingwei Hengrun-W (688326.SH), and Huayu Automotive Systems (600741.SH).

Risk warnings include potential delays in regulatory progress, slower-than-expected sales of new energy vehicles, intensified market competition, and risks associated with the pace of technological iteration.