In the last couple of years, the automotive industry has been witness to intense levels of strategic business activities undertaken by players worldwide. In addition to shifting manufacturing bases to low-cost regions, original equipment manufacturers (OEMs) have identified product innovation as a key long-term measure to enhance their market shares. Advanced technology and product development initiatives are becoming critical issues on which all automakers are focusing. They have increased focus on research and development (R&D) considerably, which has enabled them to develop cutting-edge products and technologies that ultimately satisfy the needs of the end-user. This briefing reviews the developments and trends in the automotive components industry, and discusses new product initiatives undertaken by the top 20 component manufacturers worldwide