Tung Thih Electronic (TTE): Asia’s #1 (Global #3) Automotive Parking Sensor Innovator with >50% Market Share in China
Tung Thih Electronic (TTE) (GreTai: 3552 TT) is Asia’s largest maker of patented, ultrasonic, accurate auto parking radar sensor, ahead of Japan’s Denso (6902 JP), and is the third-largest in the world behind Valeo (FR EN) and Bosch. TTE has about 60% market share in parking radars installed on new cars sold in China, and the installation rate of radar sensors on China’s auto is still low (35%+ on new cars vs 80%+ in Taiwan and developed markets). Established in 1979 by founder and Chairman Scott Chen, TTE is one of the few Tier-1 automotive suppliers in Taiwan to major OEM car makers that include Ford, GM, Nissan, China’s top 10 auto companies, and Taiwanese automakers, thereby directly shipped to them and involved in their R&D processes and early stage processes of concept car design and prototyping, creating a pre-emptive advantage in winning new orders. TTE’s top five clients (Shanghai VW, North America Ford, Great Wall Motor, Dongfeng Nissan, and Shanghai GM) accounts for 53% of total sales in FY14. TTE operates 3 factories, one in Taiwan and two in China (Xiamen, Kunshan) with a total capacity of around 10m units.
1) What Makes It a Wide-Moat Business?
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