BorgWarner has a record of foreseeing large, long-lasting, and efficiency-enhancing technological trends in the auto-parts industry and then taking an early leadership share through mergers and acquisitions and capital spending. Technologies that benefit from market growth and increased penetration by automotive original equipment manufacturers create a runway for above-market growth. In a mature industry with limited pricing power, increasing the value of content supplied to an OEM is the primary organic growth driver for a parts supplier. A market-leading position also supports the company’s ability to pass on annual price-downs to its suppliers.