This part is listed by BMW as BMW part number 11617830358 (11 61 7 830 358) and is described as the intake boot to the plenum on 2001-2002 M Coupe and M Roadster with the S54 engine.
The rubber intake boot connects the air flow sensor with the throttle body on the S54 MZ3. It's after the air filter and mass air meter so any rips or tears on the boot material will allow unfiltered and unmetered air into the engine. And since vacuum and air pressure within the engine are closely managed, any air leak can be a serious problem. Air leaks from a cracked intake boot can cause your E36 to run rough, poor idle, throttle surging, stumbling, hesitations, and misfires. These can be caused by other things but a leak in the intake boot is easy to check and inexpensive to fix!
This is a Genuine BMW MZ3 intake boot with a two year warranty. Buying a Genuine part will usually be more expensive than an OEM or aftermarket brand but you are assured that it meets BMW's designs for fitment, performance, and longevity. It will also be the very latest design, incorporating any updates or revisions that an aftermarket brand typically will ignore.
BMW Fitments:
Z Series
E36/7 / E36/8 Z3 (96-02) > Z3 M - S54