The Business Research Company’s report on the Transport Vehicle Components Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the transport vehicle components industry?
The increasing demand for commercial vehicles is expected to propel the growth of the transport vehicle components market going forward. A commercial vehicle is permitted to be used for the transportation of goods or materials rather than people. Commercial vehicles increasingly require components for their functioning, hence, the growth of this market will result in the growth of the transport vehicle components market.. For instance, in April 2024, according to the China Association of Automobile Manufacturers (CAAM), sales of Chinese commercial vehicles surged by 22.1% year-over-year (y/y) in 2023, reaching a total of 4,031,000 units. This growth was driven by domestic sales, which rose to 3,261,000 units (up 20% y/y), while exports increased significantly by 32.2%, amounting to 770,000 units. Therefore, increasing demand for commercial vehicles is expected to grow the transport vehicle components market.
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What is the estimated market size of the transport vehicle components sector by 2029, based on current forecasts?
The transport vehicle components market size has grown strongly in recent years. It will grow from $791.98 billion in 2024 to $839.2 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to automotive design evolution, market demand for fuel efficiency, globalization of supply chains, evolving emissions regulations, materials and manufacturing innovations.
The transport vehicle components market size is expected to see strong growth in the next few years. It will grow to $1104.39 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to electrification growth, innovative lightweight materials, connected vehicle ecosystem expansion, sustainable solutions emphasis, urban mobility expansion. Major trends in the forecast period include supply chain resilience and localization, rise in urban mobility solutions, sustainability and eco-friendly solutions, safety and advanced driver-assistance systems (adas), connected vehicle ecosystem.
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#Who are the top players in the transport vehicle components market?
Major companies operating in the transport vehicle components market include Robert Bosch GmbH, Aisin Seiki Co. Ltd., Valeo SA, Continental AG, Aptiv PLC, ZF Friedrichshafen AG, Magna International Inc., Faurecia SE, Magneti Marelli SpA, Brembo S.p.A., Akebono Brake Industry Co. Ltd., Hella KGaA Hueck & Co., ACDelco, Tesla Inc., Hitachi Ltd., ABB Ltd., BYD Company Limited, Panasonic Corporation, Denso Corporation, Harman International Industries, Alps Alpine Co. Ltd., Toyota Industries Corporation, KION Group AG, Mitsubishi Logisnext Co. Ltd., Jungheinrich AG, Crown Equipment Corporation
#What are the major trends in the transport vehicle components market?
Technological advancements are a key trend gaining popularity in the transport vehicle components market. Major companies operating in the market are focused on developing technologically advanced products to strengthen their position in the market. For instance, in September 2024, Volvo Cars, a Sweden-based manufacturer of luxury vehicles, revealed a significant expansion of its electric vehicle lineup, unveiling plans for three new fully electric models slated for release by 2025. This initiative aligns with the company’s commitment to achieving 90-100% electrified sales by 2030 and reflects ongoing efforts to enhance its sustainability measures, including a targeted reduction of CO2 emissions per vehicle.
Which geography holds the highest transport vehicle components market share?
North America was the largest region in the transport vehicle components market in 2024. The regions covered in the transport vehicle components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How do different segments contribute to the overall expansion of the transport vehicle components market?
The transport vehicle components market covered in this report is segmented –
1) By Type: Motor Vehicle Body, Stamped Metal, Motor Vehicle Engine, Power Train And Parts, Motor Vehicle Electrical And Electronic Equipment, Steering Suspension, Interiors
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Component Type : Battery Packs, DC-DC Converters, Controller And Inverter, Motor, Onboard Charger
4) By Sale Channel: OEM (Original Equipment Manufacturer), After market
Subsegments:
1) By Motor Vehicle Body: Chassis, Panels And Frame
2) By Stamped Metal: Body Panels, Structural Components
3) By Motor Vehicle Engine: Internal Combustion Engines, Electric Motors
4) By Power Train And Parts: Transmissions, Differentials
5) By Motor Vehicle Electrical And Electronic Equipment: Battery Systems, Control Units
6) By Steering Suspension: Steering Systems, Suspension Components
7) By Interiors: Seats, Dashboard Components, Trim And Upholstery
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How is the transport vehicle components market defined?
Transport vehicle components are any parts that are frequently fastened, bonded, or otherwise joined to a vehicle or its frame. The components are used in various vehicles such as a plane, ship, or train.
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