Commercial Vehicle Ancillaries Market Valued at $6.0 Billion in 2023, Set to Hit $10.7 Billion by 2033

Allied Market Research published a report, titled, "Commercial Vehicle Ancillaries' Products Market by Vehicle type (LCV, Truck, and Bus), and End User (Transportation & Logistics, Construction, Agriculture, Public Transportation, and Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the commercial vehicle ancillaries' products market was valued at $6.0 billion in 2023, and is estimated to reach $10.7 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A185107

𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 :

Based on the vehicle type, the truck segment held the highest market share in 2022. The truck segment dominates due to the extensive use of trucks in logistics, transportation, and construction industries. Trucks are essential for heavy-duty tasks and long-haul transportation, driving significant demand for ancillary products like spare parts, maintenance tools, and accessories. The demand for shorter delivery times by consumers has driven logistics firms to develop light commercial vehicles (LCVs) best suited for urban areas, featuring increased cargo capacity and improved maneuverability. Moreover, a lot of emphasis is put on eco-friendly electric or hybrid LCVs, which limit pollution through reduced greenhouse gas emissions and conforming to stricter regulatory guidelines.

Based on the end user, the transportation and logistics segment held the highest market share in 2022. The transportation and logistics sector is the largest end user because of the critical role it plays in global supply chains. This sector relies heavily on commercial vehicles for the movement of goods, necessitating a high volume of ancillary products to ensure vehicle efficiency and reliability.

In addition, there has been an exponential rise in e-commerce and escalating customer demand for quicker delivery times; therefore, it is important that efficient logistic vehicles as well as allied accessories are made available within the transportation and logistics industry. This means that fleet operators have adopted technologies such as GPS tracking systems, real time monitoring of cargo movement, and route optimization to improve their operations among other things. Similarly with this trend, there is a huge increase in demand for refrigerated trucks and trailers, which carry perishable goods such as food and pharmaceutical products, thus requiring specialized back-up equipment such as advanced cooling technology or temperature monitors.

In addition to this, safety features such as object recognition systems; crash avoidance assistances, and operator aids have gained prominence resulting from the need to protect workers' lives while still adhering to laws about industrial compliance. As the industry focuses on reducing its environmental impact, there is a surge in trend toward adopting electric and hybrid construction vehicles and equipment, particularly in urban areas with stricter emission norms.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/commercial-vehicle-ancillaries-products-market/purchase-options

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 :

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, owing to its rapidly growing economies, extensive industrial activities, and significant investments in infrastructure. The global commercial vehicle ancillaries' products market exhibits diverse regional dynamics across key regions. North America showcases a mature market driven by stringent safety regulations and technological innovation. European market is driven by sustainability and regulatory compliance, hence there is increased demand for emission control systems and autonomous driving technology in the region. Rapid development due to urbanization and infrastructure in Asia-Pacific has promoted growth, with a concentration on security features and shopping requirements of the e-commerce industry. Economic growth in Latin America creates new chances for transportation infrastructure development, however, Middle East & Africa regions demand specialized ancillary products that are able to withstand extreme conditions and support infrastructure projects.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Magna International Inc.
Denso Corporation
Continental AG
Robert Bosch GmbH
ZF Friedrichshafen AG
Aisin Seiki Co., Ltd.
Valeo SA
Lear Corporation
Hyundai Mobis
Faurecia
Cummins Inc.

The report provides a detailed analysis of these key players in the global commercial vehicle ancillaries' products market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A185107

𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 :

In October 2023, Cummins Inc. completed its acquisition of two Faurecia commercial vehicle manufacturing plants and associated operations. Two manufacturing plants bought by it are situated at Columbus, Indiana (U.S.) and Roermond, Netherlands. Faurecia is one of the major car technology companies within FORVIA Group globally.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

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