Rising Demand For Commercial Vehicles Drives Growth In The Transport Vehicle Components Market Driver: Leading Transformation in the Transport Vehicle Components Market in 2025

What combination of drivers is leading to accelerated growth in the transport vehicle components market?
The growth of the transport vehicle components market is set to be driven by the rising demand for commercial vehicles. Commercial vehicles, which are primarily utilized for transporting goods or materials rather than passengers, require a plethora of components to function properly. As such, growing need for these vehicles correlates with the rising growth of the transport vehicle components market. An example of this upward trend is reflected in the statistics from April 2024 provided by the China Association of Automobile Manufacturers (CAAM). It documented a 22.1% year-over-year increase in Chinese commercial vehicle sales in 2023, resulting in a total of 4,031,000 units. This growth was principally fueled by domestic sales, which saw a rise of 20% year-over-year, accounting for 3,261,000 units. Additionally, exports experienced a significant rise, with a leap of 32.2%, corresponding to 770,000 units. Consequently, the rising requirement for commercial vehicles is poised to stimulate growth in the transport vehicle components market.

https://www.thebusinessresearchcompany.com/report/transport-vehicle-components-global-market-report

What is the projected compound annual growth rate (CAGR) of the transport vehicle components market from 2025 to 2034, and what factors influence it?
Recent years have seen a robust growth in the size of the transport vehicle components market. The market is projected to expand from its valuation of $791.98 billion in 2024 to approximately $839.2 billion by 2025, representing a compound annual growth rate (CAGR) of 6.0%. Factors contributing to this historic surge include the evolution of automotive design, increased demand for fuel-efficient vehicles, the globalisation of supply chains, changes in emissions regulations, as well as innovations in materials and manufacturing methods.

Anticipated robust growth is on the horizon for the transport vehicle components market. It is projected to increase to $1104.39 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.1%. This upward trend during the forecast period is likely due to factors such as the rise of vehicle electrification, the introduction of innovative lightweight materials, expansion of the connected vehicle ecosystem, emphasized sustainable solutions, and urban mobility growth. Key trends during this period include supply chain resilience with a focus on localization, an uptick in urban mobility solutions, sustainable and eco-friendly solutions, safety enhancements, and advanced driver-assistance systems (adas) as well as the proliferation of the connected vehicle ecosystem.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9248&type=smp

How are the latest trends influencing the growth of the transport vehicle components market?
The advancements in technology are emerging as a prominent trend in the transport vehicle components market. Major market players are strategizing to develop products leveraged by advanced technology in order to solidify their place in the market. For example, Volvo Cars, a luxury vehicle manufacturer based in Sweden, announced a massive expansion plan of its electric vehicle series in September 2024, revealing three new fully electric models planned for launch by 2025. This move is in line with the company's goal of achieving 90-100% electrified sales by the year 2030 and signals its ongoing commitment to improve sustainability initiatives, including lowering CO2 emissions per vehicle.

What are the major segments of the transport vehicle components market and their role in driving growth?
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

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=9248

Which regions are key players in the growth of the transport vehicle components market?
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

Who are the key firms paving the way for growth 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

Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/sample.aspx?id=9248&type=smp

What Is Covered In The Transport Vehicle Components Global Market Report?

• Market Size Forecast: Examine the transport vehicle components market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the transport vehicle components market for a structured understanding.
• Key Players Overview: Analyze major players in the transport vehicle components market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the transport vehicle components market.
• Segment Contributions: Evaluate how different segments drive overall growth in the transport vehicle components market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the transport vehicle components market.
• Industry Challenges: Identify potential risks and obstacles affecting the transport vehicle components market.
• Competitive Landscape: Review strategic developments in the transport vehicle components market, including expansions, agreements, and new product launches.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.