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Rising Demand For Commercial Vehicles Drives Growth In The Transport Vehicle Components Market: A Key Driver Powering Transport Vehicle Components Market Growth In 2025
Transport Vehicle Components
How Big Is the Transport Vehicle Components Market Size Expected to Be by 2034?
The market for transport vehicle components has experienced a robust development in recent times. A rise from $791.98 billion in 2024 to $839.2 billion in 2025 at a compound annual growth rate of 6.0% is expected. Factors like changes in automobile designs, increased desire for fuel-efficient vehicles, globalisation of supply chains, updated emission rules, and advancements in manufacturing materials and techniques have contributed to the historical period's growth.
Predictions suggest a surge in the transport vehicle components market size in the forthcoming years. The market is forecasted to amplify to $1104.39 billion by 2029, growing at 7.1% compound annual growth rate (CAGR). This prospective escalation in the forecast period is attributed to factors like the growth of electrification, the advent of innovative light materials, the expansion of the connected vehicle ecosystem, an emphasis on sustainable solutions, and urban mobility expansion. Significant trends shaping the forecast period are resilience and localization of supply chain, the surge in urban mobility solutions, emphasis on sustainability and eco-friendly solutions, safety and advanced driver-assistance systems (adas), and a flourishing connected vehicle ecosystem.
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How Are Emerging Segments Shaping the Transport Vehicle Components Market Landscape?
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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Which Growth Factors Are Influencing Transport Vehicle Components Market Expansion?
The growth of the transport vehicle components market is forecasted to be stimulated by the escalating demand for commercial vehicles. Commercial vehicles, authorized for the purpose of transporting materials or goods rather than passengers, increasingly need components for their operation. This need will thus lead to an upsurge in the transport vehicle components market. For example, the China Association of Automobile Manufacturers (CAAM) reported in April 2024 that Chinese commercial vehicle sales had risen by 22.1% year-over-year in 2023, culminating in a total of 4,031,000 units. The growth was primarily due to domestic sales, which amounted to 3,261,000 units, increasing by 20% year-over-year. Exports notably increased by 32.2% to 770,000 units. Consequently, the growing demand for commercial vehicles anticipates boosting the transport vehicle components market.
Who Are the Dominant Players Across Different Transport Vehicle Components Market Segments?
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 Latest Developing Trends in the Transport Vehicle Components Market?
The transport vehicle components market is seeing a surge in popularity of a key trend- technological advancements. To solidify their market standing, major industry players are focusing on the production of technologically advanced products. An example of this can be seen in Volvo Cars, a luxury vehicle manufacturer based in Sweden, who announced a notable expansion of its electric vehicle range in September 2024. They revealed that three additional fully electric models are intended to be released by 2025. This matches Volvo Cars' pledge to attain 90-100% electrified sales by 2030 and is a reflection of their continued efforts to escalate their sustainability measures. The company aims includes reducing CO2 emissions per vehicle.
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Which Geographic Regions Are Expected to Dominate the Transport Vehicle Components Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Transport Vehicle Components Market?
2. What is the CAGR expected in the Transport Vehicle Components Market?
3. What Are the Key Innovations Transforming the Transport Vehicle Components Industry?
4. Which Region Is Leading the Transport Vehicle Components Market?
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