Press release
Commercial Vehicle Ancillaries Market Set to Accelerate Toward $10.7 Billion by 2033, Fueled by Fleet Modernization and Aftermarket Demand
Commercial Vehicle Ancillaries' Products Market
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.
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Prime determinants of growth
The global commercial vehicle ancillaries' products market has experienced growth due to several factors such as surge in demand for efficient & reliable transportation solutions, increase in focus on sustainability & environmental consciousness, and technological advancements. However, compliance with stringent regulatory standards & emission requirements and integration challenges hinder market growth to some extent. Moreover, surge in demand for electric & hybrid vehicles and advancements in safety & connectivity solutions offer remunerative opportunities for the expansion of the global commercial vehicle ancillaries' products market.
Segment Highlights: Fueling Commercial Vehicle Evolution
Truck Segment Leads Vehicle Type Category
Based on vehicle type, the truck segment emerged as the dominant force in 2022 and is expected to maintain its lead throughout the forecast period. Trucks continue to serve as the backbone of logistics, construction, and industrial transportation, making them key consumers of ancillary components such as durable parts, heavy-duty maintenance tools, and efficiency-enhancing accessories. The growing demand for faster delivery cycles has also driven the adoption of light commercial vehicles (LCVs) in urban logistics. These vehicles, known for their cargo flexibility and agility, are increasingly being developed with electric or hybrid powertrains to comply with evolving environmental norms and emission regulations.
Transportation & Logistics Segment Dominates by End User
By end user, the transportation and logistics segment accounted for the highest market share in 2022. This dominance is attributed to the sector's pivotal role in global commerce and supply chain operations. The exponential rise of e-commerce and the shift toward same-day or next-day delivery have increased the demand for fleet efficiency, driving the integration of advanced technologies like GPS tracking, route optimization, and real-time cargo monitoring.
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Additionally, the growing movement of temperature-sensitive goods-such as perishable food and pharmaceutical items-has led to a surge in demand for refrigerated trucks and trailers. These vehicles require specialized ancillaries, including high-performance cooling systems and thermal monitoring devices.
Safety and Sustainability Drive Innovation
The segment is also witnessing increasing demand for intelligent safety solutions, such as object detection systems, collision avoidance technologies, and driver-assist systems, all of which enhance operational safety and regulatory compliance. Simultaneously, as the commercial vehicle ecosystem shifts toward sustainability, there's an upsurge in adoption of electric and hybrid vehicle ancillaries, particularly in construction and municipal fleets operating in emission-restricted zones.
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Key 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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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