Press release
Global Transport Vehicle Components Market Worth $1066.95 Billion by 2029, Growing at 6.5% CAGR
Transport Vehicle Components Market
Transport Vehicle Components Market Outlook: What Size And CAGR Are Anticipated By 2025?
The market size for transportation vehicle parts has consistently expanded over the past few years. The market is projected to increase from $791.98 billion in 2024 to $828.26 billion in 2025, with a compound annual growth rate (CAGR) of 4.6%. The historical growth can be credited to the progress in automotive design, the market's increasing demand for fuel efficiency, the global spread of supply chains, changes in emissions regulations, and advancements in material and manufacturing techniques.
What Is the Expected CAGR for the Transport Vehicle Components Market Growth Through 2029?
The market size for transport vehicle components is predicted to experience considerable growth in the upcoming years. It is projected to reach $1066.95 billion by 2029, progressing at a compound annual growth rate (CAGR) of 6.5%. This growth during the projected period is largely due to factors like increased electrification, the use of innovative lightweight materials, expansion of the connected vehicle ecosystem, the emphasis on sustainable solutions, and the extension of urban mobility. Key trends during this period encompass supply chain resilience and localization, enhanced urban mobility solutions, sustainability and environment-friendly solutions, safety, and advanced driver-assistance systems (adas), along with the connected vehicle ecosystem's growth.
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What Are the Primary Drivers Behind Transport Vehicle Components Market Growth?
The surge in commercial vehicle needs is predicted to fuel the expansion of the transport vehicle components market. Commercial vehicles, which are typically authorized for the transportation of commodities or supplies rather than passengers, progressively necessitate components for operational purposes. As a result, the growth of this sector will influence the augmentation of the transport vehicle components market. For example, data from the China Association of Automobile Manufacturers (CAAM) released in April 2024 showed that sales of commercial vehicles in China experienced a 22.1% year-on-year rise in 2023, hitting a total of 4,031,000 units. This spike was primarily due to domestic sales, which escalated to 3,261,000 units (an increase of 20% year-on-year), and exports, which saw a notable rise of 32.2%, equating to 770,000 units. Hence, the ongoing demand growth for commercial vehicles is projected to enhance the development of the transport vehicle components market.
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What Are the Key Segments Driving Transport Vehicle Components Market 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
What Are the Technological Trends Impacting the Transport Vehicle Components Market?
There is a rising trend of technological innovation in the transport vehicle components market. To solidify their market standing, major companies are turning their efforts towards producing technologically superior products. Volvo Cars, a luxury vehicle manufacturer from Sweden, for example, announced a major increase in their range of electric vehicles in September 2024. They revealed three new exclusive electric models that are expected to hit the market by 2025. This move is in alignment with Volvo's goal of having 90-100% electrified sales by 2030. It also reflects their determination to improve sustainability efforts, specifically aiming to reduce CO2 emissions per vehicle.
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Who Are the Major Competitors in the Global 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
Which Region Dominates the Transport Vehicle Components Market Share in 2025?
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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