The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The transport vehicle components market has witnessed robust growth in recent years, with significant projections for the near future. Here’s a breakdown of the factors driving this expansion:

Historic Growth Trends

• The market size surged from $753.75 billion in 2023 to $803.35 billion in 2024, boasting a compound annual growth rate (CAGR) of 6.6%.
• Factors contributing to historic growth include automotive design evolution, fuel efficiency demands, globalization of supply chains, emissions regulations evolution, and materials and manufacturing innovations.

Future Growth Projections

• Anticipated growth points to a market size of $1038.59 billion by 2028, again at a CAGR of 6.6%.
• Key drivers for this growth phase include electrification, lightweight materials innovation, connected vehicle ecosystem expansion, sustainable solutions emphasis, and urban mobility expansion.
• Major trends expected in this forecast period encompass supply chain resilience and localization, urban mobility solutions, sustainability focus, advanced driver-assistance systems (ADAS), and connected vehicle ecosystems.

Rising Demand for Commercial Vehicles Drives Market Expansion

• Commercial vehicle demand is a significant growth catalyst for the transport vehicle components market.
• The surge in commercial vehicle production, as highlighted by the International Organization of Motor Vehicle Manufacturers (OICA), underscores this trend.
• Companies like Robert Bosch GmbH, Aisin Seiki Co. Ltd., Valeo SA, and others play pivotal roles in this market landscape.

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Technological Advancements Propel Market Evolution

• Technological innovation is a prominent trend shaping the transport vehicle components market.
• Major players are investing in advanced products to fortify their market positions.
• Examples include FCA’s vehicle-to-grid (V2G) pilot project and Robert Bosch GmbH’s acquisition of MoTeC for portfolio expansion.

Market Segmentation Insights

The transport vehicle components market is segmented into various categories:

1. Type: Motor Vehicle Body, Stamped Metal, Motor Vehicle Engine, Power Train and Parts, Motor Vehicle Electrical and Electronic Equipment, Steering Suspension, Interiors
2. Vehicle Type: Passenger Cars, Commercial Vehicles
3. Component Type: Battery Packs, DC-DC Converters, Controller and Inverter, Motor, Onboard Charger
4. Sale Channel: OEM (Original Equipment Manufacturer), Aftermarket

Regional Dynamics

• North America emerged as the largest region in the transport vehicle components market in 2023, showcasing the region’s significance in this industry’s landscape.

As the transport vehicle components market continues to evolve, fueled by technological innovation and shifting consumer demands, industry players must remain agile to capitalize on emerging opportunities and navigate challenges effectively. With a clear understanding of market dynamics and strategic foresight, stakeholders can position themselves for success in this dynamic landscape.

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The Transport Vehicle Components Global Market Report 2024  provides an overview of the transport vehicle components market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The transport vehicle components market forecast analyzes transport vehicle components market size, transport vehicle components market share, leading competitor and their market positions.

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