The transport vehicle components market size is expected to see strong growth in the next few years. It will grow to $1038.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to electrification growth, innovative lightweight materials, connected vehicle ecosystem expansion, sustainable solutions emphasis, urban mobility expansion. Major trends in the forecast period include supply chain resilience and localization, rise in urban mobility solutions, sustainability and eco-friendly solutions, safety and advanced driver-assistance systems (adas), connected vehicle ecosystem.
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Segmentation & Regional Insights
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), Aftermarket
North America was the largest region in the transport vehicle components market in 2023. 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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Major Driver Impacting Market Growth
The increasing demand for commercial vehicles is expected to propel the growth of the transport vehicle components market going forward. A commercial vehicle is permitted to be used for the transportation of goods or materials rather than people. Commercial vehicles increasingly require components for their functioning, hence, the growth of this market will result in the growth of the transport vehicle components market. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), a France-based international trade association whose members are 39 national automotive industry trade associations, the commercial vehicle production increased from 21,787,126 in 2020 to 23,091,693 in 2021. Therefore, increasing demand for commercial vehicles is expected to grow the transport vehicle components market.
Key Industry Players
Major companies operating in the transport vehicle components market are focused on innovating kits such as modular systems to address the growing demand for electrically powered vehicles. Modular systems refer to a design or arrangement composed of separate, independent components or modules that can be combined, interchanged, or customized to create a diverse range of configurations. For instance, in November 2021, Punch Powertrain, a Belgium-based company that manufactures and supplies powertrain solutions launched the E-Propulsion Technology Kit at the CTI Symposium in Berlin, offering automotive manufacturers a diverse range of electric drive configuration options. The kit comprises scalable and modular building blocks, including an Electric Drive Unit (EDU) with a transmission, electric motor, and power electronics. This allows global customers to create customized e-propulsion applications for various vehicles, addressing the increasing demand for electric mobility. The versatile and customer-oriented approach supports infinite customization possibilities, making it suitable for a wide range of electric vehicles, from passenger cars to trucks and industrial vehicles.
The transport vehicle components market report table of contents includes:
1. Executive Summary
2. Transport Vehicle Components Market Characteristics
3. Transport Vehicle Components Market Trends And Strategies
4. Transport Vehicle Components Market – Macro Economic Scenario
5. Global Transport Vehicle Components Market Size and Growth
…………………..
31. Global Transport Vehicle Components Market Competitive Benchmarking
32. Global Transport Vehicle Components Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Transport Vehicle Components Market
34. Transport Vehicle Components Market Future Outlook and Potential Analysis
35. Appendix
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