PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498746
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498746
Commercial Vehicle Accessories Market size was valued at USD 93,386.90 Million in 2023, expanding at a CAGR of 5.90% from 2024 to 2032.
Commercial vehicle accessories refer to a broad category of extra features and equipment intended to raise the utility, effectiveness, security, comfort, and visual appeal of commercial vehicles. These vehicles include trucks, vans, buses, and other types of vehicles used for business uses like logistics, construction, and the movement of people and commodities.
Commercial Vehicle Accessories Market- Market Dynamics
Rising emphasis on safety regulations & fleet management efficiency are expected to propel market demand
The need for commercial cars is being driven by the growing need for logistics and transportation services, which is being pushed by the expansion of e-commerce and globalization. Consequently, this expands the market for add-ons that improve these cars' efficiency and functionality. Stricter safety and pollution standards are being implemented by governments across the globe for commercial vehicles. This promotes the use of safety add-ons like lights, sophisticated braking systems, and other items linked to compliance.
Fleet operators are being forced to make investments in accessories that offer real-time data, increase fuel efficiency, and lower maintenance costs due to the demand for improved fleet management and operational efficiency. GPS tracking devices and telematics are two excellent examples of these accessories. Modern commercial vehicle accessories are in high demand due to technological advancements like telematics, IoT integration, and advanced driver-assistance systems (ADAS). Fleet operators find these technologies appealing because they increase connectivity, safety, and efficiency.
Commercial Vehicle Accessories Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.90% over the forecast period (2024-2032)
Based on Accessory Type segmentation, the safety & security accessories segment was predicted to show maximum market share in 2023, owing to the high demand for safety & security accessories.
Based on Vehicle Type segmentation, the truck segment was the leading Vehicle Type in 2023, due to the high demand for trucks in the commercial sector for transportation.
Based on End User segmentation, the logistics & transportation segment was the leading End User in 2023, owing to increased demand for commercial vehicles in logistics operations.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, owing to highly growing construction & automotive industries in China, South Korea, Indonesia etc.
The Global Commercial Vehicle Accessories Market is segmented on the basis of Accessory Type, Vehicle Type, End User, and Region.
The market is divided into three categories based on Accessory Type: safety & security accessories, interior accessories, and exterior accessories. The safety & security accessories segment dominates the market. The rising demand for safety airbags, seatbelts, and other accessories is likely to boost market growth.
The market is divided into three categories based on Vehicle Type: trucks, vans, and trailers. The truck segment dominates the market. The increasing demand for trucks in the commercial sector for transportation is spurring market growth.
The market is divided into four categories based on End Users: logistics & transportation, construction, public services, and others. The logistics & transportation segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising demand for vehicles accessories in logistical operation is contributing to segment growth.
Commercial Vehicle Accessories Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In North America there is increasing adoption of advanced driver-assistance systems (ADAS), rising e-commerce activity, and the need for fleet management solutions. Thus, North America is dominating the global market. Emerging markets such as Latin America with significant growth potential, supported by economic recovery and infrastructure development.
The commercial vehicle accessories market features a range of companies that offer a variety of products to enhance the functionality, safety, and comfort of commercial vehicles. These companies are involved in continuous development and innovation to meet the evolving needs of the market. In addition, major companies indulge in strategic investment, technological innovation, regulatory requirements, and evolving customer demands.
In December 2023, Toyota started advancing its commercial vehicle product offerings and expanded its product portfolio.
In 2022, Robert Bosch GmbH launched new ADAS products and partnerships for smart fleet management solutions.