PUBLISHER: The Business Research Company | PRODUCT CODE: 1664770
PUBLISHER: The Business Research Company | PRODUCT CODE: 1664770
Transport vehicle components encompass parts that are regularly attached, bonded, or otherwise connected to a vehicle or its framework. These components find use in diverse transportation modes such as airplanes, ships, or trains.
The primary types of transport vehicle components include motor vehicle bodies, motor vehicle engines, electrical and electronic equipment, and interior components. A motor vehicle body constitutes the section of the vehicle fixed to the chassis, frame, or unibody, encompassing elements such as fenders, bumpers, windscreens, glass, and similar parts. Vehicle categories span passenger cars and commercial vehicles, while component varieties encompass battery packs, DC-DC converters, controllers, inverters, motors, and onboard chargers. These components are distributed through various sales channels, including OEM (original equipment manufacturer) and aftermarket avenues.
The transport vehicle components market research report is one of a series of new reports from The Business Research Company that provides transport vehicle components market statistics, including transport vehicle components industry global market size, regional shares, competitors with a transport vehicle components market share, detailed transport vehicle components market segments, market trends, and opportunities, and any further data you may need to thrive in the transport vehicle components industry. This transport vehicle components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The transport vehicle components market size has grown strongly in recent years. It will grow from $791.98 billion in 2024 to $839.2 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to automotive design evolution, market demand for fuel efficiency, globalization of supply chains, evolving emissions regulations, materials and manufacturing innovations.
The transport vehicle components market size is expected to see strong growth in the next few years. It will grow to $1104.39 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. 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.
The rising demand for commercial vehicles is expected to drive the growth of the transport vehicle components market in the coming years. A commercial vehicle is defined as one used for transporting goods or materials rather than passengers. As the need for commercial vehicles increases, so does the demand for components necessary for their operation, leading to growth in the transport vehicle components market. For example, in April 2024, the China Association of Automobile Manufacturers (CAAM) reported that sales of commercial vehicles in China surged by 22.1% year-over-year (y/y) in 2023, totaling 4,031,000 units. This increase was largely fueled by domestic sales, which rose to 3,261,000 units (a 20% y/y increase), while exports also saw significant growth, rising by 32.2% to 770,000 units. Therefore, the growing demand for commercial vehicles is anticipated to enhance the transport vehicle components market.
The increasing trend of urbanization is projected to further propel the growth of the transport vehicle components market. Urbanization describes the transition of rural areas into urban ones due to economic development and industrialization. Components for transport vehicles play a vital role in this process by providing efficient and sustainable mobility solutions in urban settings, thus supporting the development of transportation infrastructure. For instance, in April 2023, the World Bank Group, a US-based financial institution, reported that over half of the global population currently lives in urban areas. By 2045, this urban population is expected to rise to 6 billion, representing a 1.5 times increase. Thus, the trend of increasing urbanization is driving the transport vehicle components market.
Technological advancements are a prominent trend gaining traction in the transport vehicle components market. Leading companies in this sector are concentrating on developing innovative products to enhance their market position. For example, in September 2024, Volvo Cars, a luxury vehicle manufacturer based in Sweden, announced a substantial expansion of its electric vehicle lineup, unveiling plans to release three new fully electric models by 2025. This initiative is part of the company's commitment to achieving 90-100% electrified sales by 2030 and demonstrates its ongoing efforts to improve sustainability measures, including a targeted reduction of CO2 emissions per vehicle.
Key players in the transport vehicle components market are focusing on creating innovative solutions, such as next-generation batteries, to meet the increasing demand for electrically powered vehicles. Next-generation batteries refer to advanced energy storage technologies that are designed to surpass traditional lithium-ion batteries used in electric vehicles (EVs). For instance, in April 2024, Factorial Inc., a US provider of lithium-ion solid-state batteries, partnered with LG Chem, a South Korea-based petrochemicals company, to launch a new series of solid-state battery solutions specifically tailored for EVs. These cutting-edge batteries offer improved energy density and safety features, promising to enhance the performance and range of EVs while addressing essential industry needs for sustainable energy storage options. This launch marks a significant advancement towards the broader adoption of next-generation battery technology in the automotive industry.
In June 2022, Robert Bosch GmbH, a Germany-based engineering and technology firm, acquired MoTeC for an undisclosed amount. This acquisition is part of Bosch's strategy to enhance its presence in motorsports and expand its product portfolio. MoTeC is an Australia-based company specializing in motorsports technology, providing vehicle and engine control units, displays, data loggers, and other related products.
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
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
The countries covered in the transport vehicle components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The transport vehicle components market consists of sales of suspension systems, steering wheels, and brakes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Transport Vehicle Components Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on transport vehicle components market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for transport vehicle components ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The transport vehicle components market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.