PUBLISHER: The Insight Partners | PRODUCT CODE: 1646517
PUBLISHER: The Insight Partners | PRODUCT CODE: 1646517
The heavy commercial vehicle clutch market size was valued at US$ 20.44 billion in 2023 and is expected to reach US$ 41.03 billion by 2031; it is estimated to record a CAGR of 8.2% from 2023 to 2031.
The heavy commercial vehicle clutch market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. Asia Pacific holds a key position in the heavy commercial vehicle clutch market owing to its strong industrial base and increasing production of heavy commercial vehicles in the region. China dominated the heavy commercial vehicle clutch market in the region in 2023. The expansion of industries such as construction, aerospace, defense, waste management, agriculture, and logistics require advanced heavy commercial vehicles for the transportation of heavy machinery, materials, large equipment, and others, which will fuel the demand for heavy commercial vehicle clutch in Asia Pacific. The construction sector in China and India plays a significant key role in driving the heavy commercial vehicle clutch market owing to the rise in demand for heavy commercial vehicles used in the transportation of various construction machinery, materials, and heavy vehicles.
North America accounted for a major share of the heavy commercial vehicle clutch market in 2023, owing to the presence of key economies, including the US, Canada, and Mexico. For instance, as per the insights from the Associated General Contractors (AGC), the construction sector in the US is one of the key contributing sectors to the US economy and generates ~US$ 2.1 trillion worth of structures every year, which, in turn, is expected to fuel the demand for heavy commercial vehicles in the coming years. In addition, Canada and Mexico are contributing to the growth of the heavy commercial vehicle clutch market in North America, with the rise in investment in the establishment of logistics and transportation bases and public infrastructure in these countries. For example, as per the OICA, commercial vehicle sales in North America increased by 14.2% from 1.33 million units in 2022 to 1.52 million units in 2023. Such a rise in commercial vehicle sales is expected to boost the market growth in the coming years.
Based on distribution channel, the heavy commercial vehicle clutch market is divided into OEM and aftermarket. The aftermarket segment dominated the market in 2023, owing to the increasing demand for heavy commercial vehicle clutch from aftermarket channel. In addition, Clutch system providers design and develop clutch systems that serve the requirements and standards of heavy commercial vehicle manufacturers. Automotive OEMs, including bus, truck, trailer, and other heavy commercial vehicle manufacturers, closely work with clutch system providers to meet the unique demands of brands. Tata Motors Company, Ford Motor Company, Mercedes-Benz, and The Volvo Group are a few heavy commercial vehicle manufacturers that collaborate with clutch systems manufacturers to incorporate advanced clutch systems. A few of these manufacturers are AISIN Group, Magneti Marelli, Schaeffler Group, Eaton Corporation, ZF Friedrichshafen, Valeo SA, Eaton Corporation, and WABCO. Aftermarket distribution channels in the heavy commercial vehicle clutch market play an important role in the automotive supply chain, especially considering the growing demand for reliable and durable parts. Such demand is fueled by sales growth of heavy commercial vehicles, improvement in clutch technology, and enhanced living standards that increase the demand for commercial vehicles.
AISIN Group; Magneti Marelli; Schaeffler Group; ZF Friedrichshafen; BorgWarner, Inc.; Valeo SA; Eaton Corporation; EXEDY Corporation; and F.C.C. Co., Ltd. are among the key heavy commercial vehicle clutch market players that are profiled in this market study.
The overall heavy commercial vehicle clutch market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the heavy commercial vehicle clutch market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the heavy commercial vehicle clutch market.