Transport Vehicle Components Global Market Report 2024

The transport vehicle components market size has grown strongly in recent years. It will grow from $753.75 billion in 2023 to $803.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The expansion witnessed in the historical period can be attributed to several factors, including the evolution of automotive design, increased market demand for fuel efficiency, the globalization of supply chains, continuous developments in emissions regulations, and advancements in materials and manufacturing processes within the automotive industry.

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 anticipated growth in the forecast period is primarily driven by the increasing pace of electrification, the adoption of innovative lightweight materials, the expansion of connected vehicle ecosystems, a growing emphasis on sustainable solutions, and the continued expansion of urban mobility initiatives. Key trends expected in the forecast period encompass a focus on supply chain resilience and localization, a rise in urban mobility solutions, the continued emphasis on sustainability and eco-friendly solutions, advancements in safety through advanced driver-assistance systems (ADAS), and the further development of connected vehicle ecosystems.

The surge in demand for commercial vehicles is anticipated to drive growth in the transport vehicle components market. Commercial vehicles, designed for the transportation of goods, necessitate various components for their operations. This increasing demand is evident in the data from the International Organization of Motor Vehicle Manufacturers (OICA), indicating a rise in commercial vehicle production from 21,787,126 units in 2020 to 23,091,693 units in 2021. Consequently, the growth in commercial vehicle usage is expected to positively impact the transport vehicle components market.

The growth of the transport vehicle components market is expected to be fueled by the ongoing process of urbanization. Urbanization, driven by economic development and industrialization, transforms rural areas into urban centers. Transport vehicle components play a crucial role in supporting this urbanization process by facilitating efficient and sustainable mobility solutions. As of April 2023, the World Bank Group reported that over half of the global population resides in urban regions, with projections indicating a 1.5 times increase to 6 billion by 2045. Hence, the rising trend of urbanization serves as a key driver for the growth of the transport vehicle components market.

Technological advancements emerge as a prominent trend shaping the landscape of the transport vehicle components market. Major industry players are strategically concentrating on the development of cutting-edge products to enhance their market positions. A notable example occurred in January 2021, when the UK-based automaker FCA collaborated with technology players Engie EPS and Terna from Italy to initiate the first phase of a vehicle-to-grid (V2G) pilot project in Turin. This innovative project aimed to explore potential connections of the company's vehicles to the grid, leveraging vehicle-to-grid technology. This technology allows electric vehicle owners to utilize their batteries for various purposes, such as providing power to the grid or even powering their homes while the vehicle is parked.

Major companies within the transport vehicle components market are actively engaged in the development of innovative kits, particularly modular systems. Modular systems involve a design or arrangement comprising independent components or modules that can be interchanged, combined, or customized to create diverse configurations. Illustratively, in November 2021, Belgium-based company Punch Powertrain unveiled the E-Propulsion Technology Kit at the CTI Symposium in Berlin. This kit, equipped with scalable and modular building blocks such as the Electric Drive Unit (EDU) featuring a transmission, electric motor, and power electronics, provides automotive manufacturers with a range of electric drive configuration options. This approach caters to the surging demand for electric mobility by offering global customers the flexibility to create tailored e-propulsion applications for various vehicles, including passenger cars, trucks, and industrial vehicles. The adaptability and customer-centric design of the kit support limitless customization possibilities, positioning it as a fitting solution for the diverse needs of the electric vehicle market.

In June 2022, Germany-based engineering and technology company Robert Bosch GmbH completed the acquisition of MoTeC, an Australian motorsports technology firm, for an undisclosed sum. This strategic move by Bosch is aimed at fortifying its presence in the motorsports sector and broadening its product portfolio. MoTeC, known for its expertise in motorsports technology, specializes in providing vehicle and engine control units, displays, data loggers, and other related solutions. The acquisition aligns with Bosch's overarching business strategy to enhance its capabilities in the motorsports segment and further diversify its range of offerings in the automotive technology space.

Major companies operating in the transport vehicle components market report are 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, LG Chem Ltd., Tesla Inc., Hitachi Ltd., ABB Ltd., Samsung SDI Co. Ltd., BYD Company Limited, Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Exor S.p.A., 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 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. 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 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 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 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.


This product will be delivered within 3-5 business days.