LONDON, June 01, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Transport Vehicle Components Market Report 2023, the market size is expected to grow from $2 billion in 2022 to $2.2 billion in 2023, at a compound annual growth rate (CAGR) of more than 7%. Further, the market will reach $2.8 billion by 2027, with a CAGR of 7%. North America held the largest market for transport vehicle components in 2022.
One of the primary drivers of the transport vehicle components industry is the increasing demand for commercial vehicles. Commercial vehicles, designed for transporting goods and materials, require a range of components for their proper functioning. Notably, the International Organization of Motor Vehicle Manufacturers (OICA) reported a rise in commercial vehicle production from 21,787,126 units in 2020 to 23,091,693 units in 2021. This surge in demand for commercial vehicles is expected to fuel the growth of the market.
Learn More In-Depth On The Transport Vehicle Components Market
https://www.thebusinessresearchcompany.com/report/transport-vehicle-components-global-market-report
Major transport vehicle components companies include Robert Bosch GmbH, Aisin Seiki Co. Ltd., Valeo, Continental AG, Aptiv, ZF Friedrichshafen, Magna International, Faurecia SE, Magneti Marelli, Contemporary Amperex Technology Co. Ltd., Panasonic Corporation, and EXOR Group.
Technological advancements play a key trend in shaping the transport vehicle components market. Key market players are actively engaged in developing advanced technologies to enhance their market position.
For example, in January 2021, FCA collaborated with Engie EPS and Terna to launch a vehicle-to-grid (V2G) pilot project in Turin, Italy. This initiative aimed to explore the potential connection between vehicles and the electrical grid, enabling electric vehicle owners to utilize their batteries for additional purposes, such as powering their homes.
Get A Free Sample Of The Global Transport Vehicle Components Market Report
https://www.thebusinessresearchcompany.com/sample.aspx?id=9248&type=smp
The global transport vehicle components market is segmented as -
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
The transport vehicle components market report provides an in-depth analysis of the market size, projected growth, and major players. Through this report players can spot top opportunities in fast growing segments and regions. The report offers valuable insights on the key trends and developments in the industry to help players develop advanced products that will keep them relevant in the competition.
Transport Vehicle Components Global Market Report 2023 by The Business Research Company provides insights on the transport vehicle components market size, transport vehicle components market segments, transport vehicle components market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
