Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Transport Vehicle Components Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The comprehensive new market research on the burgeoning transport vehicle components industry has been uploaded to our comprehensive repository of market analysis. This extensive report examines the projected remarkable growth in the market, which is set to expand from $753.75 billion in 2023 to an impressive $803.35 billion by 2024. At a stable compound annual growth rate (CAGR) of 6.6%, the sector is poised to flourish, benefiting from several dynamic growth factors.
The research underscores the compelling development of the transport vehicle components market, attributing the historic and prospective success to the thrum of innovation in automotive design, heightened expectations for fuel efficiency, the sprawling globalization of supply chains, continuous breakthroughs in emission standards, and the evolution of material and manufacturing technologies.
An Eye on Electrification and Sustainability as Market Catalysts
With the industry forecast to hit a towering $1038.59 billion by 2028, the report identifies key factors influencing this surge. A spotlight is shone on electrification's accelerating pace, the integration of innovative lightweight materials, burgeoning connected vehicle ecosystems, a sharpened focus on sustainable solutions, and the proliferating initiatives around urban mobility.
As urban centers expand and modernize, the vital role of transport vehicle components in enabling effective and sustainable transportation is brought to the fore. With statistics from the World Bank Group highlighting that urban population will grow significantly by 2045, the linkage between urbanization and transport vehicle component growth is clearer than ever.
Technological Prowess Shaping Market Forces
Technological advancements are strategically reviewed in the report as a compelling trend that is molding the market's trajectory. The study touches upon numerous significant collaborations and introductions of innovative technologies, such as vehicle-to-grid systems, underscoring how major conglomerates are fortifying their industry standings with avant-garde product developments.
Advancements in modular systems — an amalgamation of interchanging components designed to enable tailored configurations — is characterized as a vital development. This is particularly pertinent given the burgeoning demand for electric mobility solutions, aligning with manufacturers' needs for customization in this evolving market.
Strategic Acquisitions Indicative of Market's Vitality
Critical market movements, such as Robert Bosch GmbH's acquisition of MoTeC, articulate the strategic endeavors companies are engaging in to diversify their portfolios and reinforce their presence in niche segments like motorsports technology.
- Regional Analysis: North America's position as the transport vehicle components market front-runner in 2023.
- Global Reach: Insight into market coverage across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
- Component Spectrum: In-depth review of motor vehicle bodies, engines, electrical and electronic equipment, and interior components.
- Vehicle Categorization: Detailed breakdown of components used in passenger and commercial vehicles.
The market research provides an all-encompassing understanding of the transport vehicle components industry, detailing the comprehensive global market size, regional shares, competing market share, segmented market trends, opportunities, and a precise forecast of the market’s future.
Engage with our report for an enlightened outlook on the pulse of the transport vehicle components market and the multitude of factors steering its course.
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/arsvtw
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