Commercial Vehicle Accessories Market Scope
Global demand for commercial vehicle accessories is increasing rapidly as more and more fleet operators are looking for customization of their fleets according to the applications. Further, increased adoption of commercial vehicles due to the high growth of transportation industries will accelerate the market growth. The repairing of old commercial vehicles and exchanging old parts with the new ones in order to reduce failures and downtime will create significant opportunities. In today’s time, many fleet operators are shifting towards installing vehicle electrification technologies due to growing environmental concerns and reducing fuel costs.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Force Motors (India), Maruti Suzuki (India), Robert Bosch (Germany), Hyundai Motor Company (South Korea), Continental AG (Germany), BorgWarner Inc. (United States), General Motors (United States), Denso (Japan), ZF Friedrichshafen (Germany), Tata Motors (India), Mont Blanc Group (Sweden), Magna International Inc. (Canada), The Mercedes-Benz Group AG (Germany), Volkswagen Group (Germany) and Faurecia (France) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Force Motors (India), Maruti Suzuki (India), Robert Bosch (Germany), Hyundai Motor Company (South Korea), Continental AG (Germany), BorgWarner Inc. (United States), General Motors (United States), Denso (Japan), ZF Friedrichshafen (Germany), Tata Motors (India), Mont Blanc Group (Sweden), Magna International Inc. (Canada), The Mercedes-Benz Group AG (Germany), Volkswagen Group (Germany) and Faurecia (France) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Commercial Vehicle Accessories market by Type and Region with country level break-up.
On the basis of geography, the market of Commercial Vehicle Accessories has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In December 2022, Magna acquired Veoneer Active Safety Business. The deal aligns with Magna's Go-Forward strategy to accelerate investments in high-growth sectors. Expand Magna's ADAS portfolio with complementary products, customers, geographies, and engineering, and software resources.
In March 2023, VWG Ireland, a multinational automobile manufacturer headquartered in Wolfsburg, Germany, selected Cognizant to transform VWG Ireland's digital customer service experience. Cognizant will redesign VWG Ireland's existing siled contact center platform into an omnichannel customer experience (CX) platform powered by Salesforce Services Cloud Voice and Amazon Connect.
Influencing Trend:
Increasing Technological Advancements in the Exterior Accessories and Electronics
Market Growth Drivers:
Robust Growth of Transportation Industry and Increasing Operation of Trucking Business Across the Globe and Increasing Demand for Customization of Commercial Vehicles According to End-Use Will Boost the Market
Challenges:
Inferior Quality of Aftermarket Commercial Vehicle Accessories May Deteriorate Vehicle’s Performance
Restraints:
High Costs Associated with OEM Accessories Can Hamper the Growth of Market
Opportunities:
Surging Demand for Quality Accessories and Parts in the North American Market as Truck Operators Strive to Maximize Life and Uptime of Their Fleet and Increased Adoption of Commercial Vehicle Electrification Technologies and High Adoption of Electric Vehicles for Transportation
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Commercial Vehicle Accessories Manufacturers, Commercial Vehicle Accessories Suppliers & Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-users and Others