The global commercial vehicle ancillaries’ products market has experienced growth due to increase in demand for efficient & reliable transportation solutions, surge in focus on sustainability & environmental consciousness, and technological advancements. 

Wilmington, Delaware, Aug. 16, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Commercial Vehicle Ancillaries’ Products Market by Vehicle type (LCV, Truck, and Bus), and End User (Transportation & Logistics, Construction, Agriculture, Public Transportation, and Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the commercial vehicle ancillaries’ products market was valued at $6.0 billion in 2023, and is estimated to reach $10.7 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033. 

Prime determinants of growth   

The global commercial vehicle ancillaries’ products market has experienced growth due to several factors such as surge in demand for efficient & reliable transportation solutions, increase in focus on sustainability & environmental consciousness, and technological advancements. However, compliance with stringent regulatory standards & emission requirements and integration challenges hinder market growth to some extent. Moreover, surge in demand for electric & hybrid vehicles and advancements in safety & connectivity solutions offer remunerative opportunities for the expansion of the global commercial vehicle ancillaries’ products market.   

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Report coverage & details:  

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2022	$6.0 billion
Market Size in 2032	$10.7 billion
CAGR	6.2%
No. of Pages in Report	350
Segments Covered	Vehicle Type, End User, and Region.
Drivers	The increase demand for efficient and reliable transportation solutions
	Increase in focus on sustainability and environmental consciousness
	Technological Advancements
Opportunities	Growing demand for electric and hybrid vehicles
	Advancements in safety and connectivity solutions
Restraints	Compliance with stringent regulatory standards and emissions requirements
	Integration Challenges

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Segment Highlights  

 Based on the vehicle type, the truck segment held the highest market share in 2022. The truck segment dominates due to the extensive use of trucks in logistics, transportation, and construction industries. Trucks are essential for heavy-duty tasks and long-haul transportation, driving significant demand for ancillary products like spare parts, maintenance tools, and accessories. The demand for shorter delivery times by consumers has driven logistics firms to develop light commercial vehicles (LCVs) best suited for urban areas, featuring increased cargo capacity and improved maneuverability. Moreover, a lot of emphasis is put on eco-friendly electric or hybrid LCVs, which limit pollution through reduced greenhouse gas emissions and conforming to stricter regulatory guidelines.  

Based on the end user, the transportation and logistics segment held the highest market share in 2022. The transportation and logistics sector is the largest end user because of the critical role it plays in global supply chains. This sector relies heavily on commercial vehicles for the movement of goods, necessitating a high volume of ancillary products to ensure vehicle efficiency and reliability.  

In addition, there has been an exponential rise in e-commerce and escalating customer demand for quicker delivery times; therefore, it is important that efficient logistic vehicles as well as allied accessories are made available within the transportation and logistics industry. This means that fleet operators have adopted technologies such as GPS tracking systems, real time monitoring of cargo movement, and route optimization to improve their operations among other things. Similarly with this trend, there is a huge increase in demand for refrigerated trucks and trailers, which carry perishable goods such as food and pharmaceutical products, thus requiring specialized back-up equipment such as advanced cooling technology or temperature monitors.  

In addition to this, safety features such as object recognition systems; crash avoidance assistances, and operator aids have gained prominence resulting from the need to protect workers’ lives while still adhering to laws about industrial compliance. As the industry focuses on reducing its environmental impact, there is a surge in trend toward adopting electric and hybrid construction vehicles and equipment, particularly in urban areas with stricter emission norms.  

Regional Outlook  

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, owing to its rapidly growing economies, extensive industrial activities, and significant investments in infrastructure. The global commercial vehicle ancillaries’ products market exhibits diverse regional dynamics across key regions. North America showcases a mature market driven by stringent safety regulations and technological innovation. European market is driven by sustainability and regulatory compliance, hence there is increased demand for emission control systems and autonomous driving technology in the region. Rapid development due to urbanization and infrastructure in Asia-Pacific has promoted growth, with a concentration on security features and shopping requirements of the e-commerce industry. Economic growth in Latin America creates new chances for transportation infrastructure development, however, Middle East & Africa regions demand specialized ancillary products that are able to withstand extreme conditions and support infrastructure projects.  

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Key Players: –  

• Magna International Inc.  

• ZF Friedrichshafen AG  

• Aisin Seiki Co., Ltd.  

The report provides a detailed analysis of these key players in the global commercial vehicle ancillaries’ products market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.   

Recent Development:  

• In October 2023, Cummins Inc. completed its acquisition of two Faurecia commercial vehicle manufacturing plants and associated operations. Two manufacturing plants bought by it are situated at Columbus, Indiana (U.S.) and Roermond, Netherlands. Faurecia is one of the major car technology companies within FORVIA Group globally. 

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