Transport Vehicle Components Market Report 2026

The transport vehicle components market size has grown strongly in recent years. It will grow from $828.26 billion in 2025 to $881.5 billion in 2026 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to growth in global vehicle production, expansion of automotive supply chains, increasing use of standardized vehicle components, rising demand for replacement parts, advancements in metal stamping and assembly processes.

The transport vehicle components market size is expected to see strong growth in the next few years. It will grow to $1.14 trillion in 2030 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increasing penetration of electric vehicles, rising demand for high-efficiency power electronics, expansion of smart transportation systems, growing investments in lightweight vehicle design, increasing focus on sustainable component manufacturing. Major trends in the forecast period include increasing adoption of electrified powertrain components, rising integration of smart electronic systems, growing use of lightweight structural materials, expansion of modular vehicle component platforms, enhanced focus on component durability and safety.

The increasing demand for commercial vehicles is expected to drive the growth of the transport vehicle components market going forward. Commercial vehicles are primarily used for transporting goods or materials rather than passengers. As commercial vehicle production and usage rise, the demand for their components also grows, supporting the expansion of the transport vehicle components market. For instance, in April 2024, according to the China Association of Automobile Manufacturers (CAAM), Chinese commercial vehicle sales surged 22.1% year-over-year in 2023, reaching 4,031,000 units. Domestic sales increased to 3,261,000 units (up 20% y/y), while exports rose 32.2% to 770,000 units. Therefore, rising commercial vehicle demand is driving growth in the transport vehicle components market.

Major companies in the transport vehicle components market are developing innovative solutions, such as next-generation batteries, to meet the growing demand for electric vehicles. Next-generation vehicle batteries utilize advanced energy storage technologies to deliver higher performance, improved safety, and greater energy density compared with conventional lithium-ion batteries. For instance, in April 2024, Factorial Inc., a US-based provider of lithium-ion solid-state batteries, and LG Chem, a South Korea-based petrochemicals company, launched a new line of solid-state battery solutions designed for electric vehicles. These batteries promise enhanced energy density, safety, and range, supporting the automotive industry’s transition to sustainable energy storage solutions.

In January 2025, American Axle & Manufacturing, Inc., a US-based Tier 1 automotive supplier, merged with Dowlais Group plc for $1.44 billion. This merger aims to position American Axle & Manufacturing as a leading global supplier of drivelines and metal-forming solutions, supporting ICE, hybrid, and electric vehicles with a diversified customer base. Dowlais Group plc is a UK-based automotive technology company specializing in driveline systems, metal-forming technologies, and precision-engineered components.

Major companies operating in the transport vehicle components market report include 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, Tesla Inc., Hitachi Ltd., ABB Ltd., BYD Company Limited, Panasonic Corporation, Denso Corporation, Harman International Industries, Alps Alpine Co. Ltd., Toyota Industries Corporation.

North America was the largest region in the transport vehicle components market in 2025. The regions covered in the transport vehicle components market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the transport vehicle components market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The transport vehicle components market consists of sales of suspension systems, steering wheels, and brakes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.

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