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Commercial Vehicle Accessories Market Size - By Vehicle (Bus, Trucks, Vans), Accessories (Interior, Exterior, Cargo Management, Performance, Electronic, Customization), Sales Channel (OEM, Aftermarket), End User, Regional Outlook & Forecast, 2024 – 2032

  • Report ID: GMI7955
  • Published Date: Jan 2024
  • Report Format: PDF

Commercial Vehicle Accessories Market Size

Commercial Vehicle Accessories Market size was valued at USD 93.9 billion in 2023 and is anticipated to register a CAGR of over 5% between 2024 and 2032, owing to rapid urbanization and infrastructure development. According to UNCTAD, a growing proportion of the global population now resides in urban areas. In 2012, 52.5% of people lived in cities, with an anticipated increase to 56.9% by 2022. Developed regions exhibit higher urbanization rates, reaching 79.7% in 2022, while the developing world has a lower urban population share at 52.3%. In less developed countries (LDCs), the majority still resides in rural areas, with only 35.8% living in urban settings.
 

Commercial Vehicle Accessories Market

Urbanization and the expansion of infrastructure projects contribute to the demand for commercial vehicles. This, in turn, drives the market for accessories that cater to the unique needs of urban transport, such as traffic management systems, safety equipment, and ergonomic interior solutions.
 

Economic growth and industrialization drive the demand for commercial vehicle accessories by intensifying transportation needs. As industries expand, the requirement for efficient and specialized commercial vehicles increases. This surge in demand propels the commercial vehicle accessories market for accessories, including safety enhancements, telematics systems, and customized solutions.
 

To that end, in April 2023, Palmer Trucks, an Indianapolis-based Kenworth truck dealer network in its third generation of family ownership, announced the grand opening of a comprehensive TRP parts store and commercial truck service facility in Fort Wayne, Indiana. TRP of Fort Wayne will cater to the regional transportation sector, offering a complete range of aftermarket parts for trucks, trailers, and buses. Additionally, the facility will provide truck diagnostics and repair services for transient traffic originating from Interstate 69 south of Fort Wayne.
 

The growing economic activities contribute to a dynamic market where businesses seek accessories to optimize vehicle performance and enhance operational efficiency in response to the evolving demands of a rapidly industrializing world.
 

However, the commercial vehicle accessories market is vulnerable to supply chain disruptions, which can be caused by various factors such as natural disasters, geopolitical tensions, or global health crises. Interruptions in the supply chain can lead to shortages of key components and materials, affecting the manufacturing and availability of accessories. This, in turn, may hinder the market's growth and limit the options available to consumers and businesses.
 

Commercial Vehicle Accessories Market Trends

As the automotive industry shifts toward electrification, the commercial vehicle accessories sector is expected to witness a trend towards accessories tailored for electric vehicles (EVs). This includes specialized charging solutions, battery management systems, and accessories designed to enhance the efficiency and performance of electric commercial vehicles.
 

Against this backdrop, in November 2021, Atlis Motor Vehicles, a Mesa-based startup dedicated to introducing electric work trucks, entered into a strategic collaboration with EAVX, a company specializing in automotive chassis construction. This partnership aims to integrate EAVX bodies and accessories into Atlis' electric vehicle platform, facilitating the development of the next generation of service and utility vehicle platforms, commercial work truck accessories, and commercial freight and dump vehicle platforms specifically tailored for the North American market.
 

Commercial Vehicle Accessories Market Analysis

Commercial Vehicle Accessories Market Size, By Vehicle, 2022-2032 (USD Billion)

Based on vehicle, the trucks segment held over 42% of the market share in 2023, fuelled by several factors that enhance functionality, safety, and customization in the commercial vehicle sector. Advancements in technology contribute to the development of innovative accessories, including telematics systems, safety features, and enhanced connectivity.
 

As the commercial vehicle market expands globally, driven by economic growth and urbanization, there is an increased need for accessories to optimize operational efficiency and cater to specific business requirements. In addition, customization trends, regulatory requirements, and the rising focus on sustainability further stimulate the demand for a diverse range of truck accessories.
 

Commercial Vehicle Accessories Market Revenue Share, By Sales Channel, 2023

Based on sales channel, the aftermarket segment recorded around 62% of the commercial vehicle accessories market share in 2023. Increasing fleet sizes and the continuous expansion of commercial vehicle operations propel the need for accessories such as safety equipment, telematics solutions, and performance enhancements. Fleet managers seek aftermarket accessories to improve overall operational efficiency, reduce downtime, and comply with evolving safety and environmental standards. Customization trends, technological advancements, and a growing awareness of the benefits derived from aftermarket upgrades further contribute to the sustained demand for a diverse array of commercial vehicle accessories in the aftermarket sector.
 

North America Commercial Vehicle Accessories Market, 2022-2032 (USD Billion)

North America commercial vehicle accessories market accounted for 33% of the revenue share in 2023. Robust economic growth and industrialization have led to an increased demand for commercial vehicles, fostering a parallel surge in the need for accessories. Stricter safety and emission regulations drive the adoption of aftermarket solutions. The region's vast and well-developed transportation infrastructure, coupled with the prominence of e-commerce and last-mile delivery services, further fuels the market.
 

Additionally, a penchant for vehicle customization, in line with a high level of technological adoption in the commercial sector, ensures a steady demand for innovative and advanced accessories, solidifying the industry's success in North America.
 

Commercial Vehicle Accessories Market Share

Robert Bosch GmbH and Denso Corporation holds around 8% of the total market share, as these companies in the commercial vehicle accessories industry employ various strategies to bolster their positions in a competitive landscape. Firstly, there's a strong emphasis on research and development to introduce innovative and technologically advanced accessories that meet evolving industry standards and customer needs.
 

Both companies actively engage in partnerships and collaborations with vehicle manufacturers, tech companies, and startups to integrate their components into a wide range of vehicles and to co-develop new technologies. These strategic relationships help them stay ahead of the curve in innovation and ensure their products are integrated into as many vehicles as possible.
 

Commercial Vehicle Accessories Market Companies

Major companies operating in the commercial vehicle accessories industry are:

  • Aisin Corporation
  • ContiTech Deutschland GmbH
  • Delphi Automotive
  • Denso Corporation
  • Robert Bosch GmbH
  • Schaeffler
  • Sumitomo Electric Industries, Ltd.
  • Thule Group
  • Toyota Boshoku
  • Valeo
     

Commercial Vehicle Accessories Industry News

  • In December 2023, Toyota Professional is advancing its commercial vehicle offerings with an expanded product range and top-notch customer service. The ambitious growth plan includes a comprehensive lineup of powerful and electrified vehicles, with the latest addition being the PROACE MAX, offering unprecedented choice. Introducing a large-size commercial van is part of Toyota's strategy for sustained expansion.

    The PROACE and PROACE CITY models have undergone revitalization to enhance Toyota's commercial vehicle portfolio. Customers can now benefit from updated accessories and customization options tailored to their needs. Toyota's commitment extends to a unique customer promise, providing diverse financial products and services, while a new retail concept focuses on light commercial vehicles.
     

The commercial vehicle accessories market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Vehicle

  • Bus
  • Trucks
  • Vans
  • Others

Market, By Accessories

  • Interior
  • Exterior
  • Cargo management
  • Performance
  • Electronic
  • Customization

Market, By Sales Channel

  • OEM
  • Aftermarket

Market, By End User

  • Transportation and logistics
  • Construction and infrastructure
  • E-commerce and delivery services
  • Public services and utilities
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia
    • Rest of MEA

 

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of commercial vehicle accessories reached USD 93.9 billion in 2023 and is set to expand at over 5% CAGR from 2024 to 2032, owing to rapid urbanization and infrastructure development.

The trucks vehicle segment recorded 42% of the market share in 2023, due to the rising customization trends, regulatory requirements, and the increasing focus on sustainability.

North America accounted for 33% of the market share in 2023, driven by the increasing demand for commercial vehicles in the region.

Aisin Corporation, ContiTech Deutschland GmbH, Delphi Automotive, Denso Corporation, Robert Bosch GmbH, Schaeffler, Sumitomo Electric Industries, Ltd., Thule Group, Toyota Boshoku, and Valeo are some of the major commercial vehicle accessories companies worldwide.

Commercial Vehicle Accessories Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 316
  • Countries covered: 24
  • Pages: 260
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