Power Adders to Account for Over 36% of the Total Sales in the Automotive Performance Parts Market in 2031: FMI
The global automotive performance parts market is primarily driven by consumers’ desire to improve their vehicle's performance in terms of exhaust, speed, and cosmetic factors, among other things. As per ESOMAR-certified consulting firm Future Market Insights (FMI), the global automotive performance parts market is anticipated to total US$ 324.5 Bn in 2021.
Automotive Performance Parts Market
A recent market study published by Future Market Insights on the automotive performance pa...
With increasing sales of passenger vehicles across the globe, the automotive performance parts market is expected to grow at a CAGR of 4.7% through 2031, opines FMI.
The introduction of an online portals retailing aftermarket performance parts, along with digitization of component delivery sales and services, are projected to attract significant investments from key players in the automotive performance parts market.
Leading players in the automotive performance parts market are actively utilizing modern-day production technologies, such as 3D printing of automotive performance parts to reduce production costs. 3D printing enables effective fabrication performance and reduces emission toxicity. These developments are anticipated to positively shape the demand outlook for automotive performance parts during the forecast period.
Besides this, strict regulatory standards for reducing greenhouse emissions and automobile safety are expected to significantly propel sales of automotive performance parts.
“Increasing demand for better performing vehicles, coupled with growing investments in repairs and maintenance by vehicle owners will drive sales of automotive performance parts in the forthcoming decade,” says the FMI analyst.
- Based on product type, torque converter are expected to account for more than 51% of the total sales of transmission parts segment, due increasing sales of automatic transmission vehicles.
- In terms of vehicle type, passenger cars are projected to account for 74% of the total market share.
- Europe is estimated to hold more than one-third of the global automotive performance parts market share. Expansions of thr automotive industry and the presence of key leading players will continue augmenting market growth.
- South Asia Pacific is projected to be the fastest growing market with a CAGR of 6.4%. The increasing automotive sales in developing countries like India will continue spurring demand for automotive performance parts.
- East Asia is projected to account for around 24% of the total automotive performance parts sales.
- The aftermarket segment will account for more than half of the total automotive performance parts sales.
- Japan and South Korea will collectively account for 7.7% of the total market share.
Automotive Performance Parts Market Competitive Landscape
Leading players included in this report are Robert Bosch GmbH, Continental AG, BorgWarner Inc., Tenneco Inc., Donaldson Company, Inc., Holley Performance Products, Mitsubishi Heavy Industries, Ltd., Honeywell International Inc., EXEDY Corporation, Denso Corporation, AISIN SEIKI Co., Ltd., Hitachi Astemo, Ltd., The NGK Spark Plug Co., Ltd., Cummins Inc., ZF Friedrichshafen AG, Valeo, TREMEC, Hyundai Mobis.
As per FMI, ZF Friedrichshafen, Hitachi, Denso Corporation, Valeo, NGK Spark Plug Co., Ltd. are the top players who account for a share of more than 53% of the market.
Key players are focusing on research and innovation to expand their product portfolios to cater to the growing demand for efficient automotive performance parts. Additionally, leading players are investing in mergers, acquisitions, and strategic collaborations to gain a competitive edge in the market.
Automotive Performance Parts Market Projection
Owing to increasing sales of passenger cars and and growing consumers preference towards performance-enhancing parts, demand for automotive performance parts is projected to witness upticks during the forecast period. Environmental regulations are also urging manufacturers to invest in research and development to devise technologically advanced automotive performance parts. Further, cost-effective performance parts manufactured in South and East Asia, and the development of new transit corridors are expected to augment growth in the automotive performance parts market.
About the Automotive Division of FMI
The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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