Amidst turmoil in the global automobile industry, automotive performance parts market is projected to exhibit a moderate CAGR of 4.5% over the forecast period (2019 - 2029). As per the findings of the latest report of Future Market Insights (FMI), the steady expansion of automotive fleet and increase in the average vehicle age will contribute significantly towards the growth of automotive performance parts market. Dramatic rise in demand for high-performance vehicles would also remain an important booster to the sales of automotive performance parts over the following years.
Sales of automotive performance parts directly depend on automotive production as well as vehicle fleet. Regions including East Asia and Europe have a relatively large vehicle fleet that positions these regions as highly attractive markets that collectively account for over half of the total revenues.
Key Takeaways – Automotive Performance Parts Market Study
- Evolving demographic trends across the globe and a shifting preference towards leisure driving are driving investments in mechanical tuning for higher engine power, torque, and fuel efficiency.
- Commercial vehicle operators and fleet owners are opting for custom tuning services to improve vehicle performance and increase driving comfort. They are also looking to reduce running costs and increase operational margins through replacement of various performance parts.
- Automotive performance parts with relatively high replacement rates, such as air filters, brake pads, spark plugs, and suspension bushings, are significantly driving growth of the aftermarket sales channel.
- Increase in sales of mid-sized and compact passenger vehicles, particularly in Europe, make it a potential market for manufacturers specializing in the automotive aftermarket.
- An ongoing trend witnessed in the automotive industry is engine downsizing and electrification of vehicles. Use of turbochargers or superchargers is paramount in most downsizing processes, fueling the demand for power adders.
- Historically, tuning services were reserved for auto racing. Recently, they have gained significant traction in the market for passenger and commercial vehicles as well.
In the coming years, automotive performance parts are expected to witness consistent demand via OEMs. Few models are being integrated with maintenance schedules, which continuously remind the owner of repair and maintenance services. Thus, increasing focus on scheduled and preventive maintenance of vehicles is projected to drive aftermarket growth.
Manufacturers Eye Profits in Developing Regional Markets
As the automotive industry continues to mature, automotive performance parts market is expected to reflect a low degree of consolidation. Thus, fairly fragmented, the global automotive performance parts market will be operated by a number of small- and medium-sized players accounting for majority of the revenue share.
For More Detailed Insights on Automotive Performance Parts Market
Some of the prominent players include Delphi Automotive, Continental AG, and Robert Bosch GmbH. These companies are focused on expansion across lucrative markets such as India, Algeria, Morocco, and ASEAN countries that are driven by the growing automotive production, rising vehicle fleet, and increasing adoption of high performance vehicles.
Know More About the Report
The research scope of the global automotive performance parts market has been primarily bifurcated into three segments: product type, vehicle type, and sales channel. The study provides an in-depth analysis of market sizing, forecasting, and market share analysis for automotive performance parts. The report delivers a comprehensive assessment of the important dynamics of the automotive performance parts market.
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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 London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take 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 track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.