Brake and Engine to Define Stakeholders’ Bottom Lines
Brakes - brake caliper, and brake oil - and engines - engine oil, and oil filters – hold a significant proportion of the mechanical performance tuning components market share. These components have higher replacement rates in heavy commercial vehicles (HCVs), which are commonplace in construction and mining activities. Growth in these end-use industries, is thus enabling broader adoption of HCV brake components and engines. Manufacturers are also focusing on body & suspension parts such as shock absorbers and suspension bushes for sustained revenue generation.
Rise in Automotive Production to Drive Market Growth in Developed & Developing Regions
The global automotive sector is playing an instrumental role in shaping the growth of the mechanical performance tuning components market, in both, developed and developing regions. Market activity in Europe and North America is prominently driven by production upheaval of automobiles such as sports utility vehicles (SUVs) and light commercial vehicles (LCVs). These developed regions hold around 60% of total market value, collectively. Moreover, surging production of compact and heavy commercial vehicles in China, Japan, and India is underpinning the mechanical performance tuning components market in Asia.
Model-centric Customizations - Sound Strategy
The mechanical performance tuning components market is highly competitive, with players advancing towards the disruptive dimensions of mobility. In order to capture value at stake, manufacturers must develop products specific to vehicle models that offer operational benefits in tandem with regulatory compliance. They must also focus on leveraging materials based on power metallurgy in automobiles to avoid frequent wear and tear. Further, downsizing of engines, resulting in high load, increases temperature and combustion pressure, which, in turn, is accenting for model-specific mechanical performance tuning components such as automotive turbochargers.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
How Growth will Unfold
For market players, authorized service stations have been the key value-creation area, through which mechanical performance tuning components worth around US$ 100 Bn will be sold in 2020. However, preference for authorized service stations among car owners stays until the warranty period ends.
Subsequently, vehicle owners turn to independent service stations, owing to their affordable costs. Moreover, demand for automotive repair and maintenance services varies regionally. While customers in developed regions prefer authorized service stations, independent service stations are prominent is developing regions.
FREQUENTLY ASKED QUESTIONS ABOUT MECHANICAL PERFORMANCE TUNING COMPONENTS MARKET
How will the growth outlook be for the mechanical performance tuning components market?
Increasing average vehicle age has resulted in significant need for the replacement, repair, and maintenance of parts. In addition, higher replacement of performance tuning components to enhance vehicle performance is being witnessed among consumers. These factors are estimated to drive the growth of the mechanical performance tuning components market during the forecast period.
Which product type holds potential growth opportunities for market players?
According to the analysis, brake and engine components, collectively, account for a lion’s share of the mechanical performance tuning components market. Components such as brake shoes, brake liners, and engine oil have higher replacement rates in heavy commercial vehicles. Thus, increasing sales of commercial vehicles as a result of growing construction and mining activities is anticipated to result in higher demand for mechanical performance tuning components.
What is the degree of competition in the mechanical performance tuning components market?
The mechanical performance tuning components market is identified to be a fairly fragmented one, with the presence of a few leading players and numerous regional as well as domestic players. In the current scenario, industry leaders such as ZF Friedrichshafen AG, Valeo SA, Continental AG, Hitachi Automotive Systems Ltd, and Robert Bosch GmbH hold significant share in the global mechanical performance tuning components market.
Which region will lead the global sales of mechanical performance tuning components?
Germany, France, and Russia are top-tier countries in terms of automotive production. Europe accounts for a prominent automotive fleet. Rising vehicle fleet and growing preventive maintenance activities are creating substantial growth opportunities for the market in Europe. The demand for mechanical performance tuning components is anticipated to further grow during the forecast years in the region.
MECHANICAL PERFORMANCE TUNING COMPONENTS MARKET TAXONOMY
The global mechanical performance tuning components market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Engine Oil
- Oil Filters
- Cam Pulleys
- Engine Mounts
- Transmission Belts
- Gear Oil
- Pressure Plates
- Throttle Cables
- Transmission Oil Pumps
- Fuel System
- Fuel Injectors
- Fuel Pumps
- Spark Plugs
- Glow Plugs
- Fuel Filters
- Air Filters
- Brake Oil
- Brake Liners
- Master Cylinders
- Brake Calipers
- Brake Shoes
- Body & Suspension
- Sway Bars
- Shock Absorbers
- Suspension Bushes
- Exhaust Mufflers
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Authorised Service Stations
- Independent Service Stations
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa