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.
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.
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Besides this, strict regulatory standards for reducing greenhouse emissions and automobile safety are expected to significantly propel sales of automotive performance parts.
Key Takeaways:
- 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.
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About 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, the global financial capital, and has delivery centers in the 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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