Though the global automotive industry is witnessing fluctuating growth, the mechanical performance tuning components market demand is projected to exhibit a moderate CAGR of around 4% over the forecast period, to reach a valuation of US$ 260 Billion by the end of 2029, as per the latest report by FMI.
Highly Lucrative Opportunities in Europe
The demand for mechanical performance tuning components is expected to gain significant traction in the coming years, owing to rising awareness about tuning services among vehicle owners and increasing instances of vehicle modification. Relatively higher preference for preventive or scheduled maintenance in Europe is projected to make the Europe performance parts market highly lucrative for investors.
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The global automotive aftermarket industry is expected to witness a shift towards proprietary channels and partnerships, via e-Commerce platforms in particular. The automotive aftermarket scenario indicates that, currently, around half of the revenue comes from wear and tear parts, which include mechanical performance tuning components such as fuel pumps, fuel injectors, brake shoes, and suspension bushes. Steadily increasing fleet of passenger vehicles and aftermarket expansion activities by OEMs are expected to significantly contribute to the demand for mechanical performance tuning components across the globe.
Key Takeaways from Mechanical Performance Tuning Components Market Study
- As per our findings, out of every 10 mechanical performance tuning components sold, 9 are more likely to be sold by small- or medium-sized players.
- Demand for independent and authorized service providers changes regionally. For example, most consumers prefer authorized stations in North America, in stark contrast to the trend seen in the Middle East and Africa.
- It has also been observed that, most car owners prefer authorized service stations until the end of the warranty period. After that, independent service stations are preferred by end users owing to reduced costs.
- Awareness among customers about tuning services plays a key role in the mechanical performance tuning components market. Market participants are conducting technical training and product description sessions to boost awareness.
- In a few countries, significant rise in the demand for used cars has also been observed among middle income people. Certain performance parts are more likely to get replaced at the time of purchase of a used car.
- Driving enthusiasts prefer to upgrade their vehicles by consistently modifying them with better performance parts. High fitment rate observed, particularly in SUVs and luxury vehicles, strengthens the demand for mechanical performance tuning components.
“As customers are becoming more quality- and performance-conscious, spending on the maintenance of vehicles is increasing. Higher rate of vehicle ownership among younger age groups that prefer preventive maintenance over repairs will positively impact the mechanical performance tuning components market.”
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Mechanical Performance Tuning Components Market: Competition Overview
The global mechanical performance tuning components market is highly fragmented, with the presence of a large number of small- and medium-sized players actively operating in the global market.
ZF group, Continental AG, Hitachi, Delphi, and Robert Bosch GmbH are identified as prominent players in the global mechanical performance tuning components market. Opening authorized centers and offering extended warranty at optimum price are key growth strategies being adopted by market participants.
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
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- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Authorised Service Stations
- Independent Service Stations
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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