It is projected that the Europe automotive performance parts market size will continue to grow globally over the forecast period as the number of vehicles owned is expected to increase along with the demand for passenger cars. According to estimates, the automotive performance parts market will increase from US$ 339.32 million in 2022 to US$ 532.02 million in 2032. The rising demand for passenger automobiles is expected to cause sales of automotive performance parts to increase at a CAGR of 4.6% from 2022 to 2032.
Key Takeaways
- Sales of shock absorbers in the suspension parts segment are expected to grow at a rate of 4.6%
- Increasing passenger car demand is predicted to drive sales of automotive performance parts up by 4.6% from 2022 to 2032.
- The global market for torque converters will grow at a CAGR of 5.8% during the forecast period.
- The torque converters market is expected to grow by US$ 18,145.3 million between 2022 and 2032.
- Increased government initiatives and technological advances will drive the demand for automotive performance parts.
Thanks to significant technological and logistical advancements, manufacturing organisations are now able to sell high-quality products more swiftly and successfully over the globe. The increased exports and imports of automotive components will lead to an increase in demand for automotive performance parts in the following years.
The European market is anticipated to account for more than one-third of all sales of automotive performance components worldwide. The growth of the vehicle market is anticipated to accelerate due to the industry’s expansion and the presence of leading corporations. The employment of cutting-edge technology for the production of auto components, an increase in the production and sales of consumer and passenger vehicles, and a digitalized component delivery service will all contribute to an increase in automotive sales in the European market.
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The leading players in the automotive performance parts market are expected to make significant investments in digitalizing component sales and services as well as online marketplaces for aftermarket performance components. Sales of these products are expected to be significantly impacted by automotive performance components as stringent regulations are implemented to cut greenhouse gas emissions and assure vehicle safety.
Due to a growing workforce, R&D efforts, government assistance, and subsidies, the market for automotive performance components is anticipated to grow in the next years. Because of the growing demand for torque converters, new products and technological advancements are being created, boosting the calibre and efficiency of these devices. Automatic transmissions are becoming more widely available in automobiles.
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Competitive Landscape
The trend among prominent market players to differentiate their products through customization is another trend that is worth mentioning. In response to these trends, manufacturers are creating a variety of customized performance parts for automotive applications, whether they are designed for operational benefits or compliance with government regulations.
- With the largest range of starters and alternators among European remanufacturers, the company BORG Automotive has added 113 part numbers over the course of the year to its range of starters and alternators. Consequently, both product categories appear in a market-wide percentage of approximately 95 percent across Europe. There are a number of new types of parts that have been added to the catalogue, including spare parts for the Renegade, Ford Transit, Jeep and Volkswagen T-Roc cars. Under the Elstock, DRI, TMI, and Lucas brand names, the remanufacturer offers 68 alternators and 45 starters to distributors and workshops. For over 2 million European vehicles, remanufactured OE-matching quality alternatives are now available to the aftermarket.
- As a world leader in the design, development, and manufacturing of tensioners, bearings, constant velocity joints, linear modules, encoders, and vehicle spare parts, NTN helps companies service and maintain their vehicles. NTN’s central site for Europe offers a variety of information on products and personalized support. A prize was awarded to NTN for developing automotive ball screws under the French 2030 plan.
Leading companies operating in the automotive performance parts market are
Tenneco Inc., Robert Bosch GmbH, Continental AG, BorgWarner Inc., Mahle GmbH, 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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Key Segments
By Product Type:
- Exhaust Systems
- Headers
- Mufflers
- Oxygen Sensors
- Exhaust Pipes
- Catalytic Converters
- Suspension Parts
- Suspension Bushing
- Sway Bars
- Shock Absorbers
- Brakes
- Brake Pads
- Brake Rotors
- Brake Caliper
- Brake Lines
- Brake Master Cylinders
- Vacuum Pumps
- Fuel Air & Intake Systems
- Air Filters
- MAF Sensors
- Intake Manifold
- Throttle Bodies
- Fuel Filters
- Spark Plugs
- Fuel Injectors
- Fuel Pumps
- Transmission Parts
- Clutch Pressure Plates
- Flywheels
- Torque Converters
- Clutch Linkage
- Power Adders
- Turbochargers
- Intercoolers
- Nitrous Oxide Systems
- Superchargers
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- First Fit
- Aftermarket
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