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.
Manufacturing companies can now supply high-quality products more quickly and successfully over the world as a result of significant technical and logistical advancements. The demand for automotive performance parts will rise in the next years as a result of increased automotive component exports and imports.
More than one-third of automotive performance component sales worldwide are expected to come from the European market. The expansion of the industry and the existence of illustrious companies are predicted to fuel the automobile market’s growth. An increase in automotive sales in the European market will be facilitated by the use of cutting-edge technology for the manufacture of auto parts, a rise in the production and sales of consumer and passenger vehicles, and a digitalized component delivery service.
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The top players in the automotive performance parts market are anticipated to invest a large amount in online marketplaces for aftermarket performance parts as well as the digitalization of component sales and services. Automotive performance components are anticipated to play a significant role in the sales of these items as tight restrictions are put in place to reduce greenhouse gas emissions and ensure automobile safety.
Due to an increase in labour availability, R&D activities, government subsidies, and support, the market for automotive performance components is anticipated to grow in the upcoming 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.
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.
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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.
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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