The global automotive tuner market is anticipated to attain a valuation of US$ 6.4 billion in 2023 and is projected to reach US$ 12 billion by 2033, trailing a CAGR of 6.4% during the forecast period.
The market is rising as aftermarket car modifications become more and more well-liked. Young adults and members of Generation Y are particularly affected by this trend since they have a great propensity to buy aftermarket goods to personalise and customise their cars.
More aftermarket product availability is predicted to support market expansion. Due to the globalisation of the automotive sector, there are now more businesses offering a variety of aftermarket goods and services. Consumers now find it easier to locate the precise products they want because to this expanded availability, which has also encouraged healthy rivalry among market suppliers.
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One important reason fueling the industry’s growth is the aftermarket items’ rising affordability. The state of the global economy has improved, giving consumers more spare income to spend on aftermarket goods. As a result, businesses may now sell their goods at cheaper price points, making a wider spectrum of customers able to purchase them.
The market is expanding as a result of rising disposable income, rising consumer preference for powerful engines, and fuel-efficient vehicles. The increase of aftermarket auto maintenance and repair services also contributes to the market’s expansion.
The utilization of advanced engine technology, such as Electronic Control Units (ECUs) is expected to present new opportunities for market growth. Also, the increasing sales of high-end luxury vehicles and the rising costs of original equipment manufacturer (OEM) manufactured high-powered vehicles are contributing to the industry expansion.
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Key Takeaways
- United States automotive tuner market is expected to grow with a CAGR of 6.1% during the forecast period.
- The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
- By component type, the hardware segment is projected to grow with a significant CAGR of 6.7% during the forecast period.
- The market in India is expected to grow with a CAGR of 6.4% throughout the forecast period.
“The utilization of advanced engine technology and increasing affordability of aftermarket components is expected to drive market growth during the forecast period,” comments an FMI Analyst
Competitive Landscape
The automotive tuner market is intensely competitive, with several key industry players investing heavily in providing these services.
The key industry players are Roo Systems, EFI Live, Magic Motorsports, Edge Products, Derive Systems, Cobb Tuning, Alientech SRL, Diablo Sport, Mountune, Autotuner, AEM Electronics, Hypertech Inc., HP Tuners, Flashtec SA, Jet Performance Products.
Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive tuner market.
- In April 2023, Mountune unveiled the launch of the mountune N1 engine series, a range of high-performance long-block crate engines particularly engineered for motorsport enthusiasts and professional race teams.
- In April 2022, Motul, a well renowned oil & lubricants company, initiated a technical partnership with Mountune USA.
- In May 2023, ABT Sportsline, a well-known tuner specializing in Audi and VW Group vehicles, unveiled the limited edition ABT RS6 Legacy Edition (LE).
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global automotive tuner market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive tuner market, the market is segmented on the basis of component type, vehicle type, fuel type, sales channel, and region.
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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