According to a comprehensive report by Future Market Insights, global sales of Automotive Performance Accessories reached USD 297.8 million in 2018. Year-over-year growth was recorded at 3.5% in 2022, with revenue anticipated to reach USD 352.9 million in 2023. Looking forward, the global Automotive Performance Accessories market is projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2033, reaching an estimated USD 546.4 million by the end of 2033.
The global Automotive Performance Accessories Market is expected to witness substantial growth through the forecast period from 2023 to 2033. Fueled by increasing consumer interest in vehicle customization and performance upgrades, the market for automotive performance accessories is expanding rapidly. With enthusiasts and regular drivers alike seeking ways to enhance their vehicle’s power, efficiency, and aesthetics, demand for accessories such as performance exhaust systems, suspension upgrades, and turbochargers is on the rise.
The growing popularity of high-performance vehicles, combined with advancements in aftermarket accessories, has opened new avenues for market players. Additionally, the rising trend of motorsports and competitive events, as well as a strong demand for premium accessories in electric and hybrid vehicles, further bolster market growth. This growth is particularly pronounced in regions where automobile culture is robust, as well as in emerging markets where consumer interest in performance upgrades is on the rise.
In-Depth Market Analysis: A Complete Report
Key Takeaways:
- Steady Market Growth: The global Automotive Performance Accessories Market is poised for robust growth, driven by increased interest in vehicle personalization and performance enhancement.
- Wide Range of Products: Accessories such as exhaust systems, air intakes, suspension kits, and performance chips are seeing a surge in demand across consumer segments.
- Tech-Driven Upgrades: Technological advancements in accessory design and materials have improved product efficiency and durability, attracting more customers to performance upgrades.
- Electrification Opportunities: As electric and hybrid vehicles gain traction, demand for performance accessories compatible with these models is also rising.
Key Market Drivers:
- Rising Popularity of Vehicle Customization: Consumers are increasingly interested in tailoring their vehicles to reflect personal style and improve performance, driving demand for a wide array of performance accessories.
- Advancements in Aftermarket Accessories: Modern accessories now offer greater durability, efficiency, and design customization, which enhances their appeal to a broad range of vehicle owners.
- Growth of Motorsports and Enthusiast Community: The global growth in motorsports and car enthusiast communities has created a strong demand for high-performance aftermarket accessories.
- Electric and Hybrid Vehicle Integration: As electric and hybrid vehicles become more popular, there is a rising demand for performance accessories that cater to these unique vehicle types, creating new opportunities in the market.
Key Players in the Automotive Performance Accessories Industry
- Tenneco Inc.
- Brembo
- Continental AG
- BorgWarner Inc.
- Mahle GmbH
- Hyundai Mobis
- Donaldson Company Inc.
- Mitsubishi Heavy Industries, Ltd
- ZF Friedrichshafen AG
- Honeywell International Inc.
- EXEDY Corporation
- Denso Corporation
- Holley Performance Products
- AISIN SEIKI Co., Ltd.
- Hitachi Astemo, Ltd.
- Robert Bosch GmbH
- The NGK Spark Plug Co., Ltd.
- Cummins Inc.
- Valeo
- TREMEC
Key Developments in the Automotive Performance Accessories Market:
- In 2021, Lippert Components acquires Kaspar Ranch Hand Equipment, a firm that pioneered the heavy-duty truck accessory industry by being one of the first to develop and engineer specialized equipment specifically fitted to the owners’ vehicles.
- In 2023, Rivian Automotive has chosen Tenneco to deliver suspension and anti-vibration performance materials solutions.
- In 2023, Continental AG creates a brake caliper that minimizes brake dust. The new Green Caliper’s lower wear rate allows Continental to make the setup more compact and employ smaller and thinner pads. Furthermore, the brake is 5 kg lighter on each corner, which improves range while also contributing to better handling due to the decreased unsprung weight.
Segmentation Analysis of the Automotive Performance Accessories Market
By Product Type:
- Exhaust Systems
- Headers
- Mufflers
- Oxygen Sensors
- Exhaust Pipes
- 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 Sensor
- 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
-
- Compact
- Mid-Size
- SUV
- Luxury
-
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- First Fit
- Aftermarket
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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