The global automotive tuner industry is projected to grow from USD 6.4 billion in 2023 to USD 12 billion by 2033, with a compound annual growth rate (CAGR) of 6.4% over the forecast period.
This expansion is driven by the rising popularity of aftermarket automotive modifications, particularly among young adults and Generation Y consumers, who are eager to personalize and customize their vehicles with aftermarket products.
The market growth is also supported by the increasing availability of aftermarket products. The globalization of the automotive industry has led to a greater number of companies offering diverse aftermarket products and services. This wider availability enhances consumer access to desired products and fosters healthy competition among suppliers.
Affordability is another key factor fueling market growth. As the global economy improves, more consumers have disposable income to spend on aftermarket products. Consequently, companies are able to offer products at lower price points, making them accessible to a broader audience.
The market is further buoyed by growing consumer preference for high-power engines and fuel-efficient vehicles, along with an increase in disposable income. Additionally, the expansion of aftermarket vehicle repair and service options contributes to market growth.
Advanced engine technologies, such as Electronic Control Units (ECUs), are expected to offer new growth opportunities for the market. Furthermore, the rising sales of high-end luxury vehicles and the increasing costs of OEM high-powered vehicles are also driving industry expansion.
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).
Key Segments Profiled in the Automotive Tuner Industry Survey
Component Type:
- Hardware Component
- Software
By Vehicle Type:
- Passenger Car
- LCV
- HCV
By Fuel Type:
- Gasoline
- Diesel
By Sales Channel:
- Direct Sales
- Third Party Online Channel
- Independent Stores/Shops
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- 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 over 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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