The automotive performance parts market is projected to grow from US$ 339.32 million in 2022 to US$ 532.02 million by 2032. Spain dominates the European automotive performance parts market, capturing over 11% of the market share.
Several factors are expected to contribute to the market expansion from 2022 to 2032. These include increasing consumer awareness of the importance of vehicle maintenance and repair to maintain effectiveness and performance. Additionally, the growing demand for crossover and long-distance cars is driving the need for routine maintenance and part replacement. The increased flexibility of vehicle design and manufacturing also enables greater client customization, which is anticipated to fuel market growth during the forecast period.
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Spain’s automotive performance parts business is experiencing significant growth, with the country having one of the most promising and fastest-growing automobile markets in Europe. Factors such as the availability of labor, R&D activities, and government support for developments in automotive performance parts are expected to further boost market growth in Spain in the coming years.
“Rising vehicle ownership coupled with escalating demand for passenger cars will propel the global growth of the automotive performance parts market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The automotive performance parts market in the U.S. will account for 87% of the market share in North America.
- By suspension parts, sales of the shock absorbers segment will grow at 4.6%
- Sales of torque converters will register a CAGR of 5.8%.
- The air filters segment will grow at a CAGR of 4.2%.
- High demand for passenger cars will push the target market growth in China.
Competitive Landscape
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, and Hyundai Mobis, among others are some of the major players in the automotive performance parts market profiled in the full version of the report.
Leading market players are focusing on adopting new strategies such as internet sales channels. Some of the other businesses are offering customizations and concentrating on expanding their businesses to gain a competitive advantage.
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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
More Insights into Automotive Performance Parts Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive performance parts market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (exhaust system (exhaust pipes, catalytic converters, oxygen sensors, mufflers, headers), 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 (fuel filters, throttle bodies, intake manifold, MAF sensors, air filters, fuel pumps, fuel injectors, spark plugs), transmission parts (clutch pressure plates, clutch linkage, torque converters, flywheels), power adders (turbochargers, intercoolers, nitrous oxide systems, superchargers)), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles), sales channels (first fit, aftermarket), and region.
According to the latest FMI reports, based on segmentation, the shock absorbers segment will register a CAGR of 4.6% propelled by the rising global demand. The torque converters segment will grow at 5.8% CAGR while the sales of air filters will also record a spike during the projected period.
Based on region, the automotive performance parts market in China will demonstrate substantial growth during 2022-2032. Owing to the presence of top manufacturers of automobile performance components, the country is expected present an opportunity of US$ 38 Bn. The target market in this region will hold the largest market share in East Asia. Other countries like Japan, Spain, and the United States will exhibit notable growth over the forecast period.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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