The global automotive performance parts market is projected to reach a valuation of USD 580,711.00 million by 2034, exhibiting a CAGR of 4.70% from 2024, when the market is valued at USD 366,854.20 million.
The automotive performance parts market is thriving, fueled by a combination of enthusiast culture, technological advancements, and the rising popularity of motorsports. Performance parts, such as exhaust systems, turbochargers, suspension upgrades, and high-performance brakes, enable drivers to enhance the power, handling, and aesthetics of their vehicles. The growing desire among car enthusiasts to personalize and improve their vehicles’ performance has driven the demand for high-quality aftermarket parts. This trend extends beyond sports cars and luxury vehicles, with owners of trucks and everyday cars also investing in performance upgrades, broadening the market’s appeal.
Technological innovation is a significant catalyst in the performance parts market, offering consumers state-of-the-art products that significantly enhance vehicle dynamics. Advances in materials science, such as the use of carbon fiber and lightweight alloys, have made performance parts more effective and durable. Furthermore, the integration of electronic components, such as engine control units (ECUs) and advanced tuning software, allows for precise adjustments and customization, optimizing engine performance and efficiency. These innovations not only enhance the driving experience but also comply with stricter environmental regulations by improving fuel economy and reducing emissions.
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The market is also influenced by the growing trend of online retail and the do-it-yourself (DIY) culture among automotive enthusiasts. Online platforms provide a vast array of performance parts, detailed product information, and customer reviews, making it easier for consumers to make informed purchasing decisions. The DIY culture, supported by numerous online tutorials and forums, empowers car owners to install performance upgrades themselves, reducing labor costs and increasing customer engagement. This shift towards online sales and DIY modifications is expanding the market, making high-performance parts more accessible to a wider audience. As the automotive industry continues to evolve, the performance parts market is poised for sustained growth, driven by innovation and a passionate consumer base.
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.
“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.
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 Segmentations
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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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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