Automotive Performance Parts Market: Overview:
The global Automotive Performance Parts Market was valued at USD 409.7 billion in 2022. The market is expected to register a CAGR of 3.5% over the forecast period. The latest technology is nearly always released onto the market in the dynamic commercial environment that is the automotive sector.
There has been a significant change in the production of auto parts and accessories over the last few years, creating a fiercely competitive sector. Due to growing disposable incomes in emerging economies, particularly in Asia, and the acceptance of 100% FDI in nations like India, the automotive performance parts industry in the region has plenty of room to grow.
The rise of light-duty cars in the area is anticipated to be mostly driven by simple availability to raw materials, rising regional demand, and government incentives. It is anticipated that during the projected period, this will increase demand for auto part production. Original equipment is usually more in demand as the number of motor vehicles and engines being scrapped increases.
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Market Dynamics:
The market is expanding due to consumer desire for higher-end, more sophisticated automobile models. Numerous technological developments in the automobile sector have contributed to the development of lighter, safer, and more efficient vehicles. The market for automotive performance parts is expanding due to various factors such as enhanced powertrain design with dual-clutch transmissions, wider tires, improved aerodynamics in car design, and stricter emissions regulations with lower sulfur fuel additives. In addition to the previously mentioned variables, the global automotive sector—which includes the market for automotive performance parts—is also witnessing a rise in safety requirements and laws in various jurisdictions, which is anticipated to fuel the market's expansion.
Trends in the Market:
Consumer preference for holding onto used cars rather than selling them is reflected in market trends for automotive performance parts. It is believed that this component is the primary market trend.
Air filters, spark plugs, brake pads, and suspension bushings must all be replaced on a regular basis. The market for automotive performance parts is growing as a result of the increased maintenance and repairs required for older cars. Because of the longer-lasting cars, manufacturers of automotive performance parts have a lot of opportunity.
In order to ensure maximum fuel efficiency, fleet owners maintain their vehicles to the highest standards. The growth of fleet aggregators is the main factor driving the demand for auto performance parts.
Automotive Performance Parts Market – Segmentation
The automotive Performance Parts Market by Replacement parts is categorized into:
- Tire
- Battery
- Brake Parts
- Filters
- Body parts
- Lighting & Electronic Components
- Wheels
- Exhaust components
- Turbochargers
- Others
The automotive Performance Parts Market by Distribution channel is classified into:
Retailers
- OEMs
- Repair Shops
Wholesalers & Distributors
The automotive Performance Parts Market by service channel is segregated into:
- DIY (Do it Yourself)
- DIFM (Do it for Me)
- OE (Delegating to OEM’s)
The automotive Performance Parts Market by certification is fragmented into:
- Genuine Parts
- Certified Parts
- Uncertified Parts
Regional Analysis of the Automotive Performance Parts Market:
Currently, the European region dominates the global market for automobile performance parts. The main driver of market expansion in Europe is the presence of significant important players in the area. Over the course of the provided forecast period, the regional market is anticipated to keep holding a commanding position. Another crucial element for the growth of the industry is the region's increasing production of passenger cars.
Key players in The Automotive Performance Parts Market:
- 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
- Hyundai Mobis
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