Amidst turmoil in the global automobile industry, automotive performance parts market is projected to exhibit a moderate CAGR of 4.5% over the forecast period (2019 – 2029). As per the findings of the latest report of Future Market Insights (FMI), the steady expansion of automotive fleet and increase in the average vehicle age will contribute significantly towards the growth of automotive performance parts market. Dramatic rise in demand for high-performance vehicles would also remain an important booster to the sales of automotive performance parts over the following years.
Sales of automotive performance parts directly depend on automotive production as well as vehicle fleet. Regions including East Asia and Europe have a relatively large vehicle fleet that positions these regions as highly attractive markets that collectively account for over half of the total revenues.
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Key Takeaways – Automotive Performance Parts Market Study
- Evolving demographic trends across the globe and a shifting preference towards leisure driving are driving investments in mechanical tuning for higher engine power, torque, and fuel efficiency.
- Commercial vehicle operators and fleet owners are opting for custom tuning services to improve vehicle performance and increase driving comfort. They are also looking to reduce running costs and increase operational margins through replacement of various performance parts.
- Automotive performance parts with relatively high replacement rates, such as air filters, brake pads, spark plugs, and suspension bushings, are significantly driving growth of the aftermarket sales channel.
- Increase in sales of mid-sized and compact passenger vehicles, particularly in Europe, make it a potential market for manufacturers specializing in the automotive aftermarket.
- An ongoing trend witnessed in the automotive industry is engine downsizing and electrification of vehicles. Use of turbochargers or superchargers is paramount in most downsizing processes, fueling the demand for power adders.
- Historically, tuning services were reserved for auto racing. Recently, they have gained significant traction in the market for passenger and commercial vehicles as well.
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