NEWARK, Del, March 27, 2024 (GLOBE NEWSWIRE) -- The automotive performance part market is anticipated to surpass US$ 3,66,854.20 million in 2024 and is likely to attain a valuation of US$ 5,80,711.00 million by 2034. The automotive performance part market size is projected to expand at a CAGR of 4.70% from 2024 to 2034.
The growth of e-commerce and online retail platforms has considerably increased the reach and affordability of automotive performance parts. This trend reflects modern consumers' need for easy and smooth purchasing experiences. Businesses that use digital channels can reach a bigger client base, improve inventory management, and lower overhead expenses associated with traditional brick-and-mortar operations. Furthermore, online platforms make targeted marketing easier and allow firms to collect vital consumer data for individualized services and higher customer engagement. Embracing e-commerce enables businesses to remain competitive in a fast-changing industry while capitalizing on the increased need for performance components.
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The move toward lightweight materials in automotive performance parts is consistent with industry attempts to improve vehicle performance while adhering to severe economy and emissions rules. Manufacturers invest in innovative materials like carbon fiber, aluminum, and titanium to attain the best strength-to-weight ratios and enhance overall vehicle dynamics. This strategy approach allows firms to differentiate their goods in a crowded market by providing greater performance qualities such as faster acceleration, handling, and fuel economy. Furthermore, lightweight materials contribute to cost savings by reducing fuel consumption and increasing durability, enhancing the value offered to consumers and businesses.
Key Takeaways from the Automotive Performance Part Market Report
- The global automotive performance part market size expanded at a 2.80% CAGR from 2019 to 2023.
- The power adders segment holds 36.40% of market shares in 2024.
- The passenger cars segment captured 74.20% of market shares in 2024.
- The market size in the United States is projected to rise at a 3.0% CAGR through 2034.
- The market size in Germany is anticipated to develop at a 3.0% CAGR through 2034.
- The market size in Japan is estimated to surge at a 4.20% CAGR through 2034.
- The market size in India is expected to increase at a 7.40% CAGR through 2034.
“Innovation, sustainability, and regulatory flexibility are critical for automotive performance parts market growth. Businesses should invest in eco-friendly practices, adhere to evolving legislative requirements, and use technology to develop creative solutions. Long-term survival in this cutthroat environment depends on strategic alliances and quick reactions to market developments,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
Competitive Landscape
The automotive performance part market is marked by intense rivalry between established brands and rising businesses. Product quality, performance, brand reputation, and price tactics all affect how businesses compete. Innovation, partnerships, and strategic alliances are critical in altering market dynamics as organizations engage to differentiate themselves and win market share in this volatile industry.
Top 10 Key Players in the Automotive Performance Part Industry
- MagnaFlow
- Borla Performance Industries
- Brembo
- HKS Co., Ltd.
- Eibach Springs
- KW Automotive
- Mishimoto Automotive
- AEM Performance Electronics
- Edelbrock LLC
- APR LLC
Recent Developments
- In March 2024, Arm introduced new automotive technology, potentially accelerating the development of AI-enabled automobiles by up to two years. The new Arm Automotive Enhanced (AE) processors and virtual platforms are designed to match the increasing performance needs of contemporary automobiles.
- In December 2023, Wharton Automotive Group, which owns McLeod Racing, FTI Converters, and Silver Sport Transmissions, released FTI Performance Parts. The new company, based in Philadelphia, Pennsylvania, will offer performance torque converter and automated gearbox components.
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Automotive Performance Part Market Segmentation
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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
Author By:
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.
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