As per the detailed report on the Automotive Performance Accessories market by Future Market Insights, global sales of Automotive Performance Accessories reached USD 297.8 million in 2018. Y-o-Y market growth was recorded at 3.5% in 2022 with revenue expected to reach USD 352.9 million in 2023. The Global Automotive Performance Accessories market is projected to reach USD 546.4 million by end of 2033 representing 4.5% CAGR between 2023 to 2033.
The importance of Automotive Performance Accessories is their potential to improve a vehicle’s overall performance and look. They are being utilized to improve the car handling, performance and overall driving experience.
Other Drivers Propelling the Demand for Automotive Performance Accessories include:
Challenges for Companies/Manufacturers in the Automotive Performance Accessories Market:
Opportunities in the Automotive Performance Accessories Market:
Latest Trends in the Automotive Performance Accessories Market:
| Attributes | Details |
|---|---|
| Automotive Performance Accessories Market Size (2023) | USD 352.9 million |
| Automotive Performance Accessories Market Projected Size (2033) | USD 546.4 million |
| Value CAGR (2023 to 2033) | 4.5% |
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From 2018 to 2022, the global Automotive Performance Accessories market experienced a CAGR of 3.5%, reaching a market size of USD 352.9 million in 2023.
The growing demand for customization among automotive enthusiasts was one of the key drivers of this expansion. Consumers sought to customize and improve the performance of their automobiles, fueling the demand for performance accessories such as turbochargers, exhaust systems and suspension improvements. Sporting events also played an important influence in strengthening the market.
Major Motorsports events like Formula 1, NASCAR and the World Rally Championship have sparked public interest in performance improvements for their own automobiles. Furthermore, the rise of off-road vehicles such as trucks and SUVs aided market expansion. Lifted suspensions and front-end exhausts were sought after by off-road enthusiasts to optimize their vehicles for adventurous travels.
From 2023 to 2033, the worldwide Automotive Performance Accessories industry is predicted to grow at a CAGR of 4.5%. The market is anticipated to reach USD 546.4 million over the forecast period.
The Automotive Performance Accessories business is expected to sustain its growth trajectory from 2023 to 2033, with the market benefiting significantly from the ongoing expansion of vintage car restoration and customization.
To retain the authenticity and performance of their valued automobiles, classic car collectors and enthusiasts will seek high-quality, period-correct accessories. As per the updated regulations by the government globally there will be an expansion in the product portfolio in the automotive performance accessories catering to the components creating less amount of noise and air pollution.
Principal Consultant
| Country | The United States |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 92.8 million |
| CAGR % 2023 to End of Forecast (2033) | 4.7% |
The Automotive Performance Accessories industry in the United States is expected to reach a market share of USD 92.8 million by 2033, expanding at a CAGR of 4.7%.
The automotive performance accessory market in the United States is growing, catering to a wide range of cars, jeeps and trucks. The obsession with vintage cars is the highest in the United States. Vintage car enthusiasts in the United States are passionate about the preservation and restoration of automobiles, and they seek performance additions that improve both looks and performance of these traditional vehicles.
Engine enhancements, suspension adjustments and braking systems are just a few of the products available from companies specializing in performance oriented accessories. These Vintage Cars are auctioned at very high price which convinces these cars collectors to keep their vehicles updated up to the required performance levels.
| Country | China |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 109.2 million |
| CAGR % 2023 to End of Forecast (2033) | 4.7% |
The Automotive Performance Accessories industry in China is anticipated to reach a market share of USD 109.2 million, moving at a CAGR of 4.7% during the forecast period.
With the establishment of various racetracks and the organization of international events, China has positioned itself as an emerging force in the racing world. The Shanghai International Circuit, home to the Formula 1 Chinese Grand Prix, has become an iconic venue attracting top-tier racing companies like Ferrari and many other domestic players. These companies are more focused to upgrade their vehicle with high performance accessories to make themselves forefront in the racing events.
| Country | Japan |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 43.7 million |
| CAGR % 2023 to End of Forecast (2033) | 4.5% |
The Automotive Performance Accessories industry in Japan is estimated to reach a market share of USD 43.7 million by 2033, thriving at a CAGR of 4.5%.
With a strong focus on technological advancements and precision engineering, Japanese performance accessories are renowned for their reliability and efficiency. The market offers an extensive range of high-performance parts and accessories, allowing car enthusiasts to enhance their vehicles power, handling and aesthetics. From renowned tuners like HKS and Tomei to specialized workshops and manufacturers Japan provides a vast array of options for enthusiasts seeking to upgrade their vehicles.
The popularity of events like Tokyo Auto Salon showcases the widespread admiration for automotive customization and performance tuning in Japan. The country's rich motorsport heritage including prestigious racing events like Super GT and Super Formula demonstrates the enduring passion for high-performance vehicles.
By product type, Exhaust System segment is expected to dominate the Automotive Performance Accessories industry with a CAGR of 4.7% from 2022 to 2033. This segment captures a significant market share in 2023 due to its customization in Exhaust system.
As the Performance Exhaust systems are designed with larger diameter pipes and less restrictive mufflers, allowing for greater exhaust flow, consumers will focus to upgrade their vehicles. Upgrading to a performance exhaust system is a popular and effective technique to increase horsepower and torque, improve throttle response and improve a high-performance vehicle's overall driving experience.
By Vehicle type, Passenger Car segment is dominating the Automotive Performance Accessories industry with a market share of 62.3% from 2022 to 2033. Most of the automotive performance accessories are a great fit for the passenger cars respecting to the engine and size specifications. Most of the motorsports require lightweight cars to show the best performance of their accessories. Also most of the vehicles present in the market are in the passenger car category.
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The Automotive Performance Accessories sector is fiercely competitive, with many companies striving for market dominance. To stay ahead of the competition in such a circumstance, essential players must employ smart techniques.
Key Strategies Adopted by the Players
Product Innovation
Companies invest heavily in Research and development to deliver novel products that improve efficiency, dependability, and cost-effectiveness. Product innovation allows businesses to differentiate themselves from their competition while also catering to the changing demands of their clients.
Strategic Partnerships and Collaborations
Key firms in the sector frequently develop strategic partnerships and collaborations with other companies in order to harness their strengths and increase their market reach. Such alliances can allow businesses to obtain access to new technology and markets.
Expansion into Emerging Markets
The Automotive Performance Accessories sector is expanding rapidly in emerging regions such as China and India. Key companies are increasing their presence in these markets by developing local manufacturing facilities and enhancing their distribution networks.
Mergers and Acquisitions
Mergers and acquisitions are frequently used by key players in the Automotive Performance Accessories business to consolidate their market position, expand their product portfolio and gain access to new markets.
Key Players in the Automotive Performance Accessories Industry
Key Developments in the Automotive Performance Accessories Market:
The market will reach USD 352.9 million in 2023.
The market will rise at a 4.5% CAGR until 2033.
China will expand at a 4.7% CAGR through 2033.
Exhaust systems will be the most lucrative accessory.
Tenneco Inc., Brembo, and Continental AG are some key players.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 6. Global Market - Pricing Analysis 7. Global Market Demand (in Value or Size in USD Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 8. Market Background 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 9.1. Exhaust Systems 9.1.1. Headers 9.1.2. Mufflers 9.1.3. Oxygen Sensors 9.1.4. Exhaust Pipes 9.2. Suspension Parts 9.2.1. Suspension Bushing 9.2.2. Sway Bars 9.2.3. Shock Absorbers 9.3. Brakes 9.3.1. Brake Pads 9.3.2. Brake Rotors 9.3.3. Brake Caliper 9.3.4. Brake Lines 9.3.5. Brake Master Cylinders 9.3.6. Vacuum Pumps 9.4. Fuel Air & Intake Systems 9.4.1. Air Filters 9.4.2. MAF Sensor 9.4.3. Intake Manifold 9.4.4. Throttle Bodies 9.4.5. Fuel Filters 9.4.6. Spark Plugs 9.4.7. Fuel Injectors 9.4.8. Fuel Pumps 9.5. Transmission Parts 9.5.1. Clutch Pressure Plates 9.5.2. Flywheels 9.5.3. Torque Converters 9.5.4. Clutch Linkage 9.6. Power Adders 9.6.1. Turbochargers 9.6.2. Intercoolers 9.6.3. Nitrous Oxide Systems 9.6.4. Superchargers 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 10.1. Passenger Cars 10.1.1. Compact 10.1.2. Mid-Size 10.1.3. SUV 10.1.4. Luxury 10.2. Light Commercial Vehicles 10.3. Heavy Commercial Vehicles 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 11.1. First Fit 11.2. Aftermarket 12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 12.1. North America 12.2. Latin America 12.3. Western Europe 12.4. Eastern Europe 12.5. East Asia 12.6. South Asia and Pacific 12.7. Middle East and Africa (MEA) 13. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 20. Country-wise Market Analysis 21. Market Structure Analysis 22. Competition Analysis 22.1. Tenneco Inc. 22.2. Brembo 22.3. Robert Bosch GmbH 22.4. Continental AG 22.5. BorgWarner Inc. 22.6. Mahle GmbH 22.7. Donaldson Company Inc. 22.8. Holley Performance Products 22.9. Mitsubishi Heavy Industries, Ltd. 22.10. Honeywell International Inc. 22.11. EXEDY Corporation 22.12. Denso Corporation 22.13. AISIN SEIKI Co., Ltd. 22.14. Hitachi Astemo, Ltd. 22.15. The NGK Spark Plug Co., Ltd. 22.16. Cummins Inc. 22.17. ZF Friedrichshafen AG 22.18. Valeo 22.19. TREMEC 22.20. Hyundai Mobis 23. Assumptions and Acronyms Used 24. Research Methodology
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Automotive Performance Accessories Market
