The global automotive performance part market size is projected to be worth USD 5,80,711.00 million by 2034. According to the estimates, the market is anticipated to exhibit a 4.70% CAGR until 2034. In 2024, the automotive performance part market size is valued at USD 3,66,854.20 million.
| Attributes | Details |
|---|---|
| Automotive Performance Part Market Size, 2023 | USD 3,51,269.41 million |
| Automotive Performance Part Market Size, 2024 | USD 3,66,854.20 million |
| Automotive Performance Part Market Size, 2034 | USD 5,80,711.00 million |
| Value CAGR (2024 to 2034) | 4.70% |
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Automotive Influencers Emerge as a Pivotal Catalyst for Market Growth
According to Think with Google, 95% of automotive buyers use the internet to find answers to their concerns and spend an average of 14 hours online before making a final purchase. As a result, automotive performance part manufacturers harness the power of YouTube, Instagram, and other social media platforms to promote their products.
Partnerships with automotive influencers, YouTubers, and social media content producers allow firms to target a wider audience. They use their authority and influence to promote sales of automotive performance parts. These alliances promote credible endorsements and product recommendations, resulting in increased brand exposure, customer acquisition, and revenue growth.
Furthermore, influencer collaborations enable businesses to access younger demographics that are extremely active on social media platforms.
Several businesses leverage influencer marketing to promote their brand message, fortify customer trust, and stay competitive in the quickly changing digital realm. For instance, in October 2023, BMW released its latest iX2 ad, which features virtual creative Lil Miquela and aims to provide its target demographic with an immersive experience.
The marketing concept, known as 'Make it Real', is consistent with the "Freude Forever" brand goal. It is accessible internationally, beginning in BMW's key markets in EMEA, APAC, and the United States.
Various Businesses Join the Race to Develop and Sell 3D-printed Automotive Performance Parts
Technological developments in 3D printing are transforming the manufacturing process of automotive performance parts, allowing companies to provide custom-designed automotive performance parts with lower production costs and shorter lead times. Businesses that use on-demand manufacturing reduce their expense in inventory, maximize production effectiveness, and react quickly to shifting consumer needs.
This trend gives businesses the ability to provide customized solutions that are tailored to each individual customer's needs, which increases consumer satisfaction and loyalty. Furthermore, 3D printing makes it easier to prototype and iterate on products quickly, spurs innovation, and helps businesses stay ahead of the evolving automotive industry.
Autentica Car Parts, based at Sci-Tech Daresbury, entered the market in November 2023. The company has developed a platform that can save up to 70% of non-production costs and reduce transport emissions by 40%. The platform will help equipment manufacturers to sell 3D-printed automotive performance parts to authorized dealers, repair centers, and distributors.
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Principal Consultant
| Segment | Power Adders (Product Type) |
|---|---|
| Value Share (2024) | 36.40% |
Based on product type, the power adders segment holds 36.40% of automotive performance part market shares in 2024.
Power adders are a more affordable option to boost performance than other modifications, even though they can be a big investment. Power adders are growing popular in the aftermarket as enthusiasts seeking to optimize performance without exceeding their budgets find them to be a reasonable option.
Power adders are compatible with a broad range of vehicle types and brands, providing adaptability for a multitude of uses. Power adder choices can fit various vehicle types and performance goals, promoting widespread acceptance across diverse customer categories like sports cars, muscle cars, trucks, and SUVs.
| Segment | Passenger Cars (Vehicle Type) |
|---|---|
| Value Share (2024) | 74.20% |
Based on vehicle type, the passenger cars segment captured 74.20% of automotive performance part market shares in 2024.
Passenger car owners are increasingly demanding performance parts, and this demand is mostly driven by manufacturers, aftermarket suppliers, and prominent automotive influencers. Companies use product endorsements, targeted advertising, and promotional activities to highlight the advantages of tuning parts and persuade customers to spend on aftermarket modifications that can improve their driving experience.
Passenger cars' manufacturing and engineering approaches have advanced technologically, enabling them to accept more aftermarket modifications. Modern passenger vehicles encourage customers to engage in aftermarket custom tuning solutions to realize their full potential because of their powertrains, digital control systems, and lightweight production. These features provide a strong platform for performance enhancements, thereby boosting product demand.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| United States | 3.0% |
| Germany | 3.0% |
| Japan | 4.20% |
| China | 5.40% |
| India | 7.40% |
The demand for automotive performance parts in the United States is predicted to rise at a 3.0% CAGR through 2034.
Engine performance parts designed specifically for vintage cars are in high demand due to the renewed interest in restoring and modifying older vehicles. Businesses that specialize in restoration parts, retro-modern improvements, and vintage-inspired performance components profit from this trend by serving fans who want to maintain their love for classic cars while gaining access to contemporary performance modifications.
The DIY (do-it-yourself) trend has spread among American customers, fueling the demand for automobile performance parts. Aftermarket modifications are becoming increasingly popular among do-it-yourself enthusiasts who want to optimize and personalize their vehicles. This trend opens up a big potential for companies to provide a variety of performance parts to consumers who enjoy personalization and getting their hands dirty in car modification projects.
The sales of automotive performance parts in Germany are anticipated to increase at a 3.0% CAGR through 2034.
The long history of racing in Germany, which includes renowned events like the Nürburgring 24 Hours and prominent automakers like Porsche, BMW, and Mercedes-Benz, promotes a culture of excellence in performance and driving. This legacy shapes consumer tastes and fuels the demand for premium performance parts that draw inspiration from the engineering prowess and technology of racing.
Germany's Autobahn highway system, known for its unlimited speed restrictions on certain stretches, promotes high-speed driving and performance-oriented vehicle ownership. Enthusiasts wanting to optimize their vehicle's performance on the Autobahn drive demand for racing parts that improve acceleration, peak speed, and handling.
Businesses can target this concentrated segment by providing customized performance enhancements that maximize car performance for Autobahn driving conditions, addressing German consumers' specific wants and preferences.
The automotive performance part market growth in Japan is estimated at a 4.20% CAGR through 2034.
Japan is at the forefront of hybrid and performance hybrid car technology, with automakers, including Toyota and Honda, pioneering the development of revolutionary hybrid powertrains. The increased popularity of hybrid cars in Japan provides opportunities for businesses to offer performance modifications for hybrid powertrains, such as hybrid performance controllers, battery advancements, and regenerative braking systems.
Businesses that innovate in the hybrid performance market can serve environmentally concerned consumers while still providing a thrilling driving experience and performance advantages that Japanese enthusiasts seek.
The demand for automotive performance parts in China is projected to surge at a 5.40% CAGR through 2034.
China's explosive growth as a worldwide leader in electric vehicles (EVs) creates new prospects for the automotive performance parts industry. China, the world's largest market for electric cars, has a thriving community of EV fans looking for performance modifications to improve the power, range, and driving performance of their electric vehicles. Businesses can capitalize on this trend by creating customized performance solutions for electric cars.
This can include high-performance electric motors, battery upgrades, and innovative power management systems tailored to Chinese consumers' specific demands and tastes.
Automotive performance part sales in India are predicted to increase at a 7.40% CAGR through 2034.
Demand for automotive performance parts and aftermarket enhancements is driven by India's growing tuning and modification culture, which is impacted by local and worldwide automotive trends. There is a growing desire for performance-enhancing modifications as enthusiasts worldwide embrace car customization to express themselves and make their vehicles more unique.
By providing various performance components, style upgrades, and customization choices catered to Indian consumers' desires, businesses can take advantage of this trend and enter into a profitable market segment wanting to improve their driving experience.
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The automotive performance part market is highly competitive, with various manufacturers striving for market share and supremacy. Leading businesses in this industry, including established brands and emerging rivals, always innovate and invest in R&D to distinguish their goods and acquire a competitive advantage.
These firms compete on a variety of fronts, including product quality, performance, dependability, brand reputation, and pricing methods. With consumers increasingly valuing performance enhancements to personalize and enhance their vehicles, the industry has become dynamic and competitive, requiring firms to adapt and develop to satisfy consumers' constantly changing wants and tastes.
Recent Developments
The automotive performance part market is valued at USD 3,66,854.20 million in 2024.
The automotive performance part market size is estimated to increase at a 4.70% CAGR through 2034.
The automotive performance part market is expected to be worth USD 5,80,711.00 million by 2034.
Power adders are highly preferred in the market.
The Indian automotive performance part market is predicted to expand at a 7.40% CAGR through 2034.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type 5.1. Exhaust Systems 5.1.1. Headers 5.1.2. Mufflers 5.1.3. Oxygen Sensors 5.1.4. Exhaust Pipes 5.1.5. Catalytic Converters 5.2. Suspension Parts 5.2.1. Suspension Bushing 5.2.2. Sway Bars 5.2.3. Shock Absorbers 5.3. Brakes 5.3.1. Brake Pads 5.3.2. Brake Rotors 5.3.3. Brake Caliper 5.3.4. Brake Lines 5.3.5. Brake Master Cylinders 5.4. Fuel Air & Intake Systems 5.4.1. Air Filters 5.4.2. MAF Sensors 5.4.3. Intake Manifold 5.4.4. Throttle Bodies 5.4.5. Fuel Filters 5.5. Transmission Parts 5.5.1. Clutch Pressure Plates 5.5.2. Flywheels 5.5.3. Torque Converters 5.5.4. Clutch Linkage 5.6. Power Adders 5.6.1. Turbochargers 5.6.2. Intercoolers 5.6.3. Nitrous Oxide Systems 5.6.4. Superchargers 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Vehicle Type 6.1. Passenger Cars 6.2. Light Commercial Vehicles 6.3. Heavy Commercial Vehicles 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 7.1. First Fit 7.2. Aftermarket 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.6.1. Middle East and Africa 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Tenneco Inc. 18.2. Robert Bosch GmbH 18.3. Continental AG 18.4. BorgWarner Inc. 18.5. Mahle GmbH 18.6. Donaldson Company Inc. 18.7. Holley Performance Products 18.8. MITSUBISHI HEAVY INDUSTRIES, LTD. 18.9. Honeywell International Inc. 18.10. EXEDY Corporation 18.11. Denso Corporation 18.12. AISIN SEIKI Co., Ltd. 18.13. Hitachi Astemo, Ltd. 18.14. The NGK Spark Plug Co., Ltd. 18.15. Cummins Inc. 19. Assumptions & Acronyms Used 20. Research Methodology
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Automotive Performance Part Market
