The global automotive tuner market is expected to attain a valuation of USD 6.4 billion in 2023, and is projected to reach USD 12 billion by 2033, while expanding at a CAGR of 6.4% from 2023 to 2033.
Government regulations impose specific norms and specifications on vehicle manufacturing, limiting OEMs to produce vehicles with predetermined power output. Moreover, vehicles equipped with high-powered engines are often costly, making them inaccessible to many customers. As a result, people turn to aftermarket automobile tuning to enhance their vehicle's performance. The market has experienced growth due to factors such as increasing vehicle purchases, expanding vehicle parc, and rising demand for vehicle tuning and ECU mapping.
The growing demand for fuel economy and emission reduction is expected to fuel market growth. The increasing trend of customizing and modifying vehicles is expected to drive market growth. Automotive enthusiasts constantly seek opportunities to enhance their vehicle's performance, leading to a substantial demand for aftermarket parts and accessories.
Modern automotive tuners often combine multiple functions, such as AM/FM radio, digital radio, Bluetooth connectivity, and smartphone integration. This integration provides convenience and a seamless user experience, contributing to market growth.
The overall growth of the automotive industry, including the production and sales of vehicles, directly impacts the demand for automotive tuners. As the number of vehicles on the road increases, so does the potential market for automotive tuners.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 6.4 billion |
| Anticipated Forecast Value (2033) | USD 12 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 6.4% |
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The automotive tuner market was worth USD 4.76 billion in 2018. It accumulated a market value of USD 5.8 billion in 2022 while growing at a CAGR of 5% during the historical period.
Automotive tuner comes under aftermarket accessories in the automotive industry. Automotive tuner provides customers the little push in the performance of the vehicle and offers information regarding vehicle torque and horsepower. According to FMI’s analysis, automotive tuner sales have grown at 5% CAGR between 2018 and 2022.
COVID-19 has caused major disruptions in the automotive industry and the transportation sector, which are key end users in the automotive tuning market. Weakening macroeconomic environment, a slowdown in the production and sales of automobiles, and aftermarket caused due to the pandemic have severely impacted automotive tuner sales.
With a number of end users affected in regions such as East Asia and South Asia Pacific, the supply and shortage in demand are expected to result in a significant drop in Y-O-Y growth. Nonetheless, FMI expects global Automotive Tuner market to grow at 6.4% CAGR through 2033.
Automotive tuners are mostly used for increasing the performance of vehicles by just putting in some extra component such as some ECU software upgradation which leads the vehicle to perform more efficiently and give more power than the stock software or hardware.
The key players are focusing on expansion of their units either in the way of direct sales or in terms of franchises in other regions to boost their sales and revenue.
Moreover, establishing sales and service facilities in emerging countries coupled with long-term partnerships with regional distributors also paves the way for the expansion of channel reach.
The United States is estimated to remain the most rewarding market throughout the course of the projection period. The region is expected to dominate the North American market by accumulating over 80% of the regional market share in 2023. The market in this region is expected to grow with a CAGR of 6.1% during the forecast period. Some of the key factors supporting growth are the steadily increasing vehicle sales, rising vehicle parc, and increase in demand for performance tuning and ECU mapping. With the number of aging vehicles increasing, the demand for automotive tuners is expected to surge in the country.
The United States being one of the leading automotive markets in the world has a high number of original equipment manufacturers (OEMs) and aftermarket production. Adoption of the latest technologies and innovations remains high in the United States, sealing its position as one the largest markets for automotive tuners in the world.
The automotive tuner market in India is expected to grow with a significant CAGR of 6.4% during the forecast period. Automotive sales in India are rising at a fast pace and so is the demand for technologies for better maintenance of cars. People in India are more willing to spend on maintenance of their vehicles. The increasing focus on high performance is expected to create a conducive environment for the growth of the market within India. According to registration data released by the Federation of Automobile Dealers Association (FADA), automotive retail sales in India improved by 11.66% in September 2020.
With both production and sales of vehicles forecast to rise, India will remain a lucrative market for automotive tuners through the course of the forecast period.
In Asia Pacific, China is expected to remain a leading player in automotive tuning market during the forecast period. The region is expected to accumulate over 30% market share by 2033 while growing at a CAGR of 6.5% during the forecast period.
With China's annual growth in vehicle fleet, the need for automotive tuning is increasing. China is a leading supplier and third-party online channel of raw materials and some parts require for tuning the vehicle. The replacement aftermarket is also expanding due to increasing car ownership and an increase in vehicle age in China. China is a lucrative market for automotive tuners as the manufacturers are using merger and acquisition strategies to capture maximum market share.
The demand for automotive tuner in GCC countries is expected to rise with a CAGR of 6.3% during the forecast period. GCC countries have emerged as highly lucrative markets for automotive tuner. The demand is expected to rise consistently due to the increasing availability of the high-end vehicle which requires more tuning and performance upgradation. The UAE and Saudi Arabia are expected to account for a leading share of the GCC market. Both countries exhibit increasing demand for luxury cars and sports utility vehicles, emerging as attractive markets for automotive tuners.
Hardware components is expected to hold a leading share in the market for automotive tuners. The hardware component segment is expected to accumulate over 52% of the total market share in 2023. The segment is projected to grow with a CAGR of 6.7% throughout the forecast period.
Direct sales and Third Party Online Channels are preferred sales channels for automotive tuners. Combined, both these segments contribute 66.5% of total market share. Convenience of shopping offered by both channels has made consumer-favorites. Online sales are expected to surge especially since consumers are showing a greater inclination of availing online discounts and offers and enjoy placing orders from the comfort of their homes while getting them delivered to their doorsteps.
Passenger vehicles comprise over 62% of the global automotive tuner market in terms of vehicle type. Passenger vehicle sales are forecast to increase, especially in economies such as India and China.
According to the India Brand Equity Foundation (IBEF), passenger vehicle sales in India stood at 31,0294 units in October 2020, registering an increase of 14.9% in comparison to sales registered in October 2019. The segment is expected to grow with a CAGR of 6.5% during the forecast period. With sales forecast to rise further, the demand for their maintenance will increase, creating attractive scope for the expansion of the market.
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Start-ups are crucial in identifying growth opportunities, including the automotive tuner market. They effectively convert inputs to outputs and adapt to market changes, contributing to the industry's expansion. Some start-ups are expected to drive growth in the automotive tuner market.
The automotive tuner market is highly competitive, with several key industry players investing heavily in the production of these services.
The key industry players are Roo Systems, EFI Live, Magic Motorsports, Derive Systems, Cobb Tuning, Alientech SRL, Edge Products, Diablo Sport, Mountune, Autotuner, AEM Electronics, Hypertech Inc., HP Tuners, Flashtec SA, Jet Performance Products.
Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive tuner market.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 6.4 billion |
| Market Value in 2033 | USD 12 billion |
| Growth Rate | CAGR of 6.4% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Component Type, Vehicle Type, Fuel Type, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Derive Systems; Cobb Tuning; Alientech SRL; Roo Systems; EFI Live; Magic Motorsports; Edge Products; Diablo Sport; Mountune; Autotuner; AEM Electronics; Hypertech Inc.; HP Tuners; Flashtec SA; Jet Performance Products |
| Customization & Pricing | Available Upon Request |
The automotive tuner market is valued at USD 6.4 billion in 2023.
The automotive tuners are exhibiting demand of 6.4% CAGR through 2033.
Surging demand for fuel efficiency and introduction of new vehicle hardware components.
The market expanded at a CAGR of 5% in the historical period.
The leading market competitors are Derive Systems, Cobb Tuning, and Alientech SRL.
| Estimated Market Size (2024E) | USD 15.8 billion |
|---|---|
| Projected Market Value (2034F) | USD 45.69 billion |
| Value-based CAGR (2024 to 2034) | 11.3% |
| Market Size, 2024 | USD 3,66,854.20 million |
|---|---|
| Market Size, 2034 | USD 5,80,711.00 million |
| Market CAGR (2024 to 2034) | 4.70% |
| Current Year Value (2023) | USD 55.26 billion |
|---|---|
| Expected Forecast Value (2033) | USD 119.31 billion |
| Projected CAGR (2023 to 2033) | 8% |
| Expected Market Value (2023) | USD 586.22 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 1,100 million |
| Projected CAGR (2023 to 2033) | 6.4% |
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