According to forecasts, Japan automotive performance parts is expected to hold the largest market for luxury vehicles. As audio/video devices, gauges, switches, and audio/video devices become more prevalent in cars, the interior segment is predicted to dominate the market. With disposable incomes rising across the globe, the market for automotive performance parts is expected to grow rapidly during the forecast period.
E-commerce ecosystems have been rapidly expanding across the globe, particularly in developing countries. As a result of these affecting factors, many automotive performance parts suppliers have begun to strategize on how to sell the products online. As a result of rapid changes in lifestyle and consumer desire for innovative products based on technological advances, consumer expectations have increased over the past few years. As performance parts for automobiles are readily available, they are more appealing than ever on the internet.
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Automotive performance parts sales will rise in the coming decade due to increasing demand for better-performing vehicles and an increase in vehicle owner investment in repairs and maintenance. The development of the automobile industry, reforms within emerging economies, and the increasing availability of private equity funds are all anticipated to boost spark plug sales in the near future. EV demand and carbon reduction demand are expected to grow the market for automotive performance parts in this region.
Japan’s auto industry has been enhanced by the rapid growth of the electric vehicle market. International Energy Agency figures indicate that 6.6 million electric vehicles were sold in 2021, representing 8.6% of all vehicles sold – an increase of threefold over the previous year. With the increasing demand for high-end cars in this region, it is expected that the market for automotive performance parts will grow in the market. Increasing demand for luxury interiors and customizations are expected to drive automotive performance part sales in the future.
The automotive industry contributes 89% of Japan’s manufacturing, and auto part suppliers have expanded into chemicals and rubber to become major economic players in the market. Japanese automakers created keijidsha, or light vehicles, also referred to as Kei cars, to accommodate Japan’s limited space, aging population, and increasing number of single-person households. The smaller size of these cars makes them more affordable and allows them to be more easily navigated through Japanese cities. These factors are likely to fuel a significant increase in the demand for automotive performance parts in the near future.
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Key Takeaways
- Automotive performance parts are expected to generate US$ 339.32 Million in revenue by 2022.
- Aftermarket sales of automotive performance parts will make up the majority of total sales by 2032.
- A combined market share of 7.7% will be held by Japan and South Korea in global markets.
- A market shares of around 21% is predicted for Japan in East Asia by 2022.
- According to the forecast, the market demand for light commercial vehicles is expected to grow in the coming years.
Competitive Landscape
Manufacturers are creating specialized performance parts for vehicles to increase operating efficiency and conform to legal requirements. Innovating high-performance automotive parts is a key focus of companies, which will provide the market with a high growth opportunity to the manufacturers in the market.
Leading companies operating in the automotive performance parts market are
- Tenneco Inc.
- Robert Bosch GmbH
- Continental AG
- BorgWarner Inc.
- Mahle GmbH
- Donaldson Company Inc.
- Holley Performance Products
- Mitsubishi Heavy Industries, Ltd.
- Honeywell International Inc.
- EXEDY Corporation
- Denso Corporation
- AISIN SEIKI Co., Ltd.
- Hitachi Astemo, Ltd.
- The NGK Spark Plug Co., Ltd.
- Cummins Inc.
- ZF Friedrichshafen AG
- Valeo
- TREMEC
- Hyundai Mobis
Recent Developments
- Apio is a well-known Japanese brand that offers high-performance accessories for Suzuki Jimny cars. This company produces custom parts for Suzuki Jimny cars and has grown to become one of Japan’s most renowned parts makers. As a result of its tremendous success, the Suzuki Jimny has become a household name in Japan and internationally. A variety of premium-quality Japanese performance parts have been introduced to Suzuki’s various Jimny models as part of the company’s continuous product development. Japanese Auto World provides customers with ALL APIO performance parts.
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Key Segments
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
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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