The global automotive tuner market is anticipated to attain a valuation of USD 6.4 billion in 2023 and is projected to reach USD 12 billion by 2033, trailing a CAGR of 6.4% during the forecast period.
The market is experiencing expansion due to the growing popularity of aftermarket automotive modifications. This trend is particularly prominent among young adults and consumers from Generation Y, who exhibit a strong inclination toward purchasing aftermarket products to personalize and customize their vehicles.
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Increasing availability of aftermarket products is further anticipated to fuel market growth. The globalization of the automotive industry has resulted in a higher number of companies offering a wide range of aftermarket products and services. This increased availability has made it more convenient for consumers to find the specific products they desire, while also fostering healthy competition among suppliers in the market.
The increasing affordability of aftermarket products is a significant factor driving the expansion of the industry. With improvements in the global economy, more consumers now have disposable income to invest in aftermarket products. Consequently, companies have been able to offer products at lower price points, making them accessible to a broader range of consumers.
The market growth is fuelled by the increasing consumer preference for high-power engines and fuel-efficient vehicles, coupled with a rise in disposable income. Additionally, the expansion of aftermarket vehicle repair and services further drives market growth.
The utilization of advanced engine technology, such as Electronic Control Units (ECUs) is expected to present new opportunities for market growth. Also, the increasing sales of high-end luxury vehicles and the rising costs of original equipment manufacturer (OEM) manufactured high-powered vehicles are contributing to the industry expansion.
Key Takeaways
- United States automotive tuner market is expected to grow with a CAGR of 6.1% during the forecast period.
- The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
- By component type, the hardware segment is projected to grow with a significant CAGR of 6.7% during the forecast period.
- The market in India is expected to grow with a CAGR of 6.4% throughout the forecast period.
“The utilization of advanced engine technology and increasing affordability of aftermarket components is expected to drive market growth during the forecast period,” comments an FMI Analyst
Competitive Landscape
The automotive tuner market is intensely competitive, with several key industry players investing heavily in providing these services.
The key industry players are Roo Systems, EFI Live, Magic Motorsports, Edge Products, Derive Systems, Cobb Tuning, Alientech SRL, 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.
- In April 2023, Mountune unveiled the launch of the mountune N1 engine series, a range of high-performance long-block crate engines particularly engineered for motorsport enthusiasts and professional race teams.
- In April 2022, Motul, a well renowned oil & lubricants company, initiated a technical partnership with Mountune USA.
- In May 2023, ABT Sportsline, a well-known tuner specializing in Audi and VW Group vehicles, unveiled the limited edition ABT RS6 Legacy Edition (LE).
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Key Segments Profiled in the Automotive Tuner Market Survey
Component Type:
- Hardware Component
- Software
By Vehicle Type:
- Passenger Car
- LCV
- HCV
By Fuel Type:
- Gasoline
- Diesel
By Sales Channel:
- Direct Sales
- Third Party Online Channel
- Independent Stores/Shops
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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