The global automotive performance part market size is projected to be worth US$ 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 US$ 3,66,854.20 million.
The automotive performance parts market is thriving, driven by a combination of enthusiast culture, technological advancements, and the increasing popularity of motorsports. Performance parts, which include components like exhaust systems, turbochargers, suspension upgrades, and high-performance brakes, allow drivers to enhance the power, handling, and aesthetics of their vehicles. As car enthusiasts seek to personalize and boost their vehicles’ performance, the demand for high-quality aftermarket parts continues to grow. This trend is not limited to sports cars and luxury vehicles; owners of trucks and everyday cars are also investing in performance upgrades, reflecting a broadening market appeal.
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Technological innovation is a major catalyst in the performance parts market, offering consumers cutting-edge products that deliver significant improvements in vehicle dynamics. Advances in materials science, such as the use of carbon fiber and lightweight alloys, have made performance parts more effective and durable. Additionally, the integration of electronic components, like engine control units (ECUs) and advanced tuning software, allows for precise adjustments and customization, optimizing engine performance and efficiency. These innovations not only enhance the driving experience but also meet stricter environmental regulations by improving fuel economy and reducing emissions.
The market is also influenced by the growing trend of online retail and the do-it-yourself (DIY) culture among automotive enthusiasts. Online platforms provide a vast array of performance parts, detailed product information, and customer reviews, making it easier for consumers to make informed purchasing decisions. The DIY culture, fueled by a plethora of online tutorials and forums, empowers car owners to install performance upgrades themselves, reducing labor costs and increasing customer engagement. This shift towards online sales and DIY modifications is expanding the market, making high-performance parts more accessible to a wider audience. As the automotive industry continues to evolve, the performance parts market is poised for sustained growth, driven by innovation and a passionate consumer base.
“Rising vehicle ownership coupled with escalating demand for passenger cars will propel the global growth of the automotive performance parts market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The automotive performance parts market in the U.S. will account for 87% of the market share in North America.
- By suspension parts, sales of the shock absorbers segment will grow at 4.6%
- Sales of torque converters will register a CAGR of 5.8%.
- The air filters segment will grow at a CAGR of 4.2%.
- High demand for passenger cars will push the target market growth in China.
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Competitive Landscape
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, and Hyundai Mobis, among others are some of the major players in the automotive performance parts market profiled in the full version of the report.
Leading market players are focusing on adopting new strategies such as internet sales channels. Some of the other businesses are offering customizations and concentrating on expanding their businesses to gain a competitive advantage.
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
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By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- First Fit
- Aftermarket
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, PR 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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