The mechanical performance tuning components market is projected to be valued at USD 205.88 billion in 2023 and is expected to reach USD 300 billion by 2033, growing at a CAGR of 3.8% during the forecast period from 2023 to 2033.
Highly Lucrative Opportunities in Europe
The demand for mechanical performance tuning components is anticipated to gain significant momentum in the coming years, driven by rising awareness about tuning services among vehicle owners and an increasing trend in vehicle modification. In Europe, a higher preference for preventive or scheduled maintenance is expected to make the performance parts market particularly attractive for investors.
Global Automotive Aftermarket Trends
The global automotive aftermarket industry is expected to experience a shift towards proprietary channels and partnerships, especially through e-commerce platforms. Currently, about half of the revenue in the automotive aftermarket comes from wear and tear parts, which include mechanical performance tuning components such as fuel pumps, fuel injectors, brake shoes, and suspension bushes. The steadily increasing fleet of passenger vehicles and the expansion of aftermarket activities by OEMs are expected to significantly boost the demand for mechanical performance tuning components worldwide.
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This growth is supported by continuous advancements in tuning technologies, increased consumer interest in vehicle customization, and a growing focus on vehicle maintenance and efficiency. As a result, the mechanical performance tuning components market is poised for substantial growth in the coming decade.
Key Takeaways from Mechanical Performance Tuning Components Market Study
- As per our findings, out of every 10 mechanical performance tuning components sold, 9 are more likely to be sold by small- or medium-sized players.
- Demand for independent and authorized service providers changes regionally. For example, most consumers prefer authorized stations in North America, in stark contrast to the trend seen in the Middle East and Africa.
- It has also been observed that, most car owners prefer authorized service stations until the end of the warranty period. After that, independent service stations are preferred by end users owing to reduced costs.
- Awareness among customers about tuning services plays a key role in the mechanical performance tuning components market. Market participants are conducting technical training and product description sessions to boost awareness.
- In a few countries, significant rise in the demand for used cars has also been observed among middle income people. Certain performance parts are more likely to get replaced at the time of purchase of a used car.
- Driving enthusiasts prefer to upgrade their vehicles by consistently modifying them with better performance parts. High fitment rate observed, particularly in SUVs and luxury vehicles, strengthens the demand for mechanical performance tuning components.
“As customers are becoming more quality- and performance-conscious, spending on the maintenance of vehicles is increasing. Higher rate of vehicle ownership among younger age groups that prefer preventive maintenance over repairs will positively impact the mechanical performance tuning components market.” – says FMI Analyst.
Mechanical Performance Tuning Components Market: Competition Overview
The global mechanical performance tuning components market is highly fragmented, with the presence of a large number of small- and medium-sized players actively operating in the global market.
ZF group, Continental AG, Hitachi, Delphi, and Robert Bosch GmbH are identified as prominent players in the global mechanical performance tuning components market. Opening authorized centers and offering extended warranty at optimum price are key growth strategies being adopted by market participants.
MECHANICAL PERFORMANCE TUNING COMPONENTS MARKET TAXONOMY
The global mechanical performance tuning components market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
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Key Segmentations
Product Type
- Engine
- Engine Oil
- Oil Filters
- Cam Pulleys
- Engine Mounts
- Transmission
- Transmission Belts
- Gear Oil
- Turbochargers
- Flywheels
- Pressure Plates
- Throttle Cables
- Transmission Oil Pumps
- Fuel System
- Fuel Injectors
- Fuel Pumps
- Spark Plugs
- Glow Plugs
- Fuel Filters
- Air Filters
- Brake
- Brake Oil
- Brake Liners
- Master Cylinders
- Brake Calipers
- Brake Shoes
- Body & Suspension
- Sway Bars
- Shock Absorbers
- Suspension Bushes
- Exhaust Mufflers
Vehicle
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Distribution Channel
- Authorised Service Stations
- Independent Service Stations
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 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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