According to estimates, the European market is estimated to account for over one-third of all automotive performance parts sold globally. Growth of the automotive market is expected to be augmented by the expansion of the industry and the presence of leading companies. Auto component fabrication using advanced technology, a rise in production and sales of consumer and passenger vehicles, and a digitalized component delivery service will boost automotive sales in the European market.
It is projected that the automotive performance parts market will continue to grow globally over the forecast period as the number of vehicles owned is expected to increase along with the demand for passenger cars. Technology advancements and rapid logistical improvements have led to manufacturers selling high-quality items around the world in a faster and more efficient manner. Increasing exports and imports of automotive parts will result in a rise in the demand for automotive performance parts in the market over the next few years.
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Key players in the automotive performance parts market are expected to invest significant amounts in online portals selling aftermarket performance parts and digitizing component delivery sales and services in the market. Additionally, as strict regulations are being enacted to combat greenhouse gas emissions and ensure the safety of cars, automotive performance parts are expected to be a major contributor to the sales of these products.
Increasing availability of labor, research and development activities, government subsidies, and government support are likely to contribute to the market growth for automotive performance parts in the coming years. With an increasing market for torque converters, new products are being developed and technical innovations are being developed, which increases both their quality and effectiveness. Automobiles with automatic transmission are increasingly in demand in developed nations as a result of an increase in demand.
Key Takeaways
- Sales of shock absorbers in the suspension parts segment are expected to grow at a rate of 4.6%
- Increasing passenger car demand is predicted to drive sales of automotive performance parts up by 4.6% from 2022 to 2032.
- The global market for torque converters will grow at a CAGR of 5.8% during the forecast period.
- The torque converters market is expected to grow by US$ 18,145.3 million between 2022 and 2032.
- Increased government initiatives and technological advances will drive the demand for automotive performance parts.
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Competitive Landscape
- The trend among prominent market players to differentiate their products through customization is another trend that is worth mentioning. In response to these trends, manufacturers are creating a variety of customized performance parts for automotive applications, whether they are designed for operational benefits or compliance with government regulations.
- With the largest range of starters and alternators among European remanufacturers, the company BORG Automotive has added 113 part numbers over the course of the year to its range of starters and alternators. Consequently, both product categories appear in a market-wide percentage of approximately 95 percent across Europe. There are a number of new types of parts that have been added to the catalogue, including spare parts for the Renegade, Ford Transit, Jeep and Volkswagen T-Roc cars. Under the Elstock, DRI, TMI, and Lucas brand names, the remanufacturer offers 68 alternators and 45 starters to distributors and workshops. For over 2 million European vehicles, remanufactured OE-matching quality alternatives are now available to the aftermarket.
- As a world leader in the design, development, and manufacturing of tensioners, bearings, constant velocity joints, linear modules, encoders, and vehicle spare parts, NTN helps companies service and maintain their vehicles. NTN’s central site for Europe offers a variety of information on products and personalized support. A prize was awarded to NTN for developing automotive ball screws under the French 2030 plan.
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.
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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
About Future Market Insights (FMI)
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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