Though the global automotive industry is witnessing fluctuating growth, the mechanical performance tuning components market is projected to exhibit a moderate CAGR of around 4% over the forecast period, to reach a valuation of US$ 260 Billion by the end of 2029, as per the latest report by FMI.
The worldwide automotive aftermarket business is predicted to witness a transition towards private channels and alliances, particularly through e-Commerce platforms. According to the automotive aftermarket scenario, sales of wear and tear parts including fuel pumps, fuel injectors, brake shoes, and suspension bushes currently make up around half of the industry. The continually expanding fleet of passenger vehicles and OEM aftermarket growth activities are expected to have a significant impact on the global demand for mechanical performance tuning components.
Highly Lucrative Opportunities in Europe
The market for mechanical performance tuning components is predicted to increase dramatically in the next years as a result of increased vehicle owner awareness of tuning services and an increase in vehicle modification. Due to a relatively larger need for preventative or routine maintenance, the market for performance components in Europe is anticipated to be particularly beneficial for investors.
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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.”
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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.
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
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Vehicle
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Distribution Channel
- Authorised Service Stations
- Independent Service Stations
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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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