The global Automotive Performance Parts market was valued at USD 409.7 billion in 2022. The market is expected to register a CAGR of 3.5% over the forecast period.
In the fast-paced business climate that is the automotive industry, the most recent technology is almost always made available on the market. As a result, auto part manufacturers are adapting their business strategies to fit the latest developments in order to remain competitive in this difficult environment. For instance, the adoption of the most recent technology in automotive engine radiators is expected to cause the market for the production of auto parts to expand during the next few years. To build components that are lighter than their predecessors and more fuel-efficient, leading companies are currently prepared to make light auto parts. These ground-breaking ideas would reduce the overall weight of the vehicle while increasing internal floor space.
Online forums for automobile components are become more popular as a result of increased industry competitiveness. To increase sales of their products, manufacturers are expected to provide simple shipping alternatives, flexibility, and smooth online information. Before making a purchase, consumers are likely to compare products and pricing. The sale of automotive products is being further boosted throughout the evaluation period by the rise in convenience and the low cost of transportation. Additionally, the rapid expansion of foreign manufacturers’ presence in Asian nations, particularly China and India, together with the spike in demand for automobiles from emerging economies would sustain the market demand for goods.
an increase in the need for replacement parts
By 2028, the market’s dominant segment—replacement parts—will account for over 80% of all revenues. By 2028, it is projected that the market will bring in nearly USD 700 billion in revenue. The demand for replacement automotive parts & components is being significantly fueled by rising vehicle registrations across numerous locations. The development of technologically advanced spare parts that improve vehicle efficiency will be a key factor in the industry’s expansion. The shifting consumer preference for used and refurbished cars will indicate promising growth potential for the sector. The need for modifying, maintaining, and repairing reconditioned cars would boost the automotive aftermarket’s market share.
Vehicle performance and efficiency are improved by electrical systems, which also offer higher fuel efficiency, horsepower, and quicker starts. Another element contributing to the demand for the product is the requirement for well-maintained electrical systems in order to increase engine power and ensure trouble-free starts in all weather situations.
The growing desire for vehicle customization, which offers attractive appearance, lightness, high standards of design, engineering, and safety functions, is expected to significantly increase the accessories market.
Automotive Performance Parts Market – Market Trends
• Customers are preferring to keep their old cars as used cars rather than selling or sell them. This factor is considered the major market trend.
• Brake pads, air filters, spark plugs, and suspension bushings must all be changed on a regular basis. Longer-lasting autos present a tremendous opportunity for manufacturers of automotive performance parts since older cars require more servicing and repairs, which increases the market for automotive performance components.
• Fleet owners keep their vehicles up to date with maintenance to ensure maximum fuel efficiency. The growth of fleet aggregators is one of the key factors driving demand for automobile performance parts.
Automotive Performance Parts Market – Segmentation
The automotive Performance Parts Market by Replacement parts is categorized into:
• Brake Parts
• Body parts
• Lighting & Electronic Components
• Exhaust components
The automotive Performance Parts Market by Distribution channel is classified into:
• Repair Shops
Wholesalers & Distributors
The automotive Performance Parts Market by service channel is segregated into:
• DIY (Do it Yourself)
• DIFM (Do it for Me)
• OE (Delegating to OEM’s)
The automotive Performance Parts Market by certification is fragmented into:
• Genuine Parts
• Certified Parts
• Uncertified Parts
The Automotive Performance Parts Market – Key Market players
The major players in the 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
• Hyundai Mobis