The automotive performance parts market was estimated to be worth USD 409.7 billion. Over the course of the projected period, the market is anticipated to grow at a CAGR of 3.5%. The automotive business is a dynamic commercial environment where the newest technology is almost always released onto the market. In order to stay competitive in such a difficult world, auto parts manufacturers are thus coordinating their tactics with emerging trends.
Growth Factors for the Automotive Performance Parts Market
Over the past several years, there has been a considerable revolution in the manufacturing of vehicle parts and accessories, leading to the emergence of a highly competitive market. The automotive performance parts market in the region has a lot of room to grow thanks to rising disposable incomes in emerging economies, especially in Asia, and the acceptance of 100% FDI in countries like India.
Rising regional demand, easy access to raw materials, and government incentives are expected to play a major role in driving the growth of light-duty cars in the area. This is expected to raise demand for auto part production during the forecast period. As the rate of motor vehicle and engine scrapping rises, there is typically a greater requirement for original equipment engines.
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The market trends for automotive performance parts industries indicate that consumers would rather hold onto their used automobiles than sell them. This element is thought to be the main market trend.
• Regular replacements of suspension bushings, air filters, spark plugs, and brake pads are required. Older automobiles need more maintenance and repairs, which expands the market for automotive performance parts. As a result, makers of automotive performance parts market have a great potential as a result of longer-lasting vehicles.
• Fleet owners maintain their cars to the highest standard to guarantee optimal fuel economy. The need for car performance parts is mostly being driven by the expansion of fleet aggregators.
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
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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 Regional Analysis of the Automotive Performance Parts Market
As of right now, the automotive performance parts market is dominated by Europe. The existence of major, influential players in the industry is the primary force behind market expansion in Europe. It is projected that the regional market would continue to maintain its dominant position for the duration of the given forecast period. The region’s growing manufacture of passenger cars is another important factor in the industry’s expansion.
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
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