Automotive Performance Parts Market Size, Industry Analysis Report By Replacement Parts (Tire, Battery, Brake Parts, Filters, Body parts, Lighting & Electronic Components, Wheels, Exhaust components, Turbochargers), By Distribution Channel (OEMs, Repair Shops), By Service Channel (DIY, DIFM, OE), By Certification (Genuine Parts, Certified Parts, Uncertified Parts) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 276
- CATEGORY
- Automotive & Transportation
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. The latest technology is nearly always released onto the market in the dynamic commercial environment that is the automotive sector. Companies that produce auto parts are therefore aligning their strategies with current trends in order to maintain competitiveness in such a challenging world. For instance, the market for the production of auto parts is anticipated to grow over the coming few years with the introduction of the newest technology in automobile engine radiators. Leading businesses are already preparing to manufacture lightweight auto parts in order to create components that are both lighter than their predecessor and more fuel-efficient. These innovative concepts would expand the interior's floor space while lowering the vehicle's total weight.
Automotive Performance Parts Market - Growth Factors
The manufacturing of automobile parts and accessories has seen a significant transformation over the past few years, ushering in a market that is fiercely competitive. Increased disposable incomes in emerging economies, particularly in Asia, and the acceptance of 100% FDI in nations like India provide the automobile industry in the region with significant opportunities for expansion. The rise of light-duty vehicles in the region is anticipated to be fueled in large part by government incentives, expanding regional demand, and the accessibility of raw materials. During the forecast period, this is anticipated to increase demand for the production of auto parts. The need for original equipment engines tends to increase as motor vehicle and engine scrapping rates rise. Due to stricter environmental restrictions, industrialized nations have greater scrap rates, which means that renewal of motor vehicles as well as their engines occurs more frequently than in underdeveloped nations.
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:
• Tire
• Battery
• Brake Parts
• Filters
• Body parts
• Lighting & Electronic Components
• Wheels
• Exhaust components
• Turbochargers
• Others
The automotive Performance Parts Market by Distribution channel is classified into:
Retailers
• OEMs
• 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 –Regional Analysis
Currently, the European region dominates the global market for automobile performance parts. The main driver of market expansion in Europe is the presence of significant important players in the area. Over the course of the provided forecast period, the regional market is anticipated to keep holding a commanding position. Another crucial element for the growth of the industry is the region's increasing production of passenger cars.
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
• Valeo
• TREMEC
• Hyundai Mobis
Report scope
Global Automotive Performance Parts Market: Historical Years- 2018-2021
Global Automotive Performance Parts Market: Forecast Years- 2022-2030
Global Automotive Performance Parts Market 2022- USD 409.7 billion
Global Automotive Performance Parts Market CAGR- 3.5%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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