PUBLISHER: The Business Research Company | PRODUCT CODE: 1539609
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539609
Automotive performance parts are specialized aftermarket components designed to enhance a vehicle's performance, handling, or visual appeal. These parts typically replace or upgrade factory-installed components to improve areas such as engine power, acceleration, braking, suspension dynamics, aerodynamics, and overall vehicle performance.
Key types of automotive performance parts include exhaust systems, suspension components, brakes, fuel and intake systems, transmission upgrades, and power adders. Exhaust systems optimize the flow of exhaust gases to maximize engine performance, incorporating elements such as headers, catalytic converters, and mufflers. These parts cater to a range of vehicles including passenger cars, light commercial vehicles, and heavy commercial vehicles, and are available through sales channels such as original equipment fitment and the aftermarket.
The automotive performance parts market research report is one of a series of new reports from the business research company that provides automotive performance parts market statistics, including automotive performance parts industry global market size, regional shares, competitors with an automotive performance parts market share, detailed automotive performance parts market segments, market trends and opportunities, and any further data you may need to thrive in the automotive performance parts industry. This automotive performance parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive performance parts market size has grown strongly in recent years. It will grow from $322.76 billion in 2023 to $340.28 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. During the historic period, growth can be attributed to several factors including expanding vehicle ownership rates, the growing popularity of motorsports, rising disposable incomes among consumers, a burgeoning enthusiast community, and the increasing longevity of vehicles on the road.
The automotive performance parts market size is expected to see strong growth in the next few years. It will grow to $422.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. In the forecast period, growth can be attributed to the increasing adoption of electric vehicles (EVs), heightened emphasis on fuel efficiency and emissions reduction, advancements in 3D printing technology, rising consumer demand for vehicle customization, expanding participation in automotive shows and events, and the growth of e-commerce platforms. Key trends expected in this period include the development of performance parts tailored for electric vehicles (EVs), utilization of advanced materials and lightweight components, expansion of smart and connected performance parts, a focus on eco-friendly solutions to enhance efficiency and reduce emissions, and the integration of AI and machine learning for optimizing part design.
The automotive performance part market is set to grow due to increasing demand for sports cars and luxury vehicles. Sports cars are designed for high performance, emphasizing speed and agility, while luxury vehicles prioritize comfort, quality, and advanced features. This expanding adoption is driven by consumer preferences for high-performance and status-enhancing automobiles. Performance parts play a crucial role in enhancing speed, handling, and overall driving dynamics in sports cars and luxury vehicles, appealing to enthusiasts and enhancing comfort and performance for luxury vehicle owners. For example, a report from the International Council on Clean Transportation in January 2024 highlighted a 63% increase in luxury vehicle sales in Europe compared to 2021, with new registrations within the luxury segment also rising by 63% in 2022. Additionally, sports and utility vehicle segments accounted for 47% of new vehicle registrations in 2022. Thus, the rising demand for sports cars and luxury vehicles is expected to drive growth in the automotive performance part market.
Leading companies in the automotive performance parts market are focusing on technological advancements, such as full titanium exhaust systems, to enhance vehicle performance and expand market presence globally. Full titanium exhaust systems are increasingly favored for their lightweight nature, durability, and ability to improve engine performance. For instance, Akrapovic d.d., based in Slovenia, introduced two new performance products for the Ferrari 296 GTB in December 2023. These include the Slip-On Race Line (Titanium) full titanium exhaust system and the Link Pipe Set (SS) made from high-grade stainless steel. The Slip-On Race Line offers a significant weight reduction of 3.6% compared to stock components, featuring 3D-printed and cast parts for optimal performance and aesthetics. It enhances engine sound with sport catalytic converters and an optimized tailpipe design. The Link Pipe Set complements this by further reducing weight (38.4%) and improving exhaust flow for a more aggressive engine sound, potentially boosting performance with mandatory ECU remapping.
In February 2024, Wharton Automotive Group (WAG), a US-based provider of high-performance automotive driveline components, acquired Competition Clutch Inc. to strengthen its market position and diversify its product offerings in the automotive performance parts sector. Competition Clutch Inc., also based in the US, specializes in performance products tailored for sports vehicles, including compact clutch kits, flywheels, and related accessories.
Major companies operating in the automotive performance parts market are Robert Bosch GmbH, Denso Corporation, Continental AG, Honeywell International Inc, AISIN SEIKI Co Ltd, Mitsubishi Heavy Industries Ltd, Cummins Inc., Tenneco Inc., Mahle GmbH, BorgWarner Inc., KW Automotive, The NGK Spark Plug Co Ltd, Brembo SpA, Donaldson Company Inc, EXEDY Corporation, Holley Performance Products Inc, K&N Engineering Inc, Eibach Springs Inc, MagnaFlow, Edelbrock LLC, HKS Co Ltd, Borla Performance Industries, Mishimoto Automotive, AEM Performance Electronics, Cobb Tuning, APR LLC, Dinan Engineering Inc, Akrapovic dd
North America was the largest region in the automotive performance parts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive performance parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive performance parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive performance parts market consists of sales of performance clutch kits, performance radiators and cooling systems, wheels and tires, body kits and aero parts, and performance seats and harnesses. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Performance Parts Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive performance parts market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive performance parts ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive performance parts market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.