What Is The Definition Of The Global Automotive Performance Parts Market?
Automotive performance parts are aftermarket components specifically designed to improve a vehicle's performance, handling, or aesthetic appeal. These parts typically replace or upgrade stock parts to improve aspects such as engine power, acceleration, braking, suspension, aerodynamics, and overall vehicle dynamics. They cater to enthusiasts and professionals seeking to customize or optimize their vehicles for specific performance goals or preferences.
Automotive Performance Parts Global Market Report 2024 provides data on the global automotive performance parts market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive performance parts market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Automotive Performance Parts Market Size And Annual Growth Rates?
The automotive performance parts market has shown robust growth, increasing from $322.76 billion in 2023 to $340.28 billion in 2024 at a CAGR of 5.4%. Factors contributing to this growth include increased vehicle ownership, the popularity of motorsports, rising disposable incomes, an enthusiastic community of car modifiers, and extended vehicle lifespans. The market is projected to reach $422.39 billion by 2028, growing at a CAGR of 5.6%, driven by rising EV adoption, a focus on fuel efficiency and emissions reduction, advancements in 3D printing, consumer interest in customization, participation in car events, and the growth of e-commerce platforms. Emerging trends include performance parts tailored for EVs, the use of advanced materials and lightweight components, smart and connected parts, eco-friendly solutions, and AI integration in design optimization.
Which Key Drivers Are Propelling The Automotive Performance Parts Market's Growth?
The automotive performance part market is likely to experience growth due to the increasing demand for sports cars and luxury vehicles. Sports cars are designed for speed and agility, while luxury vehicles focus on comfort, quality, and advanced features. The growing popularity of these vehicles is driven by consumer demand for high-performance and status-enhancing automobiles. Performance parts are extensively used in these vehicles to improve speed, handling, and overall driving dynamics. In January 2024, the International Council on Clean Transportation reported that luxury vehicle sales in Europe rose by 63% from 2021. Additionally, sports and utility vehicles represented 47% of new vehicle registrations in 2022. Therefore, the rising demand for sports cars and luxury vehicles will fuel the automotive performance part market.
Get Your Free Sample of the Global Automotive Performance Parts Market Report
What Are The Key Segments Within The Global Automotive Performance Parts Market?
The automotive performance parts market covered in this report is segmented –
1) By Product Type: Exhaust Systems, Suspension Parts, Brakes, Fuel Air And Intake Systems, Transmission Parts, Power Adders
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
3) By Sales Channel: First Fit, Aftermarket
How Are New Trends Impacting The Size Of The Automotive Performance Parts Market?
Prominent companies in the automotive performance parts market are advancing vehicle performance through technological innovations, such as full titanium exhaust systems. These systems are valued for their lightweight, durability, and ability to improve engine performance. For example, in December 2023, Akrapovic d.d., a Slovenia-based automotive component manufacturer, introduced two track-oriented products for the Ferrari 296 GTB: 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 3.6% weight reduction, incorporates 3D-printed components for optimized performance and aesthetics, and improves engine sound with sport catalytic converters and enhanced tailpipe design. The Link Pipe Set provides further weight savings (38.4%) and boosts exhaust flow, complementing engine performance with mandatory ECU remapping.
Which Region Drives The Highest Growth In The Automotive Performance Parts Market?
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.
