The automotive performance parts market has also demonstrated robust growth, expanding from $322.76 billion in 2023 to $340.28 billion in 2024, with a CAGR of 5.4%. Factors supporting this growth include rising vehicle ownership, a surge in motorsport popularity, increased disposable incomes, and a vibrant enthusiast community. The market is forecasted to reach $422.39 billion by 2028 at a CAGR of 5.6%. This growth will be fueled by the adoption of electric vehicles, a focus on fuel efficiency, and innovations in 3D printing. Additionally, consumer interest in vehicle customization and increased participation in car shows will further boost the market. Emerging trends include the development of performance parts for EVs and the use of advanced materials.
Major Driver In The Automotive Performance Parts Market
The automotive performance parts market is expected to experience substantial growth due to the rising demand for sports cars and luxury vehicles, renowned for their superior performance capabilities. The growing consumer appetite for high-performance and status-enhancing automobiles drives this market's expansion. In January 2024, the International Council on Clean Transportation reported a remarkable 63% increase in luxury vehicle sales in Europe compared to 2021, indicating a booming interest in performance parts that enhance speed, handling, and overall driving dynamics.
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Automotive Performance Parts Market Competitive Landscape
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
Key Automotive Performance Parts Market Trend
In the automotive performance parts sector, companies are focused on technological innovations like full titanium exhaust systems to boost vehicle performance and expand market reach. A notable development was in December 2023, when Akrapovic d.d. from Slovenia launched two race-track-oriented products for the Ferrari 296 GTB. These included the Slip-On Race Line full titanium exhaust system, which offers a 3.6% weight reduction and improved engine sound, and the Link Pipe Set, which enhances exhaust flow and achieves a weight saving of 38.4%, further optimizing performance.
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Automotive Performance Parts Market Segmentation
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
By Geography:The regions 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.
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 Automotive Performance Parts Global Market Report 2024 furnishes information about the global automotive performance parts market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
