The Asia Pacific is projected to lead the global automotive performance parts market by 2032. Sales of shock absorbers are to grow at a 4.6% CAGR during the forecast period. Japan to Turn into a Lucrative Market for Automotive Performance Parts
NEWARK, Del., Oct. 27, 2022 /PRNewswire/ — As a result of escalating demand for passenger cars, the market for automotive performance parts is likely to reach an estimated US$ 339.32 Mn by the end of 2022. A rise in disposable income across the globe further supplements the growth of automotive performance parts market during the forecast period.
Manufacturers in this market are able to provide cost-effective products and record sales growth because of the competition in China, India, Thailand, and Vietnam. With the advancement of technology and swift development occurring in the field of logistics, many manufacturers are now able to supply high-quality items faster and across a variety of regions. The expanding market for used cars in the United States further bolsters the maintenance and repair segment of the automotive performance parts market during this period. In the past couple of years, owing to rising vehicle ownership and a surge in car collisions, replacement parts dominated the automotive performance parts market, thus contributing immensely to the overall growth of the target market.
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Moreover, rapid transformation in lifestyles and a growing desire for useful and progressive technology-based products are propelling consumer growth for the target market. The automotive performance parts are more appealing than ever as they are readily available. A heightened use of use of gauges, switches, and audio/video devices has resulted in the market domination of the interior segment which, in turn, contributes to the growth of the automotive performance parts market during the forecast period.
“Rising vehicle ownership coupled with escalating demand for passenger cars will propel the global growth of the automotive performance parts market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The automotive performance parts market in the U.S. will account for 87% of the market share in North America.
- By suspension parts, sales of the shock absorbers segment will grow at 4.6%
- Sales of torque converters will register a CAGR of 5.8%.
- The air filters segment will grow at a CAGR of 4.2%.
- High demand for passenger cars will push the target market growth in China.
Competitive Landscape
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, and Hyundai Mobis, among others are some of the major players in the automotive performance parts market profiled in the full version of the report.
Leading market players are focusing on adopting new strategies such as internet sales channels. Some of the other businesses are offering customizations and concentrating on expanding their businesses to gain a competitive advantage.
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More Insights into Automotive Performance Parts Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive performance parts market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (exhaust system (exhaust pipes, catalytic converters, oxygen sensors, mufflers, headers), suspension parts (suspension bushing, sway bars, shock absorbers), brakes (brake pads, brake rotors, brake caliper, brake lines, brake master cylinders, vacuum pumps), fuel air & intake systems (fuel filters, throttle bodies, intake manifold, MAF sensors, air filters, fuel pumps, fuel injectors, spark plugs), transmission parts (clutch pressure plates, clutch linkage, torque converters, flywheels), power adders (turbochargers, intercoolers, nitrous oxide systems, superchargers)), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles), sales channels (first fit, aftermarket), and region.
According to the latest FMI reports, based on segmentation, the shock absorbers segment will register a CAGR of 4.6% propelled by the rising global demand. The torque converters segment will grow at 5.8% CAGR while the sales of air filters will also record a spike during the projected period.
Based on region, the automotive performance parts market in China will demonstrate substantial growth during 2022-2032. Owing to the presence of top manufacturers of automobile performance components, the country is expected present an opportunity of US$ 38 Bn. The target market in this region will hold the largest market share in East Asia. Other countries like Japan, Spain, and the United States will exhibit notable growth over the forecast period.
Key Segments
By Product Type:
- Exhaust Systems
- Headers
- Mufflers
- Oxygen Sensors
- Exhaust Pipes
- Catalytic Converters
- Suspension Parts
- Suspension Bushing
- Sway Bars
- Shock Absorbers
- Brakes
- Brake Pads
- Brake Rotors
- Brake Caliper
- Brake Lines
- Brake Master Cylinders
- Vacuum Pumps
- Fuel Air & Intake Systems
- Air Filters
- MAF Sensors
- Intake Manifold
- Throttle Bodies
- Fuel Filters
- Spark Plugs
- Fuel Injectors
- Fuel Pumps
- Transmission Parts
- Clutch Pressure Plates
- Flywheels
- Torque Converters
- Clutch Linkage
- Power Adders
- Turbochargers
- Intercoolers
- Nitrous Oxide Systems
- Superchargers
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- First Fit
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
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ASEAN Automotive Aftermarket : The ASEAN automotive aftermarket is forecast to expand at 8.7% CAGR, reaching a market valuation of US$ 21.05 Bn in 2021.
APEJ Automotive Aftermarket : The automotive aftermarket is an integral part of the automotive industry. The auto-components market has expanded multifold in the past few years at regional as well as global levels. The global automotive industry is majorly identified by mergers & acquisitions and re-provisioning of production facilities in emerging economies.
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