Europe's Automotive Performance Parts Market Set to Soar: Projections Show Growth to $532.02 Million by 2032 | Future Market Insights

It is projected that the Europe automotive performance parts market Size will continue to grow globally over the forecast period as the number of vehicles owned is expected to increase along with the demand for passenger cars.

According to estimates, the automotive performance parts market will increase from US$ 339.32 million in 2022 to US$ 532.02 million in 2032.
The rising demand for passenger automobiles is expected to cause sales of automotive performance parts to increase at a CAGR of 4.6% from 2022 to 2032.

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Key Takeaways

Sales of shock absorbers in the suspension parts segment are expected to grow at a rate of 4.6%
Increasing passenger car demand is predicted to drive sales of automotive performance parts up by 4.6% from 2022 to 2032.

The global market for torque converters will grow at a CAGR of 5.8% during the forecast period.
The torque converters market is expected to grow by US$ 18,145.3 million between 2022 and 2032.
Increased government initiatives and technological advances will drive the demand for automotive performance parts.

Due to substantial technological and logistical developments, manufacturing organisations can now supply high-quality products more successfully and swiftly over the world. Due to rising exports and imports of automotive components, there will be an increase in demand for performance automobile parts in the upcoming years.

The European market is anticipated to account for more than one-third of sales of vehicle performance components. The growth of the vehicle market is anticipated to be boosted by the industry's expansion and the existence of famous companies. The employment of cutting-edge technology in the production of auto components, an increase in the production and sales of consumer and passenger vehicles, and a digitalized component delivery service will all contribute to an increase in automotive sales in the European market.

The top players in the automotive performance parts market are anticipated to invest a large amount in online marketplaces for aftermarket performance parts as well as the digitalization of component sales and services. Automotive performance components are anticipated to play a significant role in the sales of these items as tight restrictions are put in place to reduce greenhouse gas emissions and ensure automobile safety.

Due to an increase in labour availability, R&D activities, government subsidies, and support, the market for automotive performance components is anticipated to grow in the upcoming years. Because of the growing demand for torque converters, new products and technological advancements are being created, boosting the calibre and efficiency of these devices.

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Competitive Landscape

The trend among prominent market players to differentiate their products through customization is another trend that is worth mentioning. In response to these trends, manufacturers are creating a variety of customized performance parts for automotive applications, whether they are designed for operational benefits or compliance with government regulations.

With the largest range of starters and alternators among European remanufacturers, the company BORG Automotive has added 113 part numbers over the course of the year to its range of starters and alternators. Consequently, both product categories appear in a market-wide percentage of approximately 95 percent across Europe. There are a number of new types of parts that have been added to the catalogue, including spare parts for the Renegade, Ford Transit, Jeep and Volkswagen T-Roc cars. Under the Elstock, DRI, TMI, and Lucas brand names, the remanufacturer offers 68 alternators and 45 starters to distributors and workshops. For over 2 million European vehicles, remanufactured OE-matching quality alternatives are now available to the aftermarket.

NTN assists businesses in servicing and maintaining their fleets of vehicles as a global leader in the design, development, and production of tensioners, bearings, constant velocity joints, linear modules, encoders, and vehicle spare parts. The main NTN website in Europe provides a variety of product information as well as specialised support. NTN received a prize under the French 2030 plan for creating automotive ball screws.

Leading companies operating in the automotive performance parts 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.

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

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This release was published on openPR.