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Automotive Performance Parts Market Revenue, Insights, Overview, Outlook, Analysis
Automotive Performance Parts Market Size
As per the report, 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%. 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%.
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Sports And Luxury Vehicles Boom Drives Surge In Automotive Performance Parts Market
Rising demand for sports cars and luxury vehicles is expected to propel the growth of the automotive performance part market going forward. Sports cars are high-performance vehicles designed for speed and agility, while luxury vehicles emphasize comfort, quality, and advanced features. The expanding adoption of sports cars and luxury vehicles is driven by increased consumer demand for high-performance, advanced, and status-enhancing automobiles. Performance parts are extensively utilized in sports cars and luxury vehicles to enhance speed, handling, and overall driving dynamics, catering to enthusiasts and enhancing comfort and performance for luxury vehicle owners. For instance, in January 2024, according to a report published by the International Council on Clean Transportation, a U.S.-based nonprofit organization focused on advancing clean, efficient, and sustainable transportation, vehicle sales in the luxury segment increased by 63% compared to 2021 in Europe. Additionally, new car registrations within the luxury segment saw a 63% rise in 2022 compared to the previous year. Moreover, in 2022, the sport and utility vehicle segments accounted for 47% of new vehicle registrations. Therefore, rising demand for sports cars and luxury vehicles will drive the growth of the automotive performance part market.
Technological Advancements In Automotive Performance Parts With Full Titanium Exhaust Systems
Major companies operating in the automotive performance parts market are focusing on technological advancements, such as full titanium exhaust systems, to enhance vehicle performance and gain market reach across geographies. Full titanium exhaust systems are increasingly utilized in the automotive performance parts industry for their lightweight properties, durability, and ability to enhance engine performance. For instance, in December 2023, Akrapovic d.d., a Slovenia-based automotive component manufacturer, introduced two race-track-oriented performance products for the Ferrari 296 GTB, including the Slip-On Race Line (Titanium) full titanium exhaust system and the Link Pipe Set (SS), made of high-grade stainless steel. The Slip-On Race Line offers a 3.6% weight reduction compared to stock, features 3D-printed and cast components for optimal performance and aesthetic appeal, and enhances engine sound with sport catalytic converters and an optimized tailpipe design. The Link Pipe Set complements this with further weight savings (38.4%) and enhances exhaust flow for a more aggressive engine sound, potentially improving performance with mandatory ECU remapping.
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
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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
Contents of the report:
1. Executive Summary
2. Automotive Performance Parts Market Report Structure
3. Automotive Performance Parts Market Trends And Strategies
4. Automotive Performance Parts Market - Macro Economic Scenario
5. Automotive Performance Parts Market Size And Growth
…..
27. Automotive Performance Parts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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