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Automotive Performance Parts Market Key Trends, Analysis, Forecast To 2033
Automotive Performance Parts Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to growing vehicle ownership, increasing popularity of motorsports, rising disposable incomes, a growing enthusiast community, and increasing vehicle longevity.
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%. The growth in the forecast period can be attributed to increasing adoption of electric vehicles (EVs), a growing focus on fuel efficiency and emissions, advancements in 3D printing technology, rising consumer interest in customization, increasing participation in car shows and events, and growing e-commerce platforms. Major trends in the forecast period include performance parts for electric vehicles (EVs), adoption of advanced materials and lightweight components, growth in smart and connected performance parts, a focus on eco-friendly solutions for efficiency and emissions, and the integration of AI and machine learning in part design optimization.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Automotive Performance Parts Market 2024 Key Insights:
• 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%.
• Sports And Luxury Vehicles Boom Drives Surge In Automotive Performance Parts Market
• Technological Advancements In Automotive Performance Parts With Full Titanium Exhaust Systems
• North America was the largest region in the automotive performance parts market in 2023
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