Press release
Market Trend Insights: The Impact of Recent Innovations on the Automotive Performance Parts Market
Automotive Performance Parts Market
Expected Market Valuation of the Automotive Performance Parts Market by 2029
The automotive performance parts market is projected to grow to a value of $420.45 billion by 2029, registering a compound annual growth rate (CAGR) of 4.6%. This growth is primarily fueled by several factors including the rising penetration of electric vehicles (EVs), an increasing focus on fuel economy and emission reduction, advancements in 3D printing technology, growing consumer enthusiasm for vehicle customization, expanding participation in automotive shows and events, and the rise of e-commerce platforms. Key trends shaping the market during this period include performance parts tailored for electric vehicles, the use of advanced materials and lightweight components, the development of smart and connected parts, a stronger emphasis on environmentally friendly and efficient solutions, and the integration of artificial intelligence and machine learning in optimizing part design.
Download a free sample of the automotive performance parts market report:
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Leading Companies Driving the Automotive Performance Parts Market
The market features a range of influential players, including 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, and Akrapovic dd.
In a strategic move in February 2024, Wharton Automotive Group (WAG), a US-based supplier of high-performance driveline components, acquired Competition Clutch Inc. Although the financial details were not disclosed, this acquisition aims to strengthen Wharton's market position and diversify its offerings. Competition Clutch Inc. specializes in performance products for sports vehicles, such as compact clutch kits, flywheels, and related accessories.
View the full automotive performance parts market report:
https://www.thebusinessresearchcompany.com/report/automotive-performance-parts-global-market-report
Emerging Trends Highlighting Technological Innovations in Automotive Performance Parts
Industry leaders are increasingly prioritizing technological advancements to enhance vehicle performance and expand their global presence. One notable innovation is the adoption of full titanium exhaust systems, prized for their lightweight nature, durability, and ability to improve engine output. As an example, in December 2023, Akrapovic d.d., a Slovenian automotive components manufacturer, launched two racing-focused products for the Ferrari 296 GTB: the Slip-On Race Line (Titanium) full titanium exhaust system and the Link Pipe Set (stainless steel). The Slip-On Race Line achieves a 3.6% weight reduction compared to the original system, incorporates 3D-printed and cast components for superior performance and aesthetics, and enhances engine sound through sport catalytic converters and a refined tailpipe design. Complementing this, the Link Pipe Set provides an additional 38.4% weight saving, improves exhaust flow for a more aggressive engine note, and may boost performance when paired with mandatory ECU remapping.
Segments Covered in the Automotive Performance Parts Market Report
The automotive performance parts market is segmented across multiple categories for comprehensive analysis:
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
Detailed subsegments include:
Exhaust Systems: Cat-Back, Header and Header-Back, High-Performance Manifolds, Turbo Back, Mufflers and Resonators, Exhaust Tips and Pipe Kits.
Suspension Parts: Performance Shocks and Struts, Coilover Kits, Suspension Springs (Lowering and Performance), Sway Bars and Anti-Roll Bars, Control Arms and Bushings, Strut Tower Braces, Adjustable Ride Height Kits.
Brakes: Performance Brake Pads, High-Performance Rotors (Slotted, Drilled), Big Brake Kits, Braided Stainless Steel Brake Lines and Hoses, Performance Calipers, Brake Fluids and Cooling Systems.
Fuel, Air, and Intake Systems: Cold Air Intakes, Performance Air Filters, Turbochargers and Superchargers, Intercoolers and Piping Kits, Fuel Injectors and Regulators, Performance Throttle Bodies, Intake Manifolds.
Transmission Parts: Short Shifters and Shift Knobs, Performance Clutches and Flywheels, Lightweight Gear Sets, Limited Slip Differentials, Performance Torque Converters, Transmission Coolers and Kits.
Power Adders: Turbochargers, Superchargers, Nitrous Oxide Systems, Methanol Injection Kits, Performance Engine Control Units (ECU) or Electronic Control Module (ECM) Tuners and Chips, Performance Exhaust Turbines.
This detailed segmentation enables a granular understanding of the market's diverse product range and customer base, helping businesses and investors identify opportunities aligned with their objectives.
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