VALLEY COTTAGE, N.Y. – According to Future Market Insights (FMI), the global automotive performance parts market is projected to reach US$ 500 Bn by the end of 2029, growing at a CAGR of 4.6% during the forecast period 2019-2029. Greater consumer awareness regarding the importance of regular maintenance and servicing to maximize the life of their vehicles will continue to influence the demand for automotive performance parts.
Automakers are continuously leveraging emission-control technology and other sophisticated technologies such as 3D printing. These technologies help in designing automotive parts that are complex and difficult to produce through old and traditional methods. Additionally, they aid in reducing CO2 emission of vehicles, improve the air quality, optimize energy efficiency, and enhances vehicle performance. These factors are reflecting changing trends in the automotive performance parts market.
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Europe Continues to be at the Forefront of Market Growth
FMI finds that, as of 2018, Europe’s automotive performance parts market accounted for more than 1/4th of the total revenue share. Auto manufacturers and OEMs in the region are focusing on providing aftermarket auto repair services not only to help improve vehicle performance but also to attract a larger segment of consumers.
In Europe, France and Germany are projected to be the fastest-growing markets for automotive performance parts. More than 85% contribution of over 800 manufacturers to the auto component industry turnover remains key growth lever of the regional market, projects the FMI study.
Preview Analysis of 2019 Analysis and Review of Automotive Performance Parts Market by Product – Exhaust Systems, Suspension Parts, Brakes, Fuel & Air Intake Systems, Power Adders, and Transmission Parts for 2019 – 2029:https://www.futuremarketinsights.com/reports/automotive-performance-parts-market
High growth opportunities are expected in developing countries in South Asia & Pacific, in the view of growing number of aging vehicles on the road. According to the FMI study, the automotive performance parts market in the region is set to grow at CAGR of 5.5% during the forecast period.
Power Adders to Account for One-third Share
Power adders continue to witness higher demand as compared to other automotive performance parts. Sales value of power adders is expected to grow at CAGR of 5.6% during the forecast period. However, high average unit cost of power adders alludes lower volume sales vis-à-vis value gains. An increase in the demand for the power adders are positively fueling up the automotive performance parts market revenue.
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Aftermarket Sales of Automotive Performance Parts Set for Healthy Growth
Growing innovations in the automotive sector, such as mobility and telematics services, offer tremendous opportunities to stimulate revenue and business improvements Aftermarket services are also continuously entrenched into the latest technologies. According to the FMI study, aftermarket sales of automotive performance parts are expected to grow at a CAGR of 5% over the forecast period. Rising sales of pre-owned vehicles and consumers keeping their old cars rather than reselling and scrapping prompt strong need for repair services. This, in turn, is projected to result in increased sales of automotive performance parts.
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Leading companies in the global automotive performance parts market are offering after-sales services, in order to encourage customer loyalty. Automakers are willingly establishing mission statements to maintain customer reliability. Owing to this, the automotive performance parts market is expected to experience a large customer base, projects the FMI study. “Importance of regular service and maintenance coupled with emission-control technology will accelerate the growth of the automotive performance parts market in the future. Moreover, increasing demand for advanced automotive performance parts to give additional boost to vehicles will catapult the aftermarket sales,” says the FMI analyst
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