In an market research study, Future Market Insights (FMI) lays bare undercurrents and opportunities prevailing in the Korea automotive performance parts market. Korea is expected to dominate the automotive performance parts market. Dual-clutch transmissions improve powertrain design and lead to a higher market share for automotive performance parts. New technologies for wider tires, enhanced aerodynamics of cars, and more advanced tire technology of cars are contributing to the growth of the automotive performance parts market. Increasing design and production flexibility for vehicles, coupled with the ability to customize services, are expected to drive the market to grow during the forecast period.
Increasing pollution regulations along with a reduction in sulfur additives in fuel are just a few factors creating demand for automotive performance parts in the market. Increasing sales of air filters are attributed to technological advancements that allow users to change their filters at their convenience.
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In addition, the demand for highly efficient air filters is expected to increase during the projection period. It is anticipated that the regional market will continue to dominate over the forecast period from 2022 to 2032. Keeping fleet vehicles in good condition is essential in order to achieve maximum fuel efficiency. The growing number of fleet aggregators has contributed to the growing demand for automobile performance parts.
With a competitive edge and a significant market share at stake, auto insurers and collision repair centers are collaborating to seek a competitive edge in the market. A major factor driving the expansion of the automotive industry is the increasing customer expectations, continuous technological innovation, and intense competition for automotive performance parts in the market. Sales of new and pre-owned vehicles are expected to increase in the coming years.
Key Takeaways
- According to the forecast, the air filter segment will grow at a CAGR of 4.2% in the next few years.
- A growing number of automatic transmission vehicles is expected to propel torque converter sales up to 51% of total transmission part sales.
- Increasing demand for digital platforms is expected to drive automotive performance parts sales.
- Increasing demand for MAF sensors and passenger safety is expected to drive the automotive performance parts market.
- The demand for fuel-efficient vehicles and stricter decarbonization requirements are expected to drive spark plug sales in the market.
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Competitive Landscape
Various manufacturers have continuously increased their involvement and attention in the automotive performance parts market by developing networks of repair facilities that are not exclusive to any particular brand of cars. Both established businesses and newcomers are now experimenting with new types of machinery and automotive parts as automobiles are becoming increasingly popular in consumer lives. Korean automotive performance parts markets now offer a wide range of premium brands in response to people’s desire to enhance their car appearance.
Various auto performance part companies plan to invest in R&D, product launches, mergers and acquisitions, and other technological improvements. To expand their reach into the automotive performance parts market, they’re going to spend on new products and technology in the market.
Leading players included in this report are Robert Bosch GmbH, Continental AG, BorgWarner Inc., Tenneco Inc., 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.
As per FMI, ZF Friedrichshafen, Hitachi, Denso Corporation, Valeo, NGK Spark Plug Co., Ltd. are the top players who account for a share of more than 53% of the market.
Recent Developments
- The Korea-ASEAN Friendship Association (KAFA) sponsored a symposium on Cambodian-Korean cooperation on October 26 at the South Korean National Assembly (NA) as global automotive value chains continue to evolve. The symposium focused on the auto parts industry.
- An increase in cooperation between Cambodians and South Koreans in the automobile parts industry and the broader automotive industry would provide Cambodia with numerous opportunities to diversify its economy, particularly in the area of exports, by offering abundant economic opportunities. In addition, South Korea ratified a bilateral free trade agreement (FTA) last month, which is expected to provide a significant boost to commercial transactions between the two Asian countries.
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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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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