The global automotive tuner market is projected to grow from USD 6.4 billion in 2023 to USD 12 billion by 2033, reflecting a compound annual growth rate (CAGR) of 6.4% during the forecast period.
This growth is primarily driven by the increasing popularity of aftermarket automotive modifications, particularly among young adults and Generation Y consumers, who are keen to personalize and customize their vehicles with aftermarket products.
The market’s expansion is further supported by the rising availability of aftermarket products. The globalization of the automotive industry has resulted in a larger number of companies providing a diverse range of aftermarket products and services. This increased availability enhances consumer access to desired items and promotes healthy competition among suppliers.
Affordability is another significant factor contributing to market growth. As the global economy improves, more consumers have disposable income to invest in aftermarket products. Consequently, companies can offer products at lower price points, making them more accessible to a wider audience.
The market is also buoyed by a growing consumer preference for high-performance engines and fuel-efficient vehicles, alongside an increase in disposable income. Additionally, the expansion of aftermarket vehicle repair and service options plays a role in driving market growth.
Advanced engine technologies, such as Electronic Control Units (ECUs), are anticipated to create new growth opportunities for the market. Furthermore, the rising sales of high-end luxury vehicles and the increasing costs of OEM high-powered vehicles are also propelling industry expansion.
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Key Takeaways
- United States automotive tuner market is expected to grow with a CAGR of 6.1% during the forecast period.
- The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
- By component type, the hardware segment is projected to grow with a significant CAGR of 6.7% during the forecast period.
- The market in India is expected to grow with a CAGR of 6.4% throughout the forecast period.
“The utilization of advanced engine technology and increasing affordability of aftermarket components is expected to drive market growth during the forecast period,” – comments an FMI Analyst
Competitive Landscape
The automotive tuner market is intensely competitive, with several key industry players investing heavily in providing these services.
The key industry players are Roo Systems, EFI Live, Magic Motorsports, Edge Products, Derive Systems, Cobb Tuning, Alientech SRL, Diablo Sport, Mountune, Autotuner, AEM Electronics, Hypertech Inc., HP Tuners, Flashtec SA, Jet Performance Products.
Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive tuner market.
- In April 2023, Mountune unveiled the launch of the mountune N1 engine series, a range of high-performance long-block crate engines particularly engineered for motorsport enthusiasts and professional race teams.
- In April 2022, Motul, a well renowned oil & lubricants company, initiated a technical partnership with Mountune USA.
- In May 2023, ABT Sportsline, a well-known tuner specializing in Audi and VW Group vehicles, unveiled the limited edition ABT RS6 Legacy Edition (LE).
Key Segments Profiled in the Automotive Tuner Market Survey
Component Type:
- Hardware Component
- Software
By Vehicle Type:
- Passenger Car
- LCV
- HCV
By Fuel Type:
- Gasoline
- Diesel
By Sales Channel:
- Direct Sales
- Third Party Online Channel
- Independent Stores/Shops
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
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