The mechanical performance tuning components industry is projected to be valued at USD 205.88 billion in 2023, with expectations to reach USD 300 billion by 2033. This represents a compound annual growth rate (CAGR) of 3.8% during the forecast period from 2023 to 2033.
Lucrative Opportunities in Europe
The demand for mechanical performance tuning components is set to gain significant traction in the coming years, driven by an increased awareness of tuning services among vehicle owners and a growing trend in vehicle modifications. In Europe, a heightened preference for preventive and scheduled maintenance is expected to make the performance parts market particularly appealing to investors.
Global Automotive Aftermarket Trends
The global automotive aftermarket industry is anticipated to undergo a shift towards proprietary channels and partnerships, particularly through e-commerce platforms. Currently, approximately half of the revenue generated in the automotive aftermarket comes from wear-and-tear parts, which include mechanical performance tuning components like fuel pumps, fuel injectors, brake shoes, and suspension bushes. The steadily increasing fleet of passenger vehicles and the expansion of aftermarket initiatives by original equipment manufacturers (OEMs) are expected to significantly enhance the demand for mechanical performance tuning components worldwide.
This growth is further supported by ongoing advancements in tuning technologies, a rising consumer interest in vehicle customization, and an increasing emphasis on vehicle maintenance and efficiency. Consequently, the mechanical performance tuning components market is poised for substantial growth in the coming decade.
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Key Takeaways from Mechanical Performance Tuning Components Industry Study
- As per our findings, out of every 10 mechanical performance tuning components sold, 9 are more likely to be sold by small- or medium-sized players.
- Demand for independent and authorized service providers changes regionally. For example, most consumers prefer authorized stations in North America, in stark contrast to the trend seen in the Middle East and Africa.
- It has also been observed that, most car owners prefer authorized service stations until the end of the warranty period. After that, independent service stations are preferred by end users owing to reduced costs.
- Awareness among customers about tuning services plays a key role in the mechanical performance tuning components market. Market participants are conducting technical training and product description sessions to boost awareness.
- In a few countries, significant rise in the demand for used cars has also been observed among middle income people. Certain performance parts are more likely to get replaced at the time of purchase of a used car.
- Driving enthusiasts prefer to upgrade their vehicles by consistently modifying them with better performance parts. High fitment rate observed, particularly in SUVs and luxury vehicles, strengthens the demand for mechanical performance tuning components.
“As customers are becoming more quality- and performance-conscious, spending on the maintenance of vehicles is increasing. Higher rate of vehicle ownership among younger age groups that prefer preventive maintenance over repairs will positively impact the mechanical performance tuning components market.” – says FMI Analyst.
Mechanical Performance Tuning Components Industry: Competition Overview
The global mechanical performance tuning components market is highly fragmented, with the presence of a large number of small- and medium-sized players actively operating in the global market.
ZF group, Continental AG, Hitachi, Delphi, and Robert Bosch GmbH are identified as prominent players in the global mechanical performance tuning components market. Opening authorized centers and offering extended warranty at optimum price are key growth strategies being adopted by market participants.
MECHANICAL PERFORMANCE TUNING COMPONENTS INDUSTRY TAXONOMY
The global mechanical performance tuning components market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Key Segmentations
Product Type
- Engine
- Engine Oil
- Oil Filters
- Cam Pulleys
- Engine Mounts
- Transmission
- Transmission Belts
- Gear Oil
- Turbochargers
- Flywheels
- Pressure Plates
- Throttle Cables
- Transmission Oil Pumps
- Fuel System
- Fuel Injectors
- Fuel Pumps
- Spark Plugs
- Glow Plugs
- Fuel Filters
- Air Filters
- Brake
- Brake Oil
- Brake Liners
- Master Cylinders
- Brake Calipers
- Brake Shoes
- Body & Suspension
- Sway Bars
- Shock Absorbers
- Suspension Bushes
- Exhaust Mufflers
Vehicle
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Distribution Channel
- Authorised Service Stations
- Independent Service Stations
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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