The global automotive tuner market size is set to be valued at US$ 12 bilion in 2033, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. It offers analysis in 20+ high-growth markets, providing detailed insights on Automotive Tuners market growth will evolve in the next decade.
The demand for performance improvement of ageing vehicles is projected to drive the automotive tuner market. The COVID scenario and total sales via the direct sales channel both had a negative impact on the demand for automobile tuners in 2020. The economic crisis had a minimal impact on third-party online sales as well.
An increasing number of vehicle owners are spending on automating tuning to boost their vehicle performance. Considering this, the increasing sales of passenger vehicles in India, China, UAE, and other countries will create a conducive environment for automotive tuner sales. According to the report, passenger cars will account for maximum sales in the market.
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Key Takeaways
- Global automotive tuners market will rise at 5.8% CAGR between 2021 and 2031
- Steady sales of vehicles boosts growth in the U.S., sealing its dominance in the North America market
- Increasing vehicle production and focus on aftermarket and maintenance services have been driving growth in Germany and France
- After a period of negative growth, sales will recover in the U.K. market, enabling it to register 4.7% y-o-y growth in 2021
- Rising passenger vehicle sales will continue pushing growth in China. Also the increasing demand for aftermarket vehicle services and solutions will create a conducive environment for automotive tuner sales in the country
“The increasing demand for vehicle performance tuning or component tuning is creating growth opportunities for the market players. In the coming years, the market will gain from the rising demand for vehicular electronics, alongside focus on improving fuel-efficiency,” says FMI analyst.
Who is Winning?
The market is fragmented, with key players accounting for approximately one fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Automotive tuner market is likely to grow at a moderate pace during 2021-2031. As it is a growing market, companies are expected to concentrate on research and development activities.
Some of the key players in the market are Derive Systems, Cobb, Alientech SRL, Roo Systems, EFI Live, Magic Motorsports, Edge Products, Diablo Sport, Mountune, Autotuner, AEM Electronics, Hypertech Inc., HP Tuners, Flashtec SA, Jet Performance Products, etc.
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Automotive Tuner Market
By 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
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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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