The automotive performance parts market is poised for steady growth, with sales expected to increase from US$ 339.32 million in 2022 to US$ 532.02 million by 2032. This growth is forecasted to occur at a CAGR of 4.6% from 2022 to 2032, primarily driven by the rising demand for passenger cars globally.
China is anticipated to play a significant role in the East Asia automotive performance parts market, holding the largest market share in the region. China stands out as one of the top manufacturers of automobile performance components, contributing to its dominance in the market. Over the period from 2022 to 2032, the Chinese market is expected to exhibit substantial growth potential, reaching an absolute dollar potential of about US$ 38 billion.
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The sustained growth in sales of automotive performance parts in China can be attributed to the increasing demand for passenger cars in the country. As the automotive industry in China continues to expand and evolve, there is a growing consumer interest in enhancing the performance and customization of their vehicles. This trend is expected to drive the demand for automotive performance parts in China over the forecast period.
Overall, the automotive performance parts market is poised for growth globally, with China emerging as a key market player due to its strong manufacturing capabilities and growing demand for passenger cars.
“Rising vehicle ownership coupled with escalating demand for passenger cars will propel the global growth of the automotive performance parts market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The automotive performance parts market in the U.S. will account for 87% of the market share in North America.
- By suspension parts, sales of the shock absorbers segment will grow at 4.6%
- Sales of torque converters will register a CAGR of 5.8%.
- The air filters segment will grow at a CAGR of 4.2%.
- High demand for passenger cars will push the target market growth in China.
Competitive Landscape
Tenneco Inc., Robert Bosch GmbH, Continental AG, BorgWarner Inc., Mahle GmbH, 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, and Hyundai Mobis, among others are some of the major players in the automotive performance parts market profiled in the full version of the report.
Leading market players are focusing on adopting new strategies such as internet sales channels. Some of the other businesses are offering customizations and concentrating on expanding their businesses to gain a competitive advantage.
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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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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