Performance tuning components are extensively used for remodelling and optimizing the automotive vehicles. They are also used to enhance the performance requirement of the vehicle which was originally designed to meet.
The global automotive aftermarket industry is expected to witness a shift towards proprietary channels and partnerships, via e-Commerce platforms in particular. The automotive aftermarket scenario indicates that, currently, around half of the revenue comes from wear and tear parts, which include mechanical performance tuning components such as fuel pumps, fuel injectors, brake shoes, and suspension bushes. Steadily increasing fleet of passenger vehicles and aftermarket expansion activities by OEMs are expected to significantly contribute to the demand for mechanical performance tuning components across the globe.
Though the global automotive industry is witnessing fluctuating growth, the mechanical performance tuning components market is projected to exhibit a moderate CAGR of around 4% over the period of 2022-2029, to reach a valuation of US$ 260.7 Bn by the end of 2029, as per the latest report by FMI.
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Key Takeaways from Mechanical Performance Tuning Components Market Study
“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.”
Mechanical Performance Tuning Components Market: 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, 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.
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MECHANICAL PERFORMANCE TUNING COMPONENTS MARKET 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.
Product Type
Vehicle
Distribution Channel
Region
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Highly Lucrative Opportunities in Europe
The demand for mechanical performance tuning components is expected to gain significant traction in the coming years, owing to rising awareness about tuning services among vehicle owners and increasing instances of vehicle modification. Relatively higher preference for preventive or scheduled maintenance in Europe is projected to make the Europe performance parts market highly lucrative for investors.
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.
Aug 07, 2022