Automotive Performance Parts Market to Reach US$ 532.02 Million by the Year 2032 Growing Enthusiasm for Vehicle Customization and Performance Upgrades

Jul 27, 2023

It is projected that the Europe automotive performance parts market Size will continue to grow globally over the forecast period as the number of vehicles owned is expected to increase along with the demand for passenger cars. According to estimates, the automotive performance parts market will increase from US$ 339.32 million in 2022 to US$ 532.02 million in 2032. The rising demand for passenger automobiles is expected to cause sales of automotive performance parts to increase at a CAGR of 4.6% from 2022 to 2032.

Key Takeaways

Manufacturing companies can now supply high-quality products more successfully and quickly around the globe thanks to significant technological and logistical advancements. The demand for performance car parts will rise in the next years as a result of increased automotive component exports and imports.

More than one-third of all vehicle performance component sales expected to occur on the European market. The expansion of the industry and the presence of prestigious companies are expected to stimulate the growth of the automobile market. A rise in automotive sales in the European market will be facilitated by the use of cutting-edge technology in the manufacturing of auto parts, a growth in the production and sales of consumer and passenger vehicles, and a digitalized component delivery service.

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On-line marketplaces for aftermarket performance parts as well as the digitalization of component sales and services are expected to receive significant investment from the leading participants in the automotive performance parts sector. As strict regulations are put in place to minimise greenhouse gas emissions and safeguard automobile safety, it is projected that automotive performance components will play a key role in the sales of these products.

The market for automotive performance components is predicted to rise in the coming years as a result of increased workforce availability, R&D activities, government subsidies, and support. The market for torque converters is expanding, and as a result, new products and technological developments are being developed, raising the standard and effectiveness of these devices. More and more vehicles are available with automatic transmissions..

Competitive Landscape

The trend among prominent market players to differentiate their products through customization is another trend that is worth mentioning. In response to these trends, manufacturers are creating a variety of customized performance parts for automotive applications, whether they are designed for operational benefits or compliance with government regulations.

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Leading companies operating in the automotive performance parts market are

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, Hyundai Mobis.

Key Segments

By Product Type:

By Vehicle Type:

By Sales Channel:

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