NEWARK, DEL, Sept. 11, 2023 (GLOBE NEWSWIRE) — In 2023, the automotive performance accessories market is expected to be worth US$ 352.9 million. The market is expected to reach US$ 546.4 million by 2033, expanding at a 4.5% CAGR throughout the forecast period. Automotive performance accessories play a crucial role in enhancing the overall performance, aesthetics, and handling of vehicles.
These accessories consist of a wide range of products, including engine components, automotive suspension systems, exhaust systems, brakes, and power adders. By integrating these accessories, automotive enthusiasts can unlock the full potential of their vehicles, achieving improved speed, handling, and overall performance.
The rising consumer interest in sports, vintage cars, and customized vehicles has created a need for a diverse range of performance accessories. Vintage car owners, in particular, find it essential to enhance the aesthetics and overall performance of their vehicles. The growing popularity of off-road vehicles, such as Jeeps and trucks, which are commonly used for adventure touring, drives the demand for calibrated suspensions and improved braking systems. North America and Japan underground racing remains a hobby consistently for many car enthusiasts, prompting them to continuously upgrade their vehicles with high-performance accessories to compete against fellow car owners.
Manufacturers are confronted with design limitations as their accessories find use in various vehicles that necessitate customized fittings to accommodate space restrictions. The surge in vehicle modifications has contributed to a notable rise in sound and air pollution, prompting governments worldwide to implement stringent regulations to control emissions and noise levels. Such regulations include imposing fines on vehicles equipped with pollution-promoting accessories, consequently dampening consumer demand.
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The popularity of motor racing sports and off-road events drives the demand for high-performance accessories. Consumers modify their cars and trucks by installing front-fitted exhaust systems and performance parts like fuel & air intake systems. With the rise of the electric vehicle sector, performance accessories manufacturers can expand their product portfolio to cater to this developing market. Currently EV users primarily utilize a limited range of performance accessories, mainly focusing on brake and suspension systems. Expanding the product offerings for EVs presents an opportunity for manufacturers to tap into this growing industry.
Active suspension system is a type of accessories which improves vehicle handling and stability, benefiting sports car drivers on the track and The Active exhaust valve systems allow customizable sound profiles ranging from quiet and refined to aggressive and sporty. They also safeguard the engine by opening the valve automatically when RPM exceeds 5,000 preventing damage from closed exhaust valves.
“The surge in the popularity of motor sports and off-road events, which necessitate high-performance accessories, is driving a remarkable growth trajectory in the market. As evidenced by our recent market research study, the demand for these specialized accessories is on the rise, presenting lucrative opportunities for industry players in the coming years” says a lead analyst at Future Market Insights (FMI)
Key Takeaways from the Automotive Performance Accessories Market:
- The automotive performance accessories industry in the United States is predicted to reach US$ 92.8 million by 2033, increasing at a 4.7% CAGR.
- During the forecast period, the automotive performance accessories industry in China is expected to reach a market share of US$ 109.2 million, securing a 4.7% CAGR.
- The automotive performance accessories industry in Japan is predicted to reach US$ 43.7 million by 2033, increasing at a 4.5% CAGR.
- With a CAGR of 4.7% from 2022 to 2033, exhaust system is expected to dominate the automotive performance accessories industry.
- With a market share of 62.3% from 2022 to 2033, passenger car segment is expected to dominate the automotive performance accessories industry.
|Automotive Performance Accessories Market Size (2023)||US$ 352.9 million|
|Automotive Performance Accessories Market Projected Size (2033)||US$ 546.4 million|
|Value CAGR (2023 to 2033)||4.5||%|
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How Does the Competition Look in the Automotive Performance Accessories Market?
The automotive performance accessories industry has a highly competitive landscape, with a significant number of players vying for market share. Several significant participants in this industry comprise
- Tenneco Inc.
- Continental AG
- BorgWarner Inc.
- Mahle GmbH
- Hyundai Mobis
- Donaldson Company Inc.
- Mitsubishi Heavy Industries, Ltd
- ZF Friedrichshafen AG
- Honeywell International Inc.
- EXEDY Corporation
- Denso Corporation
- Holley Performance Products
- AISIN SEIKI Co., Ltd.
- Hitachi Astemo, Ltd.
- Robert Bosch GmbH
The major companies are heavily spending on research and development efforts to create innovative and inventive goods with enhanced effectiveness, dependability and affordability. They are also focusing on expanding their product line and strengthening their distribution methods in order to fulfill shifting consumer expectations.
Tactical alliances and partnerships with other companies are becoming more common in the industry, allowing parties to leverage one another’s strengths and expand their market influence. Consolidation and mergers are being utilized by leading players to fortify their market standing and acquire entry to fresh markets.
Key firms are enhancing their distribution networks and developing local manufacturing facilities to increase their presence in these areas. In order to achieve a competitive advantage they are also focusing on providing cost-effective solutions to customers in these markets.
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By Product Type:
- Exhaust Systems
- Oxygen Sensors
- Exhaust Pipes
- Suspension Parts
- Suspension Bushing
- Sway Bars
- Shock Absorbers
- Brake Pads
- Brake Rotors
- Brake Caliper
- Brake Lines
- Brake Master Cylinders
- Vacuum Pumps
- Fuel Air & Intake Systems
- Air Filters
- MAF Sensor
- Intake Manifold
- Throttle Bodies
- Fuel Filters
- Spark Plugs
- Fuel Injectors
- Fuel Pumps
- Transmission Parts
- Clutch Pressure Plates
- Torque Converters
- Clutch Linkage
- Power Adders
- Nitrous Oxide Systems
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
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 and 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.
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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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Future Market Insights Inc.
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