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Global Automotive Performance Parts Market – Overview

In order to ensure maximum fuel economy, fleet owners get their vehicles serviced regularly. Surge in fleet aggregators is anticipated to be one of the key factors fueling the demand for automotive performance parts. Booming fleet aggregators particularly in developing countries are expected to disrupt the transportation industry in the coming years.

The E-commerce ecosystem has been expanding rapidly, particularly in developing regions. This has influenced manufacturers of automotive performance parts to strategize on online retail channels. For instance, Donaldson Company Inc. has launched its E-commerce platform for selling air and fuel filters.

Global Automotive Performance Parts Market – Competitive Landscape

The global automotive performance parts market is fairly fragmented where the unorganized sector, which includes tier-2 and tier- 3 players, holds significant market share. The market consists of a large number of local and unorganized players serving mainly in the aftermarket.

Robert Bosch Gmbh, Denso Corporation, Mitsubishi Heavy Industries Ltd., Delphi Automotive, Continental AG, and Honeywell International Inc. are identified as some of the key participants in the global automotive performance parts market.

Customization is another differentiating strategy trending among prominent market players. Manufacturers are developing customized automotive performance parts that offer operational benefits as well as comply with existing regulatory framework.

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Global Automotive Performance Parts Market – Drivers and Restraints

There are several factors that are projected to push the overall development of the global automotive performance parts market. One of the key driving factor for the market development has been technological advancements that has improved the overall quality of materials used for manufacturing automobiles. This has helped in improving the average age and reliability of lightweight vehicles such as light vans and pickup trucks over the years. In addition to this, customers are now increasingly preferring to keep hold of their old cars as a second vehicle instead of selling or scrapping them. As a result, there has been a growing demand for constant maintenance and repair, which has thus bolstered the overall development of the global automotive performance parts market.

Critical automotive components such as brake pads suspension bushings, spark plugs, and air filters need to be replaced at regular intervals. Longer-lasting cars present a lucrative opportunity for aftermarket performance part manufacturers, as older vehicles require more repairs and maintenance, thereby necessitating more aftermarket performance parts.

Global Automotive Performance Parts Market – Geographical Outlook

Based on the geographical segmentation, the global automotive performance parts market is segmented into five key regions. These regional segments are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, presently, the global automotive performance parts market is being dominated by the regional segment of Europe. The presence of prominent key players in the region is the key factor behind the market growth in Europe. The regional market is expected to continue its dominance over the course of the given forecast period ranging from 2020 to 2030. Rising production of passenger vehicles in the region is another important factor for the market development.

On the other hand, the regional segment of Asia Pacific is expected to witness highly promising growth opportunities over the course of the given forecast period ranging from 2020 to 2030. The growth of the market is expected to be driven by the increasing production of passenger vehicles in emerging economies such as India and China. Moreover, booming automotive industries in these countries is also expected to drive the market growth in the near future.

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Automotive Performance Parts Market

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