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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