Toronto, Ontario -- The automotive performance parts market is on track to reach US$533 billion by 2033, according to a new report from Research and Markets.
The study, titled Automotive Performance Parts Global Market Opportunities and Strategies to 2033, outlines a number of key drivers behind this growth — including consumer appetite for customization, rapid urbanization and the expansion of e-commerce platforms.
In 2023, the global market was valued at US$322.3 billion. Analysts anticipate a compound annual growth rate of just over five percent through to 2033.
The aftermarket segment currently makes up more than 70 percent of the market, though OEM “first-fit” parts are expected to show the fastest growth over the next five years.
Asia-Pacific remains the largest region for performance parts, accounting for nearly 40 percent of market share last year.
Among the most in-demand components were power adders, a segment valued at more than US$88 billion in 2023. These include turbochargers, superchargers, and performance chips — products popular with enthusiasts and tuning shops.
Online shopping is also playing a role. With more parts suppliers offering e-commerce options and vehicle owners growing comfortable sourcing performance upgrades online, demand continues to rise.
Researchers also noted that innovations in material science, including the use of carbon fibre and lightweight alloys, are improving the effectiveness of modern performance parts. Electrification and smart tuning software are expected to influence future product offerings.
