Automotive performance parts manufacturers are investing in technological innovations in addition to industry collaborations to consolidate market position during the coronavirus crisis.
DUBAI, UAE / ACCESSWIRE / July 21, 2020 / The automotive performance parts market is expected to witness a major downturn during the coronavirus crisis, largely owing to supply chain disruptions for raw materials and the suspension of production facility activities. In addition, shortage of cash flow is likely to remain a major concern for market players during the crisis period.
"Increasing interest among vehicle owners for automotive recreational activities is a key factor that contributes to the automotive performance parts market. In addition, rising consumer consciousness about fuel efficiency and concerns on vehicle maintenance will sustain sales of automotive performance parts for the foreseeable future," states the FMI analyst.
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Automotive Performance Parts Market- Critical Takeaways
- Power adder components are highly sought after owing to rising consumer interest in automotive recreational activities.
- Passenger vehicles are the primary application for automotive performance parts owing to easy access and higher levels of disposable incomes.
- The automotive aftermarket is the primary source for performance parts, owing to low costs of purchase and installation.
- Europe is a fast-growing market for automotive performance parts, supported high production rates of passenger vehicles.
Automotive Performance Parts Market- Drivers
- Sustained automotive production, particularly in developing economies is a key growth factor.
- Higher per capita spending on maintenance and automotive repair procedures, contributes to market growth.
- Commercial vehicle fleet operators are seeking to boost operational margins are also contributing to market growth.
Automotive Performance Parts Market- Restraints
- The transition towards hybrid and electrical automobiles is hurting the prospects of sales for gasoline-operated performance parts.
- Prevalence of spurious parts in the market is a key obstacle to growth of the automotive performance parts market.
Coronavirus Impact on Automotive Performance Parts Market
The automotive performance parts market players are focused on issues in the Chinese supply chain, which has been massively impacted by the coronavirus pandemic. In addition, the drop in production and sales of commercial vehicles and changes to consumer behavior in terms of vehicle emission and power improvements will witness a slump in the short term throughout the covid-19 crisis.
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Competitive Landscape
Automotive performance part providers are focusing on tech and material innovations in product offerings. For instance, Jeep has revealed it new range of performance parts for the Wrangler vehicle model including axles, transfer case, and lift kit.
Honeywell International Inc., Robert Bosch Gmbh, Continental AG, Denso Corporation, Mitsubishi Heavy Industries, and Delphi Automotive are some of the leading automotive performance part providers.
About the Study
The study offers readers an assessment of the automotive performance parts market. Global, regional and national-level analysis of the latest trends influencing the automotive performance parts market is covered in this FMI report. The study provides insights according to product (exhaust system, suspension parts, brakes, transmission parts, fuel air & intake systems, and power adders), vehicle type (passenger vehicles, light commercial vehicles, and heavy commercial vehicles) and sales channel (OEMs and aftermarket), in six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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SOURCE: Future Market Insights