Automotive Tuner Market will rise at 5.8% CAGR between 2021 and 2031

The demand for performance improvement of ageing vehicles is projected to drive the automotive tuner market. The global automotive tuner market is set to be valued at US$ 601.4 Mn in 2021, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. It offers analysis in 20+ high-growth markets, providing detailed insights on Automotive Tuners market growth will evolve in the next decade.

The demand for automotive tuner decreased in the 2020 with effect if the COVID scenario and also effect the overall sales from the direct sales channel the third party online channel won’t affect slightly due to the economic crisis.

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An increasing number of vehicle owners are spending on automating tuning to boost their vehicle performance. Considering this, the increasing sales of passenger vehicles in India, China, UAE, and other countries will create a conducive environment for automotive tuner sales. According to the report, passenger cars will account for maximum sales in the market.

Key Takeaways

  • Global automotive tuners market will rise at 5.8% CAGR between 2021 and 2031
  • Steady sales of vehicles boosts growth in the U.S., sealing its dominance in the North America market
  • Increasing vehicle production and focus on aftermarket and maintenance services have been driving growth in Germany and France
  • After a period of negative growth, sales will recover in the U.K. market, enabling it to register 4.7% y-o-y growth in 2021
  • Rising passenger vehicle sales will continue pushing growth in China. Also the increasing demand for aftermarket vehicle services and solutions will create a conducive environment for automotive tuner sales in the country

“The increasing demand for vehicle performance tuning or component tuning is creating growth opportunities for the market players. In the coming years, the market will gain from the rising demand for vehicular electronics, alongside focus on improving fuel-efficiency,” says FMI analyst.

Who is Winning?

The market is fragmented, with key players accounting for approximately one fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.

Automotive tuner market is likely to grow at a moderate pace during 2021-2031. As it is a growing market, companies are expected to concentrate on research and development activities.

Some of the key players in the market are Derive Systems, Cobb, Alientech SRL, Roo Systems, EFI Live, Magic Motorsports, Edge Products, Diablo Sport, Mountune, Autotuner, AEM Electronics, Hypertech Inc., HP Tuners, Flashtec SA, Jet Performance Products, etc.

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Automotive Tuner Market

By Component Type

  • Hardware Component
  • Software

By Vehicle Type

  • Passenger Car
  • LCV
  • HCV

By Fuel Type

  • Gasoline
  • Diesel

By Sales Channel

  • Direct Sales
  • Third Party Online Channel
  • Independent Stores/Shops
  • Other Sales Channel

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Scope of the Report

Attribute Details
Forecast Period 2021-2031
Historical Data Available for 2016-2020
Market Analysis USD Million for value and Units for Volume
Key Regions Covered North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered US, Canada, Mexico, Brazil, Germany, Italy, France, U.K., Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN, Australia and New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Segments Covered Component Types, Vehicle Type, Fuel Type, Sales Channel, and Regions

 

Report Coverage Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing Available upon Request

 

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About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Report: https://www.futuremarketinsights.com/reports/automotive-tuner-market
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