Automotive Tuner Market Latest Advancements And Business Opportunities up to 2033 from Vishal's blog

The global automotive tuner market is anticipated to attain a valuation of US$ 6.4 billion in 2023 and is projected to reach US$ 12 billion by 2033, trailing a CAGR of 6.4% during the forecast period.

The market is experiencing expansion due to the growing popularity of aftermarket automotive modifications. This trend is particularly prominent among young adults and consumers from Generation Y, who exhibit a strong inclination toward purchasing aftermarket products to personalize and customize their vehicles.

For more info: https://www.futuremarketinsights.com/reports/automotive-tuner-market 

Increasing availability of aftermarket products is further anticipated to fuel market growth. The globalization of the automotive industry has resulted in a higher number of companies offering a wide range of aftermarket products and services. This increased availability has made it more convenient for consumers to find the specific products they desire, while also fostering healthy competition among suppliers in the market.

The increasing affordability of aftermarket products is a significant factor driving the expansion of the industry. With improvements in the global economy, more consumers now have disposable income to invest in aftermarket products. Consequently, companies have been able to offer products at lower price points, making them accessible to a broader range of consumers.

The market growth is fuelled by the increasing consumer preference for high-power engines and fuel-efficient vehicles, coupled with a rise in disposable income. Additionally, the expansion of aftermarket vehicle repair and services further drives market growth.

The utilization of advanced engine technology, such as Electronic Control Units (ECUs) is expected to present new opportunities for market growth. Also, the increasing sales of high-end luxury vehicles and the rising costs of original equipment manufacturer (OEM) manufactured high-powered vehicles are contributing to the industry expansion.

Key Takeaways

• United States automotive tuner market is expected to grow with a CAGR of 6.1% during the forecast period.
• The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
• By component type, the hardware segment is projected to grow with a significant CAGR of 6.7% during the forecast period.
• The market in India is expected to grow with a CAGR of 6.4% throughout the forecast period.

“The utilization of advanced engine technology and increasing affordability of aftermarket components is expected to drive market growth during the forecast period,” comments an FMI Analyst

Competitive Landscape

The automotive tuner market is intensely competitive, with several key industry players investing heavily in providing these services.

The key industry players are Roo Systems, EFI Live, Magic Motorsports, Edge Products, Derive Systems, Cobb Tuning, Alientech SRL, Diablo Sport, Mountune, Autotuner, AEM Electronics, Hypertech Inc., HP Tuners, Flashtec SA, Jet Performance Products.