DUBAI, U.A.E /PRNewswire/ -- The global automotive tuner market is predicted to grow at 5.8% CAGR between 2021 and 2031. The rising demand for high performance vehicles with improve fuel efficiency among consumers will drive growth, says ESOMAR-certified consulting firm Future Market Insights (FMI) in its study. According to the study, passenger car modification is gaining traction among vehicle owners leading to increase in demand for automotive tuners.
Automotive tuners with their hardware components such as turbochargers increases power and torque without compromising fuel efficiency. COVID-19 did slow the economy and direct sales but rise of online sales remains unaffected by economic crisis. Growing automotive retail sales and development of modern technologies will fuel the market growth.
"Soaring popularity of performance enhancement and ECU mapping among automotive enthusiasts and racers has increased the demand for automotive tuners especially hardware components," remarks the FMI analyst.
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Key Takeaways
- The U.S. is forecast to be at the forefront of automotive tuner market sales on the back of soaring popularity of engine mapping and tuning and rising vehicle sales.
- Customers within India are showcasing increasing spending habits on car maintenance, which will drive sales in the country.
- China is offering impressive growth opportunities with prospering manufacturing industry and flourishing car replacement market.
- Gulf cooperation council countries are epicenter of automotive tuner market growth owing to high demand for luxury cars which require constant tuning enhancement.
- Rising modification of passenger vehicles and fuel costs will boost the market sales.
Prominent Drivers
- Rising demand of high powered engines in emerging economies will fuel the automotive tuner market sales.
- Establishment of sales and servicing stations in developing countries to cater the rising demand will assist in improving market growth.
- Growing long term partnership between manufacturers and local and regional distributors will significantly boost the market growth.
Key Restraints
- Automotive tuners require special installation and servicing which is very expensive. High cost of services will hamper the market growth.
- Stringent government policies regarding CO2 emission restricts the tuner installation impeding the market growth.
- Increase of insurance cost due to automotive tuning deters the market growth.
Discover more about the automotive tuner market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/reports/automotive-tuner-market
Competitive Landscape
Leading players profiled by FMI operating in automotive tuner market include Derive Systems, Alientech SRL, EFI Live, Edge Products, Mountune, AEM, Electronics, HP Tuners, Jet Performance Products, Cobb Tuning, Roo Systems, Magic Motorsports, Diablo Sport, Autotuner, Hypertech Inc., and Flashtec SA. According to FMI, automotive tuner market is dominated by regional players. Their main focuses are towards developing innovative products and improve value chain. Manufacturers are also participating in strategic collaboration with distribution channels especially regional to cater increasing customer demands.
More Insights on FMI's automotive tuner market
The latest market study on global automotive tuner market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of vehicle type (Passenger cars, light commercial vehicles, heavy commercial vehicles), fuel type (petrol, diesel), component type (hardware, software), and across major regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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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, and has delivery centers in the UK, 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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