The Asia Pacific is projected to lead the global automotive performance parts market by 2032. Sales of shock absorbers are to grow at a 4.6% CAGR during the forecast period. Japan to Turn into a Lucrative Market for Automotive Performance Parts
NEWARK, Del., Oct. 27, 2022 /PRNewswire/ — As a result of escalating demand for passenger cars, the market for automotive performance parts is likely to reach an estimated US$ 339.32 Mn by the end of 2022. A rise in disposable income across the globe further supplements the growth of automotive performance parts market during the forecast period.
Manufacturers in this market are able to provide cost-effective products and record sales growth because of the competition in China, India, Thailand, and Vietnam. With the advancement of technology and swift development occurring in the field of logistics, many manufacturers are now able to supply high-quality items faster and across a variety of regions. The expanding market for used cars in the United States further bolsters the maintenance and repair segment of the automotive performance parts market during this period. In the past couple of years, owing to rising vehicle ownership and a surge in car collisions, replacement parts dominated the automotive performance parts market, thus contributing immensely to the overall growth of the target market.
Post time: Nov-03-2022
