Market Overview:
The global automotive modification market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for customized vehicles and rising awareness about the benefits of automotive modifications. The global automotive modification market can be segmented on the basis of type, application, and region. On the basis of type, the market can be divided into performance modification, functional modification, and aesthetic modification. Performance modifications are those that improve vehicle performance such as increasing engine power or improving handling and braking abilities. Functional modifications are those that improve vehicle functionality such as adding auxiliary lights or changing suspension settings. Aesthetic modifications are those that alter a vehicle’s appearance such as installing new body kits or modifying wheel sizes/designs. On the basis of application, the global automotive modification market can be classified into sedan, hatchback utility vehicles (UVs), and others (including MPVs and vans). Sedans account for a major share in terms of volume in this segment owing to their popularity in developed countries such as North America and Europe . Hatchbacks are gaining popularity due to their fuel efficiency coupled with sporty looks while UVs form an important part of emerging markets due to rising consumer demand for SUVs/CUVs across regions including Asia Pacific , Latin America , Middle East & Africa .
Product Definition:
An automotive modification is an alteration or addition to a vehicle that changes its performance, appearance or functionality. Modifications can be as simple as adding a new stereo system or changing the tires and rims, to more complex modifications such as installing a supercharger kit or altering the bodywork. Many people modify their cars for aesthetic reasons, while others do it to improve performance. Automotive modification is an important part of the car culture and there are many communities of enthusiasts who enjoy modifying their cars.
Performance Modification:
Performance modification is the process of modifying engine performance by using different parts and accessories. It's used to increase power, decrease weight or to balance the vehicle. In automotive industry it's used for increasing performance of vehicles by decreasing curb weight without affecting basic design and structure of a car.
It includes usage of materials such as titanium, magnesium, carbon fiber & other high strength materials that reduce mass & increase power output through use in drive trains & chassis' etc.
Functional Modification:
Functional modification is a process in which the performance of an automobile is improved by making changes to its design and/or function. It includes changing the shape of vehicle, improving aerodynamics, increasing power output through turbochargers or superchargers, installing different engines or drivetrains in vehicles.
The automotive industry has been witnessing significant technological advancements over past few years owing to which there has been a rise in demand for high-performance cars across the globe.
Application Insights:
The utility vehicle segment held the largest market share in 2017 and is expected to continue its dominance over the forecast period. Utility vehicles include mini trucks, buses, coaches and others such as motor homes, ambulances and fire engines. These vehicles are used for various applications such as transporting passengers on short trips or long-distance travels. The demand for these types of vehicles is high in developed regions due to increased consumer preference for luxury cars with better aesthetics compared to basic transportation requirements. In addition, governments across the globe are investing significantly in improving public transport systems which will further boost industry growth over the forecast period.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region accounted for a share of more than 60% of total volume in 2017 owing to increasing sales of passenger vehicles. China, India, Japan, South Korea are some of the largest markets that have witnessed an increase in automotive production and sales over past few years.
The European market was valued at USD X billion in 2017 and is projected to witness significant growth during the forecast period on account rising demand for aesthetic modifications along with utility and performance enhancements. In addition, growing adoption by fleet operators for fleet management solutions will drive demand further. Europe has been one of the most influential regions when it comes comes to adopting new technologies such as driverless cars which will also propel industry growth over next eight years or so until 2030 time frame).
Growth Factors:
- Increasing demand for luxury and customized vehicles
- Rising disposable income of consumers
- Technological advancements in the automotive industry
- Growing popularity of sports cars and supercars
- Proliferation of online platforms for purchasing automotive parts and accessories
Scope Of The Report
Report Attributes
Report Details
Report Title
Automotive Modification Market Research Report
By Type
Performance Modification, Functional Modification, Aesthetic Modification
By Application
Sedan, Hatchback, Utility Vehicle
By Companies
BRABUS, RENNtech, Twisted Automotive, AC Schnitzer, Carroll Shelby International, TechArt, Shelby, ALPINA, Skg Modifiers, TRD, ABT, Hamann
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
167
Number of Tables & Figures
117
Customization Available
Yes, the report can be customized as per your need.
Global Automotive Modification Market Report Segments:
The global Automotive Modification market is segmented on the basis of:
Types
Performance Modification, Functional Modification, Aesthetic Modification
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Sedan, Hatchback, Utility Vehicle
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- BRABUS
- RENNtech
- Twisted Automotive
- AC Schnitzer
- Carroll Shelby International
- TechArt
- Shelby
- ALPINA
- Skg Modifiers
- TRD
- ABT
- Hamann
Highlights of The Automotive Modification Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Performance Modification
- Functional Modification
- Aesthetic Modification
- By Application:
- Sedan
- Hatchback
- Utility Vehicle
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Automotive Modification Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Automotive modification is the alteration or improvement of an automotive component, such as a car engine, transmission, or chassis.
Some of the key players operating in the automotive modification market are BRABUS, RENNtech, Twisted Automotive, AC Schnitzer, Carroll Shelby International, TechArt, Shelby, ALPINA, Skg Modifiers, TRD, ABT, Hamann.
The automotive modification market is expected to grow at a compound annual growth rate of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Automotive Modification Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Automotive Modification Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Automotive Modification Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Automotive Modification Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Automotive Modification Market Size & Forecast, 2018-2028
4.5.1 Automotive Modification Market Size and Y-o-Y Growth
4.5.2 Automotive Modification Market Absolute $ Opportunity
Chapter 5 Global Automotive Modification Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Automotive Modification Market Size Forecast by Type
5.2.1 Performance Modification
5.2.2 Functional Modification
5.2.3 Aesthetic Modification
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Automotive Modification Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Automotive Modification Market Size Forecast by Applications
6.2.1 Sedan
6.2.2 Hatchback
6.2.3 Utility Vehicle
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Automotive Modification Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Automotive Modification Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Automotive Modification Analysis and Forecast
9.1 Introduction
9.2 North America Automotive Modification Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Automotive Modification Market Size Forecast by Type
9.6.1 Performance Modification
9.6.2 Functional Modification
9.6.3 Aesthetic Modification
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Automotive Modification Market Size Forecast by Applications
9.10.1 Sedan
9.10.2 Hatchback
9.10.3 Utility Vehicle
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Automotive Modification Analysis and Forecast
10.1 Introduction
10.2 Europe Automotive Modification Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Automotive Modification Market Size Forecast by Type
10.6.1 Performance Modification
10.6.2 Functional Modification
10.6.3 Aesthetic Modification
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Automotive Modification Market Size Forecast by Applications
10.10.1 Sedan
10.10.2 Hatchback
10.10.3 Utility Vehicle
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Automotive Modification Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Automotive Modification Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Automotive Modification Market Size Forecast by Type
11.6.1 Performance Modification
11.6.2 Functional Modification
11.6.3 Aesthetic Modification
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Automotive Modification Market Size Forecast by Applications
11.10.1 Sedan
11.10.2 Hatchback
11.10.3 Utility Vehicle
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Automotive Modification Analysis and Forecast
12.1 Introduction
12.2 Latin America Automotive Modification Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Automotive Modification Market Size Forecast by Type
12.6.1 Performance Modification
12.6.2 Functional Modification
12.6.3 Aesthetic Modification
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Automotive Modification Market Size Forecast by Applications
12.10.1 Sedan
12.10.2 Hatchback
12.10.3 Utility Vehicle
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Automotive Modification Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Automotive Modification Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Automotive Modification Market Size Forecast by Type
13.6.1 Performance Modification
13.6.2 Functional Modification
13.6.3 Aesthetic Modification
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Automotive Modification Market Size Forecast by Applications
13.10.1 Sedan
13.10.2 Hatchback
13.10.3 Utility Vehicle
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Automotive Modification Market: Competitive Dashboard
14.2 Global Automotive Modification Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 BRABUS
14.3.2 RENNtech
14.3.3 Twisted Automotive
14.3.4 AC Schnitzer
14.3.5 Carroll Shelby International
14.3.6 TechArt
14.3.7 Shelby
14.3.8 ALPINA
14.3.9 Skg Modifiers
14.3.10 TRD
14.3.11 ABT
14.3.12 Hamann
