Market Overview:
The global vehicle modification market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for customized vehicles, rising disposable income, and technological advancements in the automotive industry. The global vehicle modification market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into performance modification, functional modification, and aesthetic modification. Performance modifications include enhancements in engine power or torque output; alterations in suspension systems; addition of spoilers or wings; installation of exhaust systems; and others (including weight reduction). Functional modifications are those that improve a car’s safety features or its ability to handle difficult terrain or weather conditions. Aesthetic modifications are changes made purely for visual appeal such as changing body kits/panels/spoilers; adding chrome accessories such as door handles and mirror covers; painting car bodies in unusual colors etcetera . ELECTRONICS-GPS tracking system installation ;other applications including ambulance conversion vans etcetera .Regionally ,the global vehicle Modification Market has been segregated into North America Latin America Europe Asia Pacific & MEA .
Product Definition:
A vehicle modification is the alteration of a road motor vehicle for the purpose of changing its performance, appearance or operation. Vehicle modifications may be performed for a variety of reasons, including aesthetics, performance enhancement, safety considerations or to comply with legal requirements.
Performance Modification:
Performance modification is the change in a vehicle's performance, which can be achieved by changing its design or configuration. It includes changes such as increasing power output and torque, decreasing speed, improving fuel efficiency or reducing emissions. Performance modifications are done to improve the vehicles' acceleration from 0-60mph (0-100km/h), top speed (200-300 km/h), braking distance and cornering force among others.
Functional Modification:
Functional modification is a process in which the vehicle's performance, appearance or both are improved aftermarket by altering some aspect of the vehicle’s design or function. The alteration can be done to any part of a vehicle that has been engineered to perform an specific task. Functional modifications are usually done to increase efficiency, improve reliability, and reduce maintenance & repair costs.
The global functional modification.
Application Insights:
The utility vehicle modification segment accounted for the largest revenue share in 2017 and is projected to grow at a CAGR of XX% over the forecast period. The growing demand for utility vehicles owing to increasing urbanization, along with rising disposable income levels in developing countries such as India and China, is expected to drive the industry growth over the coming years.
The other application segment includes performance modification and aesthetic/electronics modifications. Other applications are more expensive than sedans or hatchbacks; however, they offer better fuel economy due to weight reduction which reduces fuel consumption by approximately 15%. Other applications are gaining popularity among consumers seeking unique designs from their vehicle modifications or looking for an individualized experience when it comes to modifying their car¢â‚¬â„¢s appearance (aesthetic/electronics).
Regional Analysis:
Asia Pacific dominated the global vehicle modification market in 2017 and is expected to continue its dominance over the forecast period. The region has a large number of car manufacturers, which results in high demand for performance, aesthetic and other modifications. China is one of the largest markets for vehicle modifications owing to low labor costs as compared to developed countries. Moreover, increasing disposable income levels coupled with growing consumer awareness about vehicle maintenance schedules will drive growth further.
The European market held a significant share in terms of revenue as well as volume due to increased sales across various application segments including sedans and utility vehicles. The presence of prominent luxury car manufacturers such as AUDI AG; BMW AG; Mercedes-Benz AMG GmbH; Porsche Cars GmbH; Volkswagen Group (VW) are likely to boost demand for various modifications over the forecast period.
Growth Factors:
- Increasing demand for luxury and customized vehicles
- Rising income levels of consumers
- Technological advancements in the automotive industry
- Growing popularity of sports cars and supercars
- Proliferation of online platforms for vehicle customization
Scope Of The Report
Report Attributes
Report Details
Report Title
Vehicle Modification Market Research Report
By Type
Performance Modification, Functional Modification, Aesthetic Modification
By Application
Sedan, Hatchback, Utility Vehicle, Electronics, Other
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
248
Number of Tables & Figures
174
Customization Available
Yes, the report can be customized as per your need.
Global Vehicle Modification Market Report Segments:
The global Vehicle 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, Electronics, Other
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 Vehicle 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
- Electronics
- Other
- 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 Vehicle 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?
Vehicle modification is the alteration, improvement, or addition of any component or system of a motor vehicle. Vehicle modifications can include things like adding new features to a car, modifying the performance of an engine or transmission, and even changing the color or style of a car.
Some of the key players operating in the vehicle modification market are BRABUS, RENNtech, Twisted Automotive, AC Schnitzer, Carroll Shelby International, TechArt, Shelby, ALPINA, Skg Modifiers, TRD, ABT, Hamann.
The vehicle modification market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Vehicle 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 Vehicle Modification Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Vehicle 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 Vehicle 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 Vehicle Modification Market Size & Forecast, 2018-2028
4.5.1 Vehicle Modification Market Size and Y-o-Y Growth
4.5.2 Vehicle Modification Market Absolute $ Opportunity
Chapter 5 Global Vehicle 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 Vehicle 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 Vehicle 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 Vehicle Modification Market Size Forecast by Applications
6.2.1 Sedan
6.2.2 Hatchback
6.2.3 Utility Vehicle
6.2.4 Electronics
6.2.5 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Vehicle 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 Vehicle 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 Vehicle Modification Analysis and Forecast
9.1 Introduction
9.2 North America Vehicle 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 Vehicle 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 Vehicle Modification Market Size Forecast by Applications
9.10.1 Sedan
9.10.2 Hatchback
9.10.3 Utility Vehicle
9.10.4 Electronics
9.10.5 Other
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 Vehicle Modification Analysis and Forecast
10.1 Introduction
10.2 Europe Vehicle 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 Vehicle 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 Vehicle Modification Market Size Forecast by Applications
10.10.1 Sedan
10.10.2 Hatchback
10.10.3 Utility Vehicle
10.10.4 Electronics
10.10.5 Other
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 Vehicle Modification Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Vehicle 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 Vehicle 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 Vehicle Modification Market Size Forecast by Applications
11.10.1 Sedan
11.10.2 Hatchback
11.10.3 Utility Vehicle
11.10.4 Electronics
11.10.5 Other
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 Vehicle Modification Analysis and Forecast
12.1 Introduction
12.2 Latin America Vehicle 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 Vehicle 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 Vehicle Modification Market Size Forecast by Applications
12.10.1 Sedan
12.10.2 Hatchback
12.10.3 Utility Vehicle
12.10.4 Electronics
12.10.5 Other
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) Vehicle Modification Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Vehicle 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) Vehicle 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) Vehicle Modification Market Size Forecast by Applications
13.10.1 Sedan
13.10.2 Hatchback
13.10.3 Utility Vehicle
13.10.4 Electronics
13.10.5 Other
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 Vehicle Modification Market: Competitive Dashboard
14.2 Global Vehicle 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
