The Car Modification Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Car Modification Global Market Report 2024, The car modification market size has grown steadily in recent years. It will grow from $56.09 billion in 2023 to $58.84 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to cultural trends and tastes, automotive industry developments, economic conditions, regulatory environment, social media influence.
The car modification market size is expected to see steady growth in the next few years. It will grow to $68.06 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to diy culture, advancements in electric vehicles (evs), sustainability and eco-friendly modifications, changing consumer lifestyles, government incentives. Major trends in the forecast period include integration of advanced infotainment systems, customization for autonomous driving features, adoption of performance tuning for electric vehicles, focus on aerodynamic enhancements, introduction of advanced lighting systems, development of off-road and adventure modifications..
The rising demand for autonomous vehicles is expected to propel the growth of the car modification market going forward. Autonomous vehicles, also known as self-driving cars or driverless cars, can navigate and operate on the road without direct human input. Car modification in the context of autonomous vehicles serves several purposes and plays a significant role in enhancing their functionality, safety, and user experience. For instance, in December 2022, according to the National Highway Traffic Safety Administration (NHTSA), a US-based government agency, it is expected that there will be approximately 3.5 million autonomous vehicles on U.S. roads by 2025, which will reach 4.5 million by 2030. Therefore, the rising demand for autonomous vehicles drives the car modification market.
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The car modification market covered in this report is segmented –
1) By Type: Overall Modification, Local Modification
2) By Category: Performance, Cosmetic
3) By Vehicle: Sports Cars, Sedans, Sports Utility Vehicle(SUVs), Trucks, Motorcycles
4) By Sales Channel Type: Retailers, Original Equipment Manufacturer(OEMs), Repair Shops, Wholesalers And Distributors
Major companies operating in the car modification market are developing new products such as automotive paints to meet larger customer bases, more sales, and drive revenues in the market. Automotive paint refers to a specific kind of paint applied to cars for both protection and aesthetic functions. For instance, in March 2022, RMA Automotive, a Thailand-based provider of car modification services, launched RMA Paint. The unique feature of this product is the capacity to give clients an infinite variety of colors and to be unrestricted by the typical operational parameters of an OEM’s production plant. This allows OEMs to access unusual and limited edition colors without having to add to the complexity of their manufacturing facilities. Additionally, businesses can buy unique paint colors that match their brand’s color scheme.
The car modification market report table of contents includes:
1. Executive Summary
2.Car Modification Market Characteristics
3. Car Modification Market Trends And Strategies
4. Car Modification market analysis
5.Car Modification Market Size And Growth
6.Car Modification Segmentation
7.Car Modification Regional And Country Analysis
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27.Car Modification Competitive Landscape And Company Profiles
28.Car Modification Key Mergers And Acquisitions
29.Car Modification Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BBS Kraftfahrzeugtechnik AG
- Toyota Racing Development
- Brabus GmbH
- Roush Performance
- 3M Company
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