Overview and Scope
Car modification refers to any alterations made to a vehicle that departs from its original factory specifications. It is used to improve and customize a vehicle’s functionality and look.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
North America was the largest region in the car modification market in 2023. The regions covered in the car modification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the car modification market report are BBS Kraftfahrzeugtechnik AG, Toyota Racing Development, Brabus GmbH, Roush Performance, 3M Company, Vorsteiner Inc., KW Automotive GmbH, Hennessey Performance Engineering, Bilstein, ALPINA Burkard Bovensiepen GmbH + Co. KG, Twisted Automotive Limited, Carroll Shelby International , Mansory Design & Holding GmbH, Renntech Inc., Gemballa GmbH, Monster Customs Atlanta, Dreamworks Motorsports Inc., ABT America, Krazy House Customs , APEX Integration LLC, Akrapovic D.D., Novitec GmbH Co. KG, Liberty Walk Co. Ltd., Kar Zone, AC Schnitzer , Skg Modifiers</b
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 – Macro Economic Scenario
5. Global Car Modification Market Size and Growth
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32. Global Car Modification Market Competitive Benchmarking
33. Global Car Modification Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Car Modification Market
35. Car Modification Market Future Outlook and Potential Analysis
36. Appendix
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