Car Modification Market – A comprehensive look at the new revenue Model Automotive industry
Majority car owners modify the car to enhance the vehicle performance; however, car modification also improves the overall appearance of the car. Furthermore, car modification consists of changing standard car manufacturer setting for new modification. Car modification can be classified into two categories: performance and cosmetic. Changing core components, such as suspension, wheels, and upgrading exhausts system, is included under the performance category. Car modification of core components is carried out in order to improve the overall performance of the vehicle, while, generally, changes in speaker systems, stripes, and others are carried out by consumers in order to improve esthetics.
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The car modification market is likely to expand during the forecast period as car owners are more interested to buy new upcoming car models by selling their old car models. Similarly, car enthusiasts are more inclined toward car modification in order to keep their vehicle attractive. Furthermore, increase in spending on car modification due to higher income and lifestyle is likely to propel the car modification market during the forecast period.
The car modification market can be segmented based on category, vehicle type, and region. Several services are required to maintain the vehicle in good running condition. In terms of category, the market can be bifurcated into performance and cosmetic. Under performance category modification of component such as suspension, wheels changing, exhaust system and others parts in order to improve the overall efficiency of the car and along with to maintain car in proper condition also core components are modified or change. Increase in awareness about fuel-efficiency and rise in demand for comfortable driving experience is projected to boost the car modification market during the forecast period. Similarly, car owners prefer cosmetic changes in order to improve the car’s esthetic appearance and to enhance its resale value.
Based on vehicle type, the car modification market can be split into hatchback, sedan, and utility vehicle. The hatchback sub segment holds a major share of the passenger vehicle. Changes in parts in order to increase efficiency of the vehicle along with changes in audio system and addition of external strips are likely to drive the overall car modification market during the forecast period. Furthermore, growing sales of SUVs and increasing trend among the youth to modify SUVs are likely to drive the car modification market during the forecast period.
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In terms of region, the car modification market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is likely to dominate the car modification market. Strong inclination among consumers toward car modification for better resale value as well as enhanced performance is anticipated to drive the North America market during the forecast period. Furthermore, strong presence of aftermarket services in North America driving the car modification market. However, the market in Asia Pacific is projected to expand significantly during the forecast period, owing to changing consumer behavior and the region being a prominent market for automotive.
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