Global Automotive Performance Tuning and Engine Remapping Services Market to be worth US$ 1,100 Million by the year 2033 | Data by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
8 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The automotive performance tuning and engine remapping services market is witnessing growth, driven by the increasing demand for enhanced torque and power, and the rising popularity of these services, including ECU software resetting. By 2033, the United States is expected to capture a substantial market share of over 26% in the vehicle performance tuning and engine remapping services sector.
NEWARK, Del, May 28, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights, the global automotive performance tuning and engine remapping services market is estimated to attain a valuation of US$ 586.22 million in 2023. The market is expected to reach US$ 1,100 million by 2033, rising at a CAGR of 6.4%.
The market growth is expected to be driven by increasing demand for high-powered and finely tuned engines, the implementation of advanced techniques to improve fuel consumption, and a reduction in operational costs. The market has promising growth opportunities due to the widespread popularity of customizing and remapping commercial and passenger vehicles, the increasing demand for aftermarket maintenance and service, and technological advancements aimed at enhancing the operational efficiency of vehicles.
In recent years, there has been a notable rise in consumer preference for high-power engines, particularly in diesel variants. Alongside this trend, consumers have become increasingly knowledgeable about the advantages and potential drawbacks of engine remapping. Due to this, the automotive performance tuning and engine remapping services industry is witnessing a significant rise in demand. Many new vehicle models now benefit from successful remapping services, effectively addressing issues related to exhaust gas recirculation (EGR) systems.
Vehicle owners are searching for automotive performance tuning and engine remapping services as an appropriate means to extend the lifespan of their vehicle engines. In general, ECU tuning is considered an affordable option. Market players are witnessing substantial revenue generation, particularly in the passenger and light commercial vehicle segments. Even with higher costs, consumers' growing inclination to invest in high-performance vehicles, particularly luxury and high-end models, is creating new opportunities in the automotive performance tuning and engine remapping services market.
Key Takeaways:
The United States automotive performance tuning and engine remapping services market is expected to grow with a CAGR of 6.2% during the forecast period.
The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
By vehicle type, the passenger vehicle segment is projected to grow with a significant CAGR of 6.6% during the forecast period.
The market in India is expected to grow with a CAGR of 6.3% throughout the forecast period.
“Rising consumer preference for high power engine and fine-tuning of vehicles is expected to drive market growth during the forecast period,” - comments an Analyst at FMI.
The automotive performance tuning and engine remapping services market is intensely competitive, with several key industry players investing heavily in providing these services.
The key industry players are Tuning Works Inc., Quantum Tuning Ltd., Shift Performance, VIEZU Technologies LTD, ABT Sports line GmbH, Roo Systems, Turbo Dynamics Ltd, EcuTek Technologies Ltd., Emaps Performance, CODE 6 Tuning, LAYTON REMAPS & PERFORMANCE, Wolf Moto, Revolution Automotive, SLT Remapping & Diagnostics LTD.
Some recent developments in the market are:
Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive performance tuning and engine remapping services market.
In May 2023, ABT Sportsline, a renowned tuner specializing in Audi and VW Group vehicles, introduces the limited-edition ABT RS6 Legacy Edition (LE). With only 200 units available, this high-performance sports car combines striking design with practicality for everyday use, captivating automotive enthusiasts with its exceptional features.
The ‘ABT China joint venture, which was announced in February 2023, is gaining momentum. The first project of ABT China and GAC, the GAC Empow R x ABT co-brand version, has been officially launched at Auto Shanghai 2023, held from April 18-27, 2023.
On March 23, 2022, ABT Sportsline achieved an impressive 450 horsepower from the iconic five-cylinder engine. The SUV coupé Formentor, representing the independent CUPRA brand, showcases a captivating blend of dynamic and elegant design that leaves a lasting impression even at a standstill.
More Valuable Insights Available: Future Market Insights offers an unbiased analysis of the global automotive performance tuning and engine remapping services market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Automotive performance tuning and engine remapping services market, the market is segmented on the basis of vehicle type (passenger cars, heavy commercial vehicles, and light commercial vehicles), fuel type (diesel and petrol), tuning stage (stage 1, stage 2, and stage 3), tuning method (OBD ports and bench tuning) and application (racing, fuel economizing and performance tuning) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Explore Wide-ranging Coverage of FMI’s Automotive Landscape:
Turbofan Engines Market Size: Is expected to grow at a CAGR of 17.2% from 2022 to 2032, reaching a value of US$ 5.1 Billion by the end of 2032.
Automotive Engine Valve Market Share: Is expected to grow at a CAGR of 2.3% during the forecast period. The market is expected to reach a valuation of US$ 7.78 Billion by 2032.
Automotive Performance Parts Market Demand: Is estimated to grow from US$ 339.32 Million in 2022 to US$ 532.02 Million by 2032. Sales of automotive performance parts are predicted to grow at a CAGR of 4.6% from 2022 to 2032.
Hybrid Vehicles Market Growth: Is anticipated to grow at a CAGR of 21.6% from 2022 to 2032. The hybrid vehicles market is expected to reach a valuation of US$ 1,362.3 Billion by 2032.
Electric Vehicle Battery Market Outlook: Is set to strengthen its market hold in the global market at a promising CAGR of 8.5%, while it is forecasted to hold a revenue of US$ 18.09 Billion in 2032.
Automotive Electronics Market Share: Is anticipated to be valued at US$ 300,332.43 Million in 2022, forecast to grow at a CAGR of 7.30% to be valued at US$ 607,574.4 Million from 2022 to 2032.
Autonomous Vehicles Market Growth: Is projected to grow at a CAGR of 10.9% between 2022 and 2032, totalling around 99,451 million by 2032.
Artificial Intelligence (AI) in Automotive Market Outlook: Is set to record a robust CAGR of 55% during the forecast period. The market holds a share of US$ 9.3 billion in 2023 while it is anticipated to cross a value of US$ 744.39 billion by 2033.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
