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By 2027 the global car modification market may exceed 370 billion euros

Views: 4     Author: Site Editor     Publish Time: 2023-07-29      Origin: Site


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By 2027 the global car modification market may exceed 370 billion euros

According to the statistics of OICA (World Automobile Organization), the number of global car ownership increased steadily from 2010 to 2015. According to preliminary estimates, from 2016 to 2021, the global car ownership will increase year by year. In 2016, the global car population was about 1.3 billion, and by 2021, the global car population will exceed 1.5 billion. The increase in car ownership has laid the foundation for the expansion of the potential market size of the car modification industry in the future; with consumption upgrades and the pursuit of individualization by the younger generation of consumers, the demand side of the car modification market is gradually becoming active.


Note: The data released by OICA is as of 2015. Qianzhan calculates based on OICA data, and the calculation logic is: global car ownership ≈ car ownership in the previous year - car scrapping in the current year + car sales in the current year. At present, the global average annual car scrapping rate is about 3.5%.

2. China, the United States and Japan are the main demand markets

According to OICA data, in 2020 the main countries with global car sales are China, the United States, Japan, Germany, India, France, Brazil, the United Kingdom, and South Korea. Among them, China's car sales accounted for more than 30% of global car sales, ranking first; followed by the United States' car sales accounted for about 20% of global car sales, ranking second. On the whole, the main global automobile demand markets are concentrated in China, the United States and Japan, which account for more than half of the global automobile demand market; car modification users are car consumers, and there is usually little cross-border demand for car modification. Therefore, based on automobile consumption According to the regional distribution characteristics of buyers, the car modification market should be organized around the main car consumer market.


Note: The latest OICA data is updated to 2020

3. Major players aim at racing cars and supercar modification

At present, the main players in the industry are concentrated in Europe, America, China, and Japan. Take American EVOLVE Company as an example. It is an international car modification company that mainly provides performance upgrade services for sports cars, such as Aston Martin, Ferrari, Porsche, Range Rover and VAG. TRD in Japan, the full name of Toyota Racing Development, is the racing department of Toyota (TOYOTA). European ABT has long been committed to the racing and car modification market, providing power, brakes, ABT suspension, aerodynamic kits, wheels and other modification accessories. China Chezhibao is mainly engaged in personalized customized car interior modification and upgrade, car creative dynamic display car modification, car audio upgrade and other businesses. On the whole, companies in China's auto modification industry are mainly engaged in passenger car related business, while markets such as Europe, America and Japan are mainly engaged in racing car and supercar modification.

4. The current market size has exceeded 300 billion euros

In 2019, the global car modification market has exceeded 290 billion euros, and in 2030 it will be close to 418.6 billion euros. From 2017 to 2021, the scale of the global car modification market will increase year by year. In 2021, the global car modification market will exceed 300 billion euros. As one of the important components of the automobile aftermarket, automobile modification has achieved rapid development in North America, Europe, Japan and other developed countries and regions of the automobile industry. Every time an automobile manufacturer produces a new car, its supporting modification accessories and technologies emerge as the times require. .

Note: The above data in 2017-2018 is the data disclosed by McKinsey and Grand View Research, and the data in and after 2019 is the forward-looking data calculated through the self-built data model, which is for reference only!

5. The future market size will exceed 370 billion euros

From 2022 to 2027, the scale of the global car modification market will increase year by year. In 2022, the market size will reach about 320 billion euros, and by 2027 the market size will exceed 370 billion euros. With the increase in global car ownership, developed countries will enter a relatively mature stage in the modified car market, products, technologies, standards and regulations, and management systems. In the context of a huge consumer market, the car refitting industry will become a sunrise industry with great market development potential. In the future, the global car modification market will be further developed under the leadership of the leading regional markets in developed countries.

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