Industry Background:
Automobile modification means customizing the automobile according to owners' preferences and style sense or modify the appearance of the car. The modification can also be the replacing, adding or removing the parts of automobile or systems which can completely change the appearance and functions of the car. Automobile modification is done on the basis of performance, functional and aesthetic or appearance according to the licensed travel agency (LTA's) guidelines which state the modifications that do not need the LTA's approval (bumper, car seats, in-vehicle entertainment system, etc), modifications which need LTA's approval (engines, exhaust systems, superchargers or turbochargers etc) and then there are some modifications which are not allowed (air horns, chassis, increasing engine capacity, etc).
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Brabus (Germany), eMpower Automotive (United States), AC Schnitzer (Germany), Ruf Automobile GmbH (Germany), Valmet Automotive (Finland), Richtersport Ltd (United Kingdom), Shelby American inc. (United States), Toyota Racing Development (Japan), ABT Sportsline (Germany) and RMA Group (Thailand) |
This growth is primarily driven by Rising Demand for Second Hand Automobiles Calls for Modifications to Ensure Safety and Changing Preferences and Automobile Trends will Increase the Modification Market.
Globally, a noticeable market trend is evident Surging Demand for Personalised Registration Plates in Automobile Modification Market Major Vendors, such as Brabus (Germany), eMpower Automotive (United States), AC Schnitzer (Germany), Ruf Automobile GmbH (Germany), Valmet Automotive (Finland), Richtersport Ltd (United Kingdom), Shelby American inc. (United States), Toyota Racing Development (Japan), ABT Sportsline (Germany) and RMA Group (Thailand), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In November 2020, Mutares SE & Co KGaA acquired the engineering services division of Valmet Automotive Inc., a Finnish automotive supplier. The company now operates under a new name, iinovis. With a turnover of around 56 million euros, the company strengthens its automotive and mobility sector with new platform investments and employs more than 600 highly qualified and well-trained engineers and technicians at five locations in Germany. The company also operates a test track in Spain.
In May 2022, Hertz and Shelby American custom cars have partnered to launch exclusive 2022 Shelby Edition Ford Mustangs. Starting this summer, a special production run of the history-making vehicle will be available for rent at select Hertz locations across the United States.
Regulatory Insights:
According to NDIAvehicles less than five years old and under 80,000kms are generally considered suitable to modify. However, older vehicles and those with higher mileage may still be considered. In these cases, evidence of road worthiness and the expected lifespan of the vehicle will need to be provided. and Also, the NDIA may fund modifications that exist on a second hand vehicle at a rate commensurate with the depreciated value of the modifications.
Influencing Trend:
Surging Demand for Personalised Registration Plates in Automobile Modification Market
Market Growth Drivers:
Rising Demand for Second Hand Automobiles Calls for Modifications to Ensure Safety and Changing Preferences and Automobile Trends will Increase the Modification Market
Challenges:
Safety Related Risk Due to Improper Installation of Parts and Modification Might Affect the Market
Restraints:
Stringent Regulatory Factors Associated with Automobile Modification and High Cost Involved with Modification of Automobile
Opportunities:
Emerging Demand for Automobile Modification from Developing Countries and Growing Automotive Enthusiasts will Boost the Automobile Modification Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Automobile Modification Market
- Analysis about New Entrants in Automobile Modification Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Automobile Modification Study Sheds Light on
The Automobile Modification Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Automobile Modification industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Automobile Modification industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.