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).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.
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.
- Rising Demand for Second Hand Automobiles Calls for Modifications to Ensure Safety
- Changing Preferences and Automobile Trends will Increase the Modification Market
- Surging Demand for Personalised Registration Plates in Automobile Modification Market
- Stringent Regulatory Factors Associated with Automobile Modification
- High Cost Involved with Modification of Automobile
Emerging Demand for Automobile Modification from Developing Countries and Growing Automotive Enthusiasts will Boost the Automobile Modification Market
Safety Related Risk Due to Improper Installation of Parts and Modification Might Affect the Market
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