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Key Emerging Trends in the Automotive Filters Market
As vehicles get older, companies that make vehicles are feeling the pressure to expand their business of selling car parts to take advantage of the growing demand for fuel filters and other parts. The increase in the age of vehicles has put pressure on these companies because their share of the market for older vehicles has gone down. This gives a chance for other companies to step in and sell fuel filters for older vehicles. In North America, more than half of the new vehicles get serviced by the original company, but only 15% of vehicles older than eight years get serviced by the original company. In emerging markets, most older vehicles prefer to go to a repair shop that is authorized by the vehicle's manufacturer.
People who have new vehicles or use vehicles for business are most likely to stay loyal to authorized repair shops. Factors like reliability, quality, and warranty make two-thirds of vehicle owners choose authorized repair shops for maintenance and repairs. However, owners of used and older vehicles are more likely to go to independent repair shops, with price being a big factor in their decision.
Original equipment manufacturers (OEMs) have been increasing their activities in the market for car parts. Some companies, like Peugeot S.A., are making big moves into the independent car parts market as part of their plans for growth. Other manufacturers are introducing new services or remanufactured parts to compete with independent car part sellers and keep their customers. They are also working on improving the experience for customers and introducing new services like vehicle connectivity to keep their customers loyal and make it easier for them to decide on getting their vehicle serviced or repaired.
These increased activities by car manufacturers are expected to face resistance from existing companies in the car parts market. However, in the long run, the goal is to make customers happy by offering good prices, quality, and options.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Investing more on advanced filter technologies. |
| Market Dynamics | Rapid technological advancements Strict regulatory standards. |
Automotive Filters Market Highlights:
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