The stakes around product counterfeiting are high in the automotive goods aftermarket because of the potential for safety issues and damage to automobiles. Car owners are understandably concerned and willing to take action, according to our just published.
With trade in fake goods having become a $431B problem reaching across geographies and industries, we took a closer look at the $287B U.S. automotive aftermarket by surveying 207 U.S. car owners on their opinions about fake auto aftermarket goods.
Overall it was clear that owners value authenticity do not want fake goods, with 84% saying they only want genuine aftermarket parts and goods used in their cars.
The potential for risks appeared to be a driver shaping their opinions. 79% cited the possibility for damage as an important or very important concern, while 78% said fake goods can cause safety issues.
However, owners are not well informed about how to detect counterfeit products. As a result, they place responsibility for ensuring product authenticity with retailers and mechanics.
When they do find fake goods or hear of issues, owners are ready to take action. 76% will share information with family and friends about a brand or retailer that has a problem with fake goods to make sure they protect themselves and their cars. Plus, 64% agreed or somewhat agreed that they would pay more for aftermarket goods they could verify are truly authentic.
Counterfeiters have become more sophisticated and now have the ability to enter today’s unsecured global supply chains at nearly any point. As a result, it is increasingly difficult for a brand or manufacturer to effectively defend its products in a way that is secure, easy to use and cost effective.
The automotive aftermarket presents a significant opportunity for these counterfeiters given many car owners’ lack of technical knowledge about auto parts, lubricants and goods as well as an absence of clear information on how to detect fake products.
Piracy of automotive aftermarket goods is a serious issue in need of attention, and we agree with owners’ concerns. We believe that piracy in this sector presents a serious risk to car owners and passengers because of the potential for fake goods to undermine the integrity of cars, which typically are a significant financial investment for many households and an item for which safety and reliability is paramount. At the same time, counterfeiting creates the potential for reputational damage and lost revenues for product manufacturers, retailers and mechanics.
Learn what car owners think about counterfeiting in auto aftermarket goods. Sign up below to download our survey!