Published on : Apr 20, 2017
Albany, New York, April 20, 2017: In this intensified competition globally, the European industry continues shaping itself. The field of innovation filled with highly efficient engines and service parts in the automotive sector are gaining huge momentum. A new study, focusing on the current state of the European service parts market has been freshly broadcasted to the wide database of Market Research Hub (MRH), which is titled as “The European Service Parts Market 2012-2020: Market size, Market Forecast and Recommendations”. This report offers an in-depth overview of the market and also outlines the major issues currently affecting service parts in the European service parts market.
By the end of 2020, the European automotive services market will continue to come under pressure from various sides. Like all the aftermarket components, the service parts market was adversely affected by Europe's economic recession. During the time of recession, people will typically opt to repair their cars rather than replace them, seeking to pay cheaper prices for the components that are fitted as they do. In coming years, OEMs and their authorized repair shops will actively use cost and price strategies to assert in the highly competitive market.
As per the findings, the markets for components such as engine oil continue to be affected by a number of factors, including emissions regulations, fuel economy and durability. Firstly, the report provides a brief introduction of the European service parts market. Major service parts described in the report are as follows:
- Glow Plugs
- Spark Plugs
- Petrol Filters
- Cabin Filters
- Oil Filters
- Air Filters
- Diesel Filters
From the past few years, major drivers of growth for the filters market is the increase in the production of vehicles, the increasing focus of vehicle owners on preventative maintenance, the increasing average age of vehicles in operation and the increasing number of miles driven per vehicle. The fuel filter and cabin air filter segments are expected to show average growth during the forecast period.
Each of the above segment is highlighted in the report along with overview, recommendations, market forecast until 2020, channel shares and major sector trends. The report further also adds that this broad and detailed perspective will help manufacturers and retailers to understand and do well in the challenging service parts market. Within the global automotive filter market, the oil filter segment is expected to remain the largest market. Rising vehicle production and increasing demand from original equipment manufacturers (OEMs) and the aftermarket is expected to spur growth for this segment over the forecast period. Apart from that, petrol filters market is declining, as the demand for diesel continues to grow.
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