Brentwood, United Kingdom , June 30, 2023 (GLOBE NEWSWIRE) -- 
Design911 Forecasts Growth in OEM Approved Car Parts Market Despite Economic Challenges
Restrictions on domestic and international logistics, shortages of new vehicle components such as electronic chips and delays in car production over the pandemic caused a blip in the automotive components aftermarket – as was the case with countless other industries.
Design911, a specialist provider of Porsche-approved parts, accessories and upgrades based in Essex, notes that the year to date has seen significant improvements, with the sector rebounding and continuing to experience ongoing expansion despite prevailing challenges around rising living costs.
Predictions for the UK Vehicle Components Sector
Automotive component manufacturing was hit badly by the pandemic, partly due to the cessation of production across some of the primary international manufacturing hubs and partly due to the complexities around limited logistics and material scarcity.
However, the long-term trajectory is positive. Precedence Research suggests the global OEM market is expected to rise from $33.75 billion to $46 billion by 2030, with a forecast compound annual growth of 4.17%.
There are two influential reasons OEM approved car parts are expected to become in greater demand:
- Government targets to reduce carbon emissions and prioritise fuel efficiency and reduced emissions mean garages, mechanics, and dealerships will look to recommend highly efficient components to adhere to the need for lighter-weight parts that conform to evolving regulations.
- The huge growth in EV vehicle production means that dealerships and service centres will need to expand their offerings to provide the necessary replacements and parts for electric and hybrid vehicles, where compatible, manufacturer-approved components will be required.
The Society of Motor Manufacturers and Traders (SMMT) in the UK indicates that the automotive aftermarket is the fourth largest in Europe and ninth globally, contributing £12.3 billion to the British economy each year.
Changes in Consumer Priorities When Purchasing Car Components
One of the outcomes of ongoing increases in living costs and sustained inflation is that consumers are making more informed decisions and prioritising quality over quantity to ensure the components they purchase are designed to last.
Approved car parts providers, with endorsement by vehicle manufacturers, have seen upticks where consumers are cautious about purchasing generic components or trusting online marketplaces where there is little in the way of warranties or traceability should something go wrong.
While 2022 was a difficult year for the global automotive industry, the considerable spikes in hybrid and EV vehicle acquisition and investment in technological innovation look set to generate excellent growth in the months ahead, particularly when owners of newer electric or semi-electric vehicles generate further demand for servicing and upgrades within this sub-sector.
Managing Director of Design911, Karl Chopra, says: "With over 60 years of expertise sourcing and supplying high-volume and specialist Porsche parts, we are looking forward to another busy year and broadening our catalogue to incorporate more of the superb components produced by verified Porsche parts manufacturers.
Having expanded to include a new European warehouse to provide faster, more reliable and low-cost shipping across our customer base, we have also introduced free delivery on UK-based orders over £200, combining quality excellence with convenience and value.”
Guidance on Selecting Manufacturer-Approved Vehicle Parts
Consumers are advised to only ever source or select parts provided by companies with approved status, indicating that the components available have been specifically engineered to replace worn or outdated parts within their vehicle.
Approved OEM parts are manufactured to the same specification as the original parts supplied with the vehicle when new and provide benefits in terms of compatibility and efficiency, manufactured with high-quality materials that will perform optimally without requiring replacement sooner than necessary.
Genuine manufacturer-endorsed parts are exhaustively tested to ensure they meet the exact quality standards expected and assure drivers that their vehicle is safe and will offer a comfortable driving experience.
Chopra added: “Porsche owners are strongly advised to avoid any non-approved parts, to assist with road safety and retain the saleable value of their vehicle, where official parts and components with professional warranties protect the value of the car and can be included within a comprehensive service history.”
Read more about Design911 - Design911 Marks Porsche's 75th Anniversary in Style
Media Contact:
Tom Harper-Ward
Design 911
+44 (0)208 500 8811
About Design911
Design911 has established itself as the market leader, offering trade and retail customers a full range of OEM and aftermarket Porsche parts Europe for general servicing and rebuild as well as restoration and tuning for the UK, European and world-wide markets. The Design911.co.uk website now sports a Porsche parts finder to help you get the exact aftermarket Porsche part your need. The company's impressive 34,000 sq. ft Essex headquarters comprise sales department, warehouse, workshop and body shop, as well as a showroom of classic Porsches for sale. We pride ourselves that we will be the company that can supply 'every part for every Porsche'.
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Source Company: https://www.design911.co.uk
