74 percent of Turks have or know someone who has bought counterfeit goods; only 18 percent feel safe with imitation auto parts.
Honeywell warns that initial cost savings could lead to more expensive failures or decreased fuel economy or engine performance.
Finding a cheaper counterfeit of a brand name item such as a watch, an article of clothing or accessory like sunglasses or a purse is easily done in Turkey according to 4 out of 5 Turks in a recent consumer survey. But when it comes to buying reliable automotive replacement parts, Turkish consumers prioritize safety over cost.
A recent survey commissioned by Honeywell (NYSE: HON) Turbo Technologies, the global developer of automotive turbochargers, has found that Turkish people put the issue of ‘security’ above everything else. While consumers in Turkey and likely many other countries may be tempted by the lower cost of imitation or fake products to make an impression, they are more discerning when making decisions involving personal safety.
Key Facts From the Study
Counterfeit sunglasses, watches, shoes and accessories: These are at the top of the list as the most preferred counterfeit products with 74 percent of respondents admitting to themselves or someone they know having knowingly purchased cheaper imitation, copy or counterfeit products of some sort.
Copy auto parts: Of all respondents, only 13 percent have bought copy car or motor vehicle parts, which reflects that when it comes to personal safety, Turkish consumers would rather invest more in a genuine product.
Increase in turbos in Turkey: Industry data indicates 77 percent of new car sales in Turkey in 2013 had turbos signaling the need for safe and reliable replacement parts. Through the first quarter of 2014, that number has already grown to more than 82 percent given the high number of turbodiesel sales in the country at about 67 percent.
Global growth of turbo technology: Turkey is not unique in its need for quality replacement parts as Honeywell expects turbocharging to continue growing globally from 31 percent in 2013 to 38 percent by 2018.
“While counterfeit parts are seen as an initial cost saving when purchasing a part, the savings may be, in most cases, only short term,” said Clement de Valon, Honeywell Turbo Technologies global director for the Independent Aftermarket. “The risk a consumer takes by purchasing lower quality, counterfeit parts can result in ongoing repairs, loss of fuel economy and safety risks that could lead to accidents. All of these factors will significantly increase the cost to the customer over time, whereas investing a little more money in a genuine part the first time can result in valuable savings.”
