Factor Sales shows inflation discrepancies between ICE and EV components
Date: Tuesday 14 May 2024
(14th May 2024, London, UK) Factor Sales, a leading market measurement data provider, can reveal a clear divergence in inflation rates between ICE-only parts and those compatible with both EVs and ICE vehicles.
Recent data and analysis gathered from transactional data from participating motor factors indicate ICE-only parts persist at a higher inflation rate compared to their EV+ICE counterparts. In fact, EV+ICE components are now priced consistently lower than the overall market. This marks a significant shift in market dynamics that has persisted for over 12 months.
Why the change?
For EV owners, this discrepancy in inflation rates brings promising news. The consistent lower inflation rates in EV+ICE parts suggest a growing acceptance and adaptation to EVs within the aftermarket.
Influences contributing to this trend include increasing consumer demand for EVs – in February, the Society of Motor Manufacturers and Traders announced that the one millionth battery electric vehicle had reached UK roads – and advancements in EV technology and infrastructure, such as the proliferation of EV charging points across the UK.
As more EVs enter the independent aftermarket, Factor Sales believes manufacturers and suppliers are adapting their offerings to cater to this evolving consumer base, leading to increased competition within the sector.
Furthermore, regulatory initiatives aimed at promoting clean energy have further incentivised the adoption of electric mobility, prompting investments in research and development for more affordable and sustainable EV-compatible parts.
“Growing EV impact spells good news for aftermarket”
Factor Sales Business Development Manager, Alex Jenner, said: “The downward trend in the aftermarket reflects the resilience and adaptability of the market in response to changing consumer preferences and technological advancements. Lower inflation rates in the EV+ICE segment underline the growing impact and influence of EVs, presenting aftermarket businesses unique opportunities to grow and expand.”
Factor Sales’ data and analysis offer invaluable insights for industry professionals navigating market trends, particularly the growing influence of EVs. By partnering with Factor Sales, industry stakeholders can stay ahead of industry shifts and capitalise on emerging opportunities in the evolving automotive aftermarket landscape.
For further information, please contact alexjenner@pearsonhamgroup.com
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