How big is the business of Counterfeiting?

It has been reported that globally there has been an unhealthy growth of counterfeit vehicles and their parts which puts the user safety to risk and is causing the automobile companies to lose millions. A majority of these parts which are counterfeit have come from China while a lot of them are locally generated as well. It is known that the two out of five spare parts which are sold are fake.

It has been estimated by the Automotive Component Manufacturers Association (ACMA) that the Indian market has a rated fake spare part whose value will be somewhere around 10500 to 14000 crore. 40% of these automobile treated parts sold are fake, so buyers have to be careful while they are buying these parts as not only they are being cheated on, but their life is also being put on danger.

Some of the most common parts which are getting counterfeited every day are filter lamps, clutch, and wipers, Steering arms, bearings, and even the most crucial element – brakes. The business of counterfeit parts is growing with every passing day, and this makes the business of the honest automobile manufacturers weak. The fake parts are also available for buses, trucks, and bikes and people opt for them because they are attracted by the cheap prices at which they are getting these products.

What is the solution?
As a result of this fake automobile market, the government of India is losing twenty-two thousand crores on the tax revenues as none of the fake parts come within the tax framework of our country. This vast racket, if not stop, will slowly feed on the market of the automobile and spare parts manufacturers causing them, and the government loses a lot more than it can be anticipated. Regular raids are taking place at these manufacturer sites even though it is not enough to catch all these illegal producers.

So the buyers should be more alert and aware of the things they are being handed and the possible life risks associated with the usage of these fake parts. This way this huge racket of counterfeit parts will cease to exist if there is no demand for the fake materials that are provided by them. People should not get lured by the attractive prices and think about their safety.