Automotive Parts Remanufacturing Market Projected to Reach US$ 60.8 Billion by 2022
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| Automotive Parts Remanufacturing Market |
The global Automotive Parts Remanufacturing Market is estimated to be valued at US$ 60.8 billion in 2022 and is expected to exhibit a CAGR of 8.7% over the forecast period from 2023 to 2030, according to a new report published by Coherent Market Insights.
Market Overview:
The Automotive Parts Remanufacturing Market involves the process of restoring
used automotive parts to their original condition or even better, ensuring
their usability for extended periods. This process reduces waste and
contributes to sustainability efforts. Remanufactured automotive parts provide
various advantages, including reduced production costs, decreased energy
consumption, and conservation of resources. Moreover, these parts help in
reducing greenhouse gas emissions and promote a circular economy by extending
the lifespan of automotive components.
Market Key Trends:
One of the key trends in the Automotive Parts Remanufacturing Market is the
increasing adoption of advanced technologies in the remanufacturing process.
Advancements in technologies such as robotics, artificial intelligence, and
automation have enabled more efficient and accurate remanufacturing operations.
These technologies help in improving process efficiencies, reducing errors, and
enhancing the quality of remanufactured parts. Additionally, the integration of
advanced technologies also enables better monitoring and tracking of inventory,
thereby streamlining the supply chain and reducing costs. This trend is
expected to further drive the growth of the Automotive Parts Remanufacturing
Market in the coming years.
Segment Analysis:
The automotive parts remanufacturing market can be segmented based on product
type, vehicle type, and region. In terms of product type, the engine segment is
expected to dominate the market during the forecast period. This can be
attributed to the increasing demand for remanufactured engines due to their
cost-effectiveness and sustainability. Remanufactured engines offer similar
performance to new engines but at a lower cost, which has led to their
widespread adoption in the automotive industry.
In the vehicle type segment, passenger vehicles are expected to hold the
largest market share. This can be attributed to the high number of passenger
vehicles on the roads and the growing demand for cost-effective solutions for
vehicle maintenance and repair. The increasing awareness about the benefits of
automotive parts remanufacturing, such as reduced environmental impact and
lower costs, is driving the demand for remanufactured parts in passenger
vehicles.
Key Takeaways:
The
Global Automotive Parts Remanufacturing Market Demand is expected to
witness high growth, exhibiting a CAGR
of 8.7% over the forecast period from 2023
to 2030. This growth can be attributed to several factors. Firstly, the
increasing focus on sustainability and environmental conservation is driving
the demand for remanufactured automotive parts. Remanufacturing helps reduce
waste and energy consumption compared to manufacturing new parts. Additionally,
remanufactured automotive parts are often more cost-effective than new parts,
which is appealing to consumers and aftermarket service providers.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the automotive parts remanufacturing
market. This can be attributed to the presence of major key players and the
well-established automotive industry in the region. The increasing focus on
sustainable practices and the demand for cost-effective solutions for vehicle
maintenance are driving the growth of the automotive parts remanufacturing
market in North America.
Key players operating in the automotive parts remanufacturing market include
Valeo SA, ZF TRW, Carwood Group, Robert Bosch GmbH, Meritor Inc., Monark
Automotive GmbH, Budweg Caliper A/S, Genuine Parts Company, ATC Drivetrain
Inc., Maval Manufacturing Inc., Teamec BVBA, Motorcar Parts of America, Inc.,
and Jasper Engines and Transmissions. These key players have a strong presence
in the market and are actively involved in strategic initiatives such as
partnerships, mergers and acquisitions, and product development to gain a
competitive edge.
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