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| Automotive Parts Remanufacturing Market |
The
global Automotive Parts Remanufacturing Market is estimated to be valued at US$ 2541.81 Bn in 2023 and is expected
to exhibit a CAGR of 8.7% over the
forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive parts remanufacturing involves rebuilding automotive parts to same
performance level as new parts without compromising on safety, reliability and
quality. Remanufacturing of core components such as engines, transmissions,
fuel injection systems and turbochargers helps extend the life of vehicles
while being more economical and environment friendly compared to replacements
with new parts.
Market key trends:
One of the key trends driving growth in the automotive parts remanufacturing
market is the increasing vehicle recycling rates across regions. As per
statistics, over 10 million vehicles reached end of life in North America alone
in 2021. Retrieving good quality core components from these vehicles enables
their remanufacturing into like-new products. Furthermore, stringency in
emission regulations have compelled both automakers and consumers to opt for
remanufactured components as a more affordable and eco-friendly alternative to
new parts. The cost benefits of up to 30-50% with remanufactured parts compared
to new also contributes to the growing demand.
Segment Analysis
The global automotive parts remanufacturing market is segmented into engine
& related parts, transmission & drivetrain, electric & electronics,
suspension, brake, and others. The engine & related parts segment dominated
the market in 2023 and is expected to continue its dominance during the
forecast period. This is due to the higher failure rates of engine components
such as turbochargers, fuel pumps, and radiators as compared to other components.
Remanufacturing of engine parts provides significant cost benefits.
Key Takeaways
Regional Analysis
North America dominated the global market in 2023 and accounted for over 30%
share of the total market revenue. This is attributed to the rising vehicle
fleet and average age of vehicles in the US and Canada. Europe held the second
position and is projected to grow at a CAGR of 7.3% during 2023-2030.
Key Players
Key players operating in the automotive parts remanufacturing market are 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.
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