The Global Europe Automotive Parts Remanufacturing Market Growth Accelerated By Increased Demand For Sustainable Products
Europe Automotive Parts Remanufacturing Market |
The
Europe automotive parts remanufacturing market involves repairing and
rebuilding worn, non-functional, or discarded automotive parts to restore their
function and performance. Products such as engines, transmissions, and others
that have high wear rate are commonly remanufactured. This helps extend product
life and reduces waste from landfills.
The
global Europe Automotive Parts Remanufacturing Market is estimated to be valued
at US$ 15.34 Mn in 2023 and is
expected to exhibit a CAGR of 17%
over the forecast period 2023 to 2030,
as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased focus on sustainability among automobile manufacturers and consumers
is one of the key factors driving the growth of Europe automotive parts
remanufacturing market. Strict environmental regulations restricting landfill
and promoting circular economy in European countries are prompting companies to
adopt sustainable remanufacturing practices. Adoption of automotive parts
remanufacturing helps reduce carbon footprint and manufacture components with
much lower energy usage compared to primary manufacturing. This is increasing
preference of OEMs and independent aftermarkets for sourcing remanufactured
parts to meet sustainability goals.
Segment Analysis
The Europe automotive parts remanufacturing market is dominated by engine &
transmission remanufacturing segment. Around 30% of vehicle parts that are
replaced each year in Europe are from engine & transmission category. These
parts face high wear & tear and require frequent replacement or
remanufacturing. Engine components like pistons, camshafts, crankshafts etc.
see significant amount of stresses during vehicle operation. Their
remanufacturing helps reduce costs as well as supports sustainability by
recycling of these crucial parts.
Key Takeaways
The Europe
Automotive Parts Remanufacturing Market Size is expected to witness high growth. The
market size for 2023 is US$ 15.34 Mn and is forecast to reach over US$ 26 Mn by
2030, expanding at a CAGR of 17%.
Regional analysis: Germany dominates Europe's automotive parts remanufacturing
market with around 25% share due to strong presence of leading automakers like
Volkswagen, BMW and Daimler. The demand is highest in Western Europe while
Eastern Europe is expected to show fastest growth during the forecast period
supported by increasing vehicle parc and awareness about cost benefits of
remanufactured parts.
Key players: Key players operating in the Europe automotive parts
remanufacturing market are Amgen Inc., Biocon Ltd, Dr. Reddy’s Laboratories,
reliance life sciences, Teva Pharmaceutical Industries Limited, Merck & Co.
Inc., Eli Lilly and Company, Intas Pharmaceutical Ltd, Kashiv Bio Sciences,
Pfizer Inc. Amgen Inc has a significant market share owning to its strong distribution
network and technically advanced remanufacturing facilities across major
countries.
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