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.

Get more insights on this topic:

https://www.marketwebjournal.com/europe-automotive-parts-remanufacturing-market-market-size-and-share-analysis/

 

Comments

Post a Comment

Popular posts from this blog

Eyewear Market Is Estimated To Witness High Growth Owing To the Growing Demand for Prescription Eyewear

Image
  Eyewear Market The global Eyewear Market is estimated to be valued at US$ 273.4 billion in 2018 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: The Eyewear Market includes products such as prescription glasses, contact lenses, and sunglasses. These products offer vision correction and protection from harmful ultraviolet (UV) rays. The increasing prevalence of eye disorders and the growing awareness about the importance of eye health are driving the demand for eyewear products. Furthermore, the rising use of digital devices and exposure to blue light is also contributing to the need for prescription eyewear to reduce eye strain and prevent vision problems. Market Key Trends: One key trend in the Eyewear Market is the increasing demand for fashionable and luxury eyewear. Consumers are not only seeking vision correction but also looking for eyewear that complements
Read more

The Mobile Computed Tomography Is The Fastest Growing Segment Fueling The Growth Of Computed Tomography Market

Image
  Computed Tomography Market The global Computed Tomography Market is estimated to be valued at US$ 7.9 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview : Computed tomography, commonly known as CT or CAT scan, is a medical imaging technique used for clinical diagnosis and interventional procedures. CT imaging provides cross-sectional views of the internal organs to accurately detect medical conditions such as cancer, blood clots, lung nodules, or bone fractures. CT scans generate three-dimensional images or slices of the bones, blood vessels, and soft tissues inside the body. Market key trends: One of the key trends in the computed tomography market is the growing adoption of mobile CT systems. Mobile CT systems are CT devices that can be transported to various locations within a hospital campus or healthcare facility. Mobile CT scanners provide versat
Read more

Electronic Warfare Market Poised to Witness High Growth Owing to Increasing Usage of EW Systems Across Military and Defense Sectors

Image
Electronic Warfare Market Electronic warfare (EW) systems are used for detecting, deceiving or damaging enemy’s communication and radar systems. It involves deliberate emission or suppression of electromagnetic energy to maintain information dominance. EW systems find wide applications across military, including land, sea, air and space operations for counteracting threats from armed forces of other nations. The need for situational awareness and gaining tactical advantage over opponents has catalyzed demand from armed forces globally. The global electronic warfare market is estimated to be valued at US$ 18.45 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.  Key players operating in the electronic warfare market are BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corpor
Read more