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A recent report published by Infinium Global Research on automotive parts remanufacturing market provides in-depth analysis of segments and sub-segments in the global as well as regional automotive parts remanufacturing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive parts remanufacturing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global automotive parts remanufacturing market. The global automotive parts remanufacturing market was valued at about USD 110 billion in 2022 and is expected to reach nearly USD 190 billion in 2030, with a CAGR of around 7% during the forecast period 2023-2030.
The remanufacturing industry has existed for more than 70 years now. Before the industry was born, defective units were simply regarded as scrap. The remanufacturing industry has resulted in a better and cleaner environment. Remanufactured automotive parts are renovated used parts or components by standardized industrial processes in line with specific technical specifications. A remanufactured part is offered the same warranty as a new part and it is clearly noted that the part is remanufactured and states the remanufacturer. Remanufacturing is an extensive process and it offers a lot of advantages for the OEMs, and for the environment.
The shortage of raw materials and subsequent fluctuations in their prices is driving the growth of the automotive parts remanufacturing market. Remanufactured automotive parts are extracted from older vehicles and renovated. This eliminates the need to extract materials from mines and ores. Moreover, the growing shift towards environment-friendly products and manufacturing in the automotive industry is anticipated to augment the market growth. Automotive parts remanufacturing encourages recycling and restrains non-sustainable practices such as mining. However, lack of recognition from the consumers along with unfavorable regulatory policies is expected to hamper the market growth. The rapid integration of advanced technology into vehicles including hybrid and electric vehicles is likely to boost the automotive parts remanufacturing market over the forecast period.
The global automotive parts remanufacturing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Among these regions, North America generated the highest revenue in the market. A growing number of automotive manufacturers, increasing support for remanufactured parts from OEMs and legislative authorities, coupled with rapid technological advancements is mainly driving the automotive parts remanufacturing market in the region. On the other hand, the Asia Pacific automotive parts remanufacturing market is anticipated to grow with the fastest CAGR over the forecast period. The growth of the automotive parts remanufacturing market in the Asia Pacific is mainly due to the growing sale of vehicles and increasing demand for cost-efficient automotive parts.
The report on global automotive parts remanufacturing market covers segments such as part, and vehicle type. On the basis of part, the sub-markets include engine parts, transmission & others, wheels & brakes related, electrical & electronics, body and chassis, steering, a/c compressors, fuel systems, and others. On the basis of vehicle type, the sub-markets include passenger vehicle, and commercial vehicle.
The report provides profiles of the companies in the market such as Valeo, Budweg Caliper A/S, Carwood Group, MAVALgear, Meritor, Inc., ATC Drivetrain, Jasper Engines & Transmissions, Robert Bosch GmbH, ZF Friedrichshafen AG, and Genuine Parts Company.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the automotive parts remanufacturing market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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