Pune, India., April 21, 2023 (GLOBE NEWSWIRE) — The automotive remanufacturing market size reached USD 60.78 billion in 2022 and is projected to be valued at USD 65.49 billion in 2023. The market is estimated to be worth USD 126.42 billion by 2030, recording a CAGR of 9.9% during the forecast period of 2023-2030. Automotive remanufacturing is an industrial process that transforms worn-out, previously sold, non-functional automotive parts into brand-new components by cleaning, disassembly, repair, and replacing obsolete parts.
Automotive parts undergo a lot of wear and tear due to prolonged use. This is why the demand for replacing these worn-out parts has increased in the aftermarket, thereby boosting the market. Leading aftermarket players, such as Bosch, ZF Friedrichshafen AG, and others are also increasing their focus on providing remanufactured automotive parts that are low-cost and as good as new products. This factor is predicted to create lucrative growth opportunities for the market.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 9.9% |
| 2030 Value Projection | USD 126.42 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 65.49 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 160 |
Drivers & Restraints-
Shortage of Raw Materials for Making Automotive Components to Propel Market Growth
Shortage of raw materials can slow the rapid growth of the global automotive industry. The demand for raw materials has increased at a notable pace as vehicle manufacturers are expanding their production capacity. However, this shortage of raw materials in various geographical areas is prompting aftermarkets to use remanufacturing technologies to meet the increasing demand for replacing auto parts. This factor is expected to fuel the global automotive remanufacturing market growth.
The potential of the remanufactured parts industry is often undermined as governments are not making the required efforts in promoting the significance of remanufactured products. This may hamper the market growth during the forecast timeframe
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-remanufacturing-market-10742
Segments-
High Demand for Replacing Auto Parts in IC Engine Vehicles May Bolster Market Growth
Based on parts type, the market is divided into engine & related parts, transmission parts, electrical & electronics system parts, braking system-related parts, wheel & suspension system-related parts, and others.
The engine & related parts segment accounted for the largest market share in 2022. At present, IC engine vehicles are recording robust sales across the world. Engine & related parts go through constant wear & tear, and are at a high risk of getting damaged. This is why parts, such as oil filters, air filters, and drive belts need to be replaced more frequently than other automotive components.
Increasing On-road Passenger Cars will Spur Installation of Remanufactured Automotive Parts
In terms of vehicle type, the market is segmented into passenger cars and commercial vehicles.
The passenger cars segment dominated the market share. The number of on-road passenger cars is increasing across the globe, thereby accelerating the segment growth. Automotive sales are growing each year due to the rising disposable income of customers. The global automotive industry is adopting EV technologies on a large scale to create sustainable transportation. These factors are anticipated to boost the segment growth. Also, customers are becoming aware of the wide availability of remanufactured parts that are compatible with many vehicles, which will bolster the usage of these components in passenger cars.
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Competitive Landscape-
Growing Focus of Key Companies on Sustainable Automotive Remanufacturing Processes to Improve Market Competition
The market has a notable presence of key domestic companies. These market players are trying to develop sustainable remanufacturing processes to refurbish automotive parts efficiently. They are also creating automotive remanufacturing processes for various EV components such as drivetrains and batteries. These organizations are also entering into strategic partnerships and mergers to increase the production capacity of their remanufacturing business unit and improve their presence in the automotive aftermarket space.
Regional Insights-
Presence of Leading Automakers to Boost Market Growth in North America
North America held a dominant position in the global automotive remanufacturing market share in 2022, with the regional market size being valued at USD 18.98 billion. The region has a vast presence of leading players and well-established automotive aftermarkets in the U.S., which might boost the regional market growth. The demand for electric vehicles is rising at a commendable rate across North America. This scenario may generate attractive revenue growth opportunities for the regional market. For example, the IEA revealed that in 2021, the sales of battery electric vehicles in the U.S. grew from 230,000 units in 2020 to 470,000 units. This factor has increased the adoption of remanufacturing solutions for EVs, further driving the market growth.
Report Coverage:
The research report offers an elaborative analysis of the industry and underlines crucial aspects, such as top products/services, leading companies, and key applications of the products. It also provides important insights into the market trends and highlights critical industry developments. Along with these factors, the report also covers several factors that are helping the market grow.
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A list of prominent Automotive Remanufacturing manufacturers operating in the global market:
- Robert Bosch GmbH (Germany)
- ZF Friedrichshafen AG (Germany)
- BorgWarner Inc. (U.S.)
- Valeo (France)
- CARDONE Industries (U.S.)
- ATC Drivetrain (U.S.)
- Carwood Group (England)
- Caterpillar (U.S.)
- Borg Automotive (Denmark)
- BBB Industries (U.S.)
Notable Industry Development:
May 2022 – Caterpillar announced to expand its remanufacturing business to improve sales and promote sustainable production processes. The company aimed to work on products that had reached the end of their lifecycle and put them back in service by increasing their lifespan.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Developments
- Impact of Covid-19
- Global Automotive Remanufacturing Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Parts Type
- Engine Parts
- Transmission Parts
- Electrical & Electronics System Parts
- Braking System
- Wheel & Suspension System Parts
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger cars
- Commercial cars
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
- North America Automotive Remanufacturing Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Parts Type
- Engine Parts
- Transmission Parts
- Electrical & Electronics System Parts
- Braking System
- Wheel & Suspension System Parts
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger cars
- Commercial cars
- Market Analysis – By Country
- Market Analysis, Insights and Forecast – By Parts Type
- Europe Automotive Remanufacturing Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Parts Type
- Engine Parts
- Transmission Parts
- Electrical & Electronics System Parts
- Braking System
- Wheel & Suspension System Parts
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger cars
- Commercial cars
- Market Analysis – By Country
- The U.K
- Germany
- France
- Rest of the Europe
- Market Analysis, Insights and Forecast – By Parts Type
- Asia Pacific Automotive Remanufacturing Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Parts Type
- Engine Parts
- Transmission Parts
- Electrical & Electronics System Parts
- Braking System
- Wheel & Suspension System Parts
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger cars
- Commercial cars
- Market Analysis – By Country
- Japan
- China
- India
- Rest of Asia Pacific
- Market Analysis, Insights and Forecast – By Parts Type
- Rest of the World Automotive Remanufacturing Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Parts Type
- Engine Parts
- Transmission Parts
- Electrical & Electronics System Parts
- Braking System
- Wheel & Suspension System Parts
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger cars
- Commercial cars
- Market Analysis, Insights and Forecast – By Parts Type
- Competitive Analysis
- Key Industry Developments
- Global Market Ranking Analysis (2022)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- CARDONE Industries
- BorgWarner Inc.
- Caterpillar
- Carwood Group
- Borg Automotive
- ATC Drivetrain
- BBB Industries
- Valeo SA
Continued…
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