Automotive Parts Remanufacturing Market size to hit USD 112.22 Bn. by 2030 at a CAGR 6.8 percent says Maximize Market Research
Maximize Market Research a leading Automotive and Transportation research firm has published a market intelligence report on the Global Automotive Parts Remanufacturing Market. As per the report, the total market opportunity by 2030 is expected to be USD 112.22 Bn. The total market was valued at USD 70.80 Bn. in 2023 and it is expected to grow at a CAGR of 6.8 percent during the forecast period.
Market Size in 2023: USD 70.80 Billion
Market Size in 2030: USD 112.22 Billion
CAGR: 6.8 Percent
Forecast Period: 2024-2030
Base Year: 2023
Number of Pages: 223
No. of Tables: 138
No. of Charts and Figures: 191
Segment Covered: By Component, Vehicle type and Type
Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
Automotive Parts Remanufacturing Market Report Scope and Research Methodology
The report delves deeply into every aspect of the automotive parts remanufacturing industry, starting with a clear definition and then breaking down the market according to various criteria such as parts, vehicles, and geographical regions. Researchers gather information through extensive conversations with experts and thorough examination of numerous reports and databases. They meticulously analyse the data, ensuring its accuracy and reliability. Beyond mere numbers, they also investigate market drivers, key players, and consumer preferences. This comprehensive approach results in a detailed portrayal of the automotive parts remanufacturing sector, providing valuable insights for industry players to navigate the market successfully.
The report also provide future market trends, evaluates competition, and keeps a close watch on regulatory changes and consumer demands. This exhaustive work leads to solid conclusions and actionable advice for anyone involved in the automotive parts remanufacturing business.
Automotive Parts Remanufacturing Market Overview
In the automotive parts remanufacturing market, used components undergo refurbishment to reduce waste and environmental impact, spanning from engines to alternators, often restored to a quality exceeding new one. Key drivers include strict environmental regulations and the pursuit of cost-efficient solutions amid economic shifts. Challenges entail maintaining consistent quality, addressing consumer doubts, and competing with new parts manufacturers. Successfully navigating this terrain demands understanding market trends, regulations, and consumer preferences. The process involves multiple manufacturing steps such as dismantling, restoring, and testing individual parts to their original design. As the market progresses, stakeholders must stay adaptable to seize emerging opportunities and adeptly tackle evolving hurdles.
Automotive Parts Remanufacturing Market Dynamics
The automotive parts remanufacturing market thrives on profitable margins and cost savings, driven by stringent waste management regulations and a growing consumer preference for eco-conscious choices. Moreover, factors such as escalating metal mining expenses, environmental worries stemming from high energy use, and finite raw material reserves enhance the attractiveness of remanufactured parts. Nevertheless, obstacles like shortages in skilled labour and substantial investments in technology impede market expansion.
Automotive Parts Remanufacturing Market Regional Insights
North America leads the charge in the global automotive parts remanufacturing scene. Thanks to its top-notch infrastructure, strict rules, and well-established auto industry, it’s a major player in revamping car parts. The region’s big on sustainability and green practices, which fuels the demand for recycled parts. Plus, North America’s got a wide network of remanufacturing spots and skilled workers, making it a powerhouse in this market. It’s clear that North America’s setting the pace for the rest of the world when it comes to remanufacturing car parts.
North America’s leadership in automotive parts remanufacturing is driven by various factors. Firstly, the region’s robust infrastructure streamlines refurbishment processes. More and more people are leaning towards eco-friendly practices, which is driving up the demand for recycled components. Plus, having skilled workers around makes the remanufactured parts even better quality. All of this is why North America is a big player in the automotive parts remanufacturing world.
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Automotive Parts Remanufacturing Market Segmentation
By Component
- Engine and Related parts
- Electrical & electronics
- Transmission & others
The component segment is led by Electrical & electronics in 2023 and is expected to dominate throughout the forecast period from 2024 to 2030. Looking at the different components involved, we’ve got engines and related parts, electrical and electronics, and transmission among others. Electrical and electronics segment is the leading segment right now, the electrical and electronics segment is really leading the pack. That’s because there’s a growing trend of replacing starters and alternators, which helps to boost the demand of Automotive Parts Remanufacturing Market in that area.
By Vehicle type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Passenger Vehicle
The component segment is led in 2023 and is expected to dominate throughout the forecast period from 2024 to 2030. Looking at vehicle types, we’ve got light commercial vehicles, heavy commercial vehicles, and passenger vehicles. With urbanization and globalization on the rise, there’s a big push for passenger vehicles. This means the passenger vehicle segment is seeing the fastest growth rate in the forecast period. But don’t count out light and heavy vehicles—they’re also seeing increased demand alongside the passenger vehicles.
By Type
- Remanufacturing by Recoating Worn Parts
- Remanufacturing without identity loss
- Remanufacturing with identity loss
The Automotive Parts Remanufacturing market is crucially important for Automotive and transportation applications. There are different types of remanufacturing methods, we’ve got recoating worn parts, remanufacturing without identity loss, and remanufacturing with identity loss. Right now, it seems like the remanufacturing by recoating worn parts method is set to lead the automotive parts remanufacturing market in the forecast period.
Automotive Parts Remanufacturing Market Key Competitors include:
- BBB Industries, LLC
- Remy International, Inc.
- Maval Manufacturing, Inc.
- Robert Bosch GmbH
- SKF Group
- Borg Automotive A/S
- ZF Friedrichshafen AG
- DENSO Corporation
- Valeo Group
- DST Group
- Halawa Group
- AutoZone, Inc.
- Eaton Corporation
- BorgWarner Inc.
Key questions answered in the Global Automotive Parts Remanufacturing Market are:
- What is the expected CAGR of the Automotive Parts Remanufacturing Market during the forecast period?
- What was the Automotive Parts Remanufacturing Market Size in 2023?
- What is the expected Automotive Parts Remanufacturing Market size in 2030?
- What are the global trends in the Automotive Parts Remanufacturing Market?
- What are the upcoming industry applications and trends for the Automotive Parts Remanufacturing Market?
- What recent industry trends can be implemented to generate additional revenue streams for the Automotive Parts Remanufacturing Market?
- What growth strategies are the players considering to increase their presence in the Automotive Parts Remanufacturing Market?
- What major challenges could the Automotive Parts Remanufacturing Market face in the future?
- Who held the largest market share in the Automotive Parts Remanufacturing Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2023)
- Past Pricing and price curve by region (2018 to 2023)
- Market Size, Share, Size & Forecast by Different Segment | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Component, Vehicle type and Type.
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
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Mining Remanufacturing Components Market: Global Mining Remanufacturing Components Market is expected to reach US$ 5.04 Bn. by 2029, at a CAGR of 3.15% during the forecast period. The increasing emphasis on sustainability and cost-efficiency propels the growth of the Global Mining Remanufacturing Components Market.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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