Automotive Remanufacturing Market Forecasts to 2028 - Global Analysis By Type (Transmission Parts, Engine & Related Parts, Wheel & Suspension System Related Parts, Braking System Related Parts, Electrical & Electronics System Parts and Other Types), Application and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $60.7 BN |
|
Projected Year Value (2028) |
US $119.1 BN |
|
CAGR (2022 - 2028) |
11.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Automotive Remanufacturing Market is accounted for $60.7 billion in 2022 and is expected to reach $119.1 billion by 2028 growing at a CAGR of 11.8% during the forecast period. Through cleaning, disassembly, repair, and the replacement of worn-out or outdated components, automotive remanufacturing is a standardised industrial process whereby worn-out, previously sold, non-functional automotive parts are repaired, rebuilt, and transformed into brand-new parts. The business engaged in the manufacturing process that entails product disassembly, replacing and restoring components, and testing of the entire product and the individual parts to its original design requirements is referred to as the automotive parts remanufacturing market.
According to the IEA, in 2021, battery electric vehicle sales in the U.S. jumped from 230,000 units in 2020 to 470,000 units. According to the U.S. Environmental Protection Agency, remanufacturing is a solution that offers substantial benefits economically, environmentally, and systematically.
Market Dynamics:
Driver:
Increasing need for low-cost vehicle replacement parts
The cost of new vehicle parts is high. The price of producing new parts also raises the overall cost of the finished good. Products that have been remanufactured have durability and quality that are comparable to those of original equipment and have lower production costs, which lower the overall cost of the product. Individuals in developing economies prefer to install refurbished parts instead of new ones. This aspect is also projected to fuel market expansion.
Restraint:
Lack of awareness
Auto parts that have been remanufactured are just as good as new ones. Because the government makes less of an effort to promote and use refurbished products, the potential of the industry for remanufactured parts is sometimes neglected. Customers in undeveloped and developing economies may not be aware of the economic and environmental advantages of remanufactured products, which could impede the market expansion.
Opportunity:
Stringent emission control
The primary cause of the manufacturer's shift in attention to remanufacturing techniques is the government's emphasis on minimising industrial emissions and waste. These methods generate fewer greenhouse gases and contaminants. However, the shortage of raw materials is encouraging players to use remanufacturing methods. Therefore, increasing demand in the automotive industry is driving the market growth.
Threat:
Lack of adequate recognition by consumers
High competition from vendors selling recycled and repaired vehicle body parts, reducing pricing disparities between these portfolio and original products, and longer warranty of components are a few reasons limiting market growth. Furthermore, a lack of customer identification of the differences between used and factory refurbished items, since the connotation of the terminology is misconstrued, is an obstacle impeding market growth.
Covid-19 Impact
The COVID-19 epidemic had a huge effect on the car sector. Remanufacturing plants could not operate at full capacity due to resource constraints, which led to their temporary closure and a slowdown in the market. The pandemic caused a severe lack of raw materials and severely impacted the supply chain networks in several industries, including automotive remanufacturing. Due to insufficient cash flow generation, numerous ongoing product-related R&D programmes were suspended, which resulted in sluggish growth in the remanufacturing industry.
The engine & related parts segment is expected to be the largest during the forecast period
The engine & related parts segment is estimated to have a lucrative growth, due to increasing demand for IC engine vehicles. These experience more wear and damage. This is the reason why parts like drive belts, oil filters, and air filters need to be changed more regularly than other automobile components. To meet the rising demand from consumers, the majority of the major aftermarket firms are concentrating on remanufacturing engine-related parts.
The passenger cars segment is expected to have the highest CAGR during the forecast period
The passenger cars segment is anticipated to witness the fastest CAGR growth during the forecast period, owing to the rising number of on-road passenger cars. Along with this, the segment is expected to benefit from rising auto sales and the industry's adoption of electric vehicles. The increasing knowledge and availability of remanufactured components compatible with a wide range of automobiles is expected to boost industry expansion.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to the growing sale of vehicles. The market will be primarily driven by rising consumer demand for affordable remanufactured auto parts, rising economic standards, and rising living standards of individuals. Furthermore, greater environmental awareness and increased awareness of waste management systems increase demand in this region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the presence of leading players and well-established automotive aftermarkets. The industry is being driven by an expanding number of automakers, rising OEM and governmental support for remanufactured parts, as well as quick-moving technology breakthroughs. Furthermore, it is anticipated that the growing use of electric vehicles would create profitable growth potential.
Key players in the market
Some of the key players profiled in the Automotive Remanufacturing Market include Caterpillar Inc., ATC Drivetrain, Robert Bosch GmbH, BBB Industries, Valeo, CARDONE Industries, Carwood Group, Borg Automotive, ZF Friedrichshafen AG, Monark Automotive GmbH, Standard Motor Products Inc., ATSCO Remanufacturing Inc., Teamec BVBA, Remy Power Products, LLC and Denso Corporation.
Key Developments:
In November 2022, Denso Corporation announced its remanufacturing program in Europe to further increase its adoption and boost awareness of the benefits of the remanufacturing process.
In July 2021, Bosch revealed its 455 automotive aftermarket parts that would cover more than 24 million operational vehicles. The company introduced a variety of product lines including Bosch eXchange Alternators. All the units were claimed to be factory-tested and remanufactured using high-quality materials and latest technologies for maximum durability.
Types Covered:
• Transmission Parts
• Engine & Related Parts
• Wheel & Suspension System Related Parts
• Braking System Related Parts
• Electrical & Electronics System Parts
• Other Types
Applications Covered:
• Commercial Vehicles
• Passenger Cars
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automotive Remanufacturing Market, By Type
5.1 Introduction
5.2 Transmission Parts
5.3 Engine & Related Parts
5.4 Wheel & Suspension System Related Parts
5.5 Braking System Related Parts
5.6 Electrical & Electronics System Parts
5.7 Other Types
6 Global Automotive Remanufacturing Market, By Application
6.1 Introduction
6.2 Commercial Vehicles
6.3 Passenger Cars
6.4 Other Applications
7 Global Automotive Remanufacturing Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Caterpillar Inc.
9.2 ATC Drivetrain
9.3 Robert Bosch GmbH
9.4 BBB Industries
9.5 Valeo
9.6 CARDONE Industries
9.7 Carwood Group
9.8 Borg Automotive
9.9 ZF Friedrichshafen AG
9.10 Monark Automotive GmbH
9.11 Standard Motor Products Inc.
9.12 ATSCO Remanufacturing Inc.
9.13 Teamec BVBA
9.14 Remy Power Products, LLC
9.15 Denso Corporation
List of Tables
1 Global Automotive Remanufacturing Market Outlook, By Region (2020-2028) ($MN)
2 Global Automotive Remanufacturing Market Outlook, By Type (2020-2028) ($MN)
3 Global Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
4 Global Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
5 Global Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
6 Global Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
7 Global Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
8 Global Automotive Remanufacturing Market Outlook, By Other Types (2020-2028) ($MN)
9 Global Automotive Remanufacturing Market Outlook, By Application (2020-2028) ($MN)
10 Global Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
11 Global Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
12 Global Automotive Remanufacturing Market Outlook, By Other Applications (2020-2028) ($MN)
13 North America Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
14 North America Automotive Remanufacturing Market Outlook, By Type (2020-2028) ($MN)
15 North America Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
16 North America Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
17 North America Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
18 North America Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
19 North America Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
20 North America Automotive Remanufacturing Market Outlook, By Other Types (2020-2028) ($MN)
21 North America Automotive Remanufacturing Market Outlook, By Application (2020-2028) ($MN)
22 North America Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
23 North America Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
24 North America Automotive Remanufacturing Market Outlook, By Other Applications (2020-2028) ($MN)
25 Europe Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
26 Europe Automotive Remanufacturing Market Outlook, By Type (2020-2028) ($MN)
27 Europe Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
28 Europe Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
29 Europe Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
30 Europe Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
31 Europe Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
32 Europe Automotive Remanufacturing Market Outlook, By Other Types (2020-2028) ($MN)
33 Europe Automotive Remanufacturing Market Outlook, By Application (2020-2028) ($MN)
34 Europe Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
35 Europe Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
36 Europe Automotive Remanufacturing Market Outlook, By Other Applications (2020-2028) ($MN)
37 Asia Pacific Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
38 Asia Pacific Automotive Remanufacturing Market Outlook, By Type (2020-2028) ($MN)
39 Asia Pacific Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
40 Asia Pacific Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
41 Asia Pacific Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
42 Asia Pacific Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
43 Asia Pacific Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
44 Asia Pacific Automotive Remanufacturing Market Outlook, By Other Types (2020-2028) ($MN)
45 Asia Pacific Automotive Remanufacturing Market Outlook, By Application (2020-2028) ($MN)
46 Asia Pacific Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
47 Asia Pacific Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
48 Asia Pacific Automotive Remanufacturing Market Outlook, By Other Applications (2020-2028) ($MN)
49 South America Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
50 South America Automotive Remanufacturing Market Outlook, By Type (2020-2028) ($MN)
51 South America Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
52 South America Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
53 South America Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
54 South America Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
55 South America Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
56 South America Automotive Remanufacturing Market Outlook, By Other Types (2020-2028) ($MN)
57 South America Automotive Remanufacturing Market Outlook, By Application (2020-2028) ($MN)
58 South America Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
59 South America Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
60 South America Automotive Remanufacturing Market Outlook, By Other Applications (2020-2028) ($MN)
61 Middle East & Africa Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
62 Middle East & Africa Automotive Remanufacturing Market Outlook, By Type (2020-2028) ($MN)
63 Middle East & Africa Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
64 Middle East & Africa Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
65 Middle East & Africa Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
66 Middle East & Africa Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
67 Middle East & Africa Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
68 Middle East & Africa Automotive Remanufacturing Market Outlook, By Other Types (2020-2028) ($MN)
69 Middle East & Africa Automotive Remanufacturing Market Outlook, By Application (2020-2028) ($MN)
70 Middle East & Africa Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
71 Middle East & Africa Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
72 Middle East & Africa Automotive Remanufacturing Market Outlook, By Other Applications (2020-2028) ($MN)
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