Automotive Remanufacturing Market
PUBLISHED: 2023 ID: SMRC22942
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Automotive Remanufacturing Market

Automotive Remanufacturing Market Forecasts to 2028 - Global Analysis By Part Type (Transmission Parts, Electrical & Electronics System Parts, Engine & Related Parts and Other Part Types), Vehicle Type (Passenger Cars and Commercial Vehicles), and By Geography

4.6 (94 reviews)
4.6 (94 reviews)
Published: 2023 ID: SMRC22942

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $60.78 BN

Projected Year Value (2028)

US $119.33 BN

CAGR (2022 - 2028)

11.9%

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 $60.78 billion in 2022 and is expected to reach $119.33 billion by 2028 growing at a CAGR of 11.9% during the forecast period. Through cleaning, disassembly, repair, and replacement of worn-out or non-functional automobile components, automotive remanufacturing is a standardised industrial process that turns outdated, previously sold, non-functional parts into brand-new ones.

According to the International Energy Agency (IEA), EV sales doubled in 2021 to a new record of 6.6 million units. This factor is expected to generate significant demand for remanufactured EV parts such as EV batteries, tires, and other components.



Market Dynamics:

Driver:

Electric vehicle need for remanufactured parts

This market is expanding quickly as the demand for remanufactured auto components for electric cars is kept high by the worldwide megatrend of automotive electrification. This element is anticipated to significantly increase demand for remanufactured EV parts, including tyres, batteries, and other components. To seize early revenue growth prospects, manufacturers are concentrating on offering automotive remanufacturing and recycling solutions for electric vehicle parts. These are a few of the trends influencing the growth of the global automobile remanufacturing industry.

Restraint:

Lack of knowledge about remanufactured automotive parts

Auto parts that have been remanufactured are just as excellent as new ones. Due to the government's lack of efforts in marketing and implementing remanufactured goods, the potential of the sector for remanufactured components is sometimes underestimated. Customers in undeveloped and developing economies may not be aware of the economic and environmental advantages of remanufactured products, which might impede the market's expansion over the projection period.

Opportunity:

Lack of raw materials needed to make automotive components

Lack of raw materials has been one of the main challenges facing the continuously expanding automobile sector. As automakers increase their manufacturing capacity, the need for raw materials has increased significantly. To meet the rising demand for car part replacement, aftermarket businesses are being encouraged to use remanufacturing processes due to the restricted supply of raw materials in diverse geographic areas. This will boost expansion in the worldwide market.

Threat:

Inadequate customer recognition and unfavourable regulatory practises

A few constraints limiting market growth include fierce competition from suppliers of recycled and repaired vehicle body parts, dwindling pricing disparities between this portfolio and the original goods, and longer warranty on components. Another problem impeding the growth of the automobile parts remanufacturing business is customer ignorance of the distinctions between used and remains items due to erroneous language connotations. In particular in emerging markets, suppliers find it challenging to dispel consumer misunderstandings about the product quality due to the product's availability for 60% of the original equipment price. Along with these requirements, several Asian nations, notably India, have made it illegal to import cores, which are a necessary component for remanufacturers. The expansion of the sector is predicted to be significantly hampered by these factors

Covid-19 Impact

The worldwide automobile sector was significantly impacted by the COVID-19 epidemic. Remanufacturing factories were unable to operate at full capacity because of a lack of resources, which led to a temporary shutdown of those operations and a slowdown in the market. The pandemic caused a severe lack of raw materials and severely damaged the supply chain networks in many different industries, including the remanufacturing of automobiles. Additionally, the epidemic severely reduced income for businesses and had an effect on their entire sales. Due to insufficient cash flow creation, several ongoing product-related R&D programmes had to be placed on hold, which resulted in the remanufacturing industry's growth slowing down.

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 vehicles using IC engines are currently widely offered globally. Engine and associated parts are more vulnerable to wear and damage. This is why elements 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, due to the increasing on-road passenger car production is propelling the segment's growth. Future category development is also predicted to be boosted by rising automobile sales and the use of EVs in the global automotive industry. Remanufactured components that are compatible with a variety of cars are becoming more widely known about, and this is expected to fuel segment expansion in the years to come.

Region with highest share:

Asia Pacific is projected to hold the highest market share during the forecast period owing to the increased vehicle production in nations like China, India, Japan, and South Korea is to blame for this. Additionally, the area is home to a number of Original Equipment Manufacturers (OEMs) for the automobile industry that is heavily invested in R&D for the creation of effective engines.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the presence of top companies and well-established automotive aftermarkets in the US. Additionally, North America's growing use of electric cars is in the upcoming years, predicted to produce profitable chances for revenue development. This situation has raised the need for EV remanufacturing solutions, which is further fueling market expansion.



Key players in the market

Some of the key players profiled in the Automotive Remanufacturing Market include Robert Bosch GmbH, BorgWarner Inc, ZF Friedrichshafen AG, Valeo, ATC Drivetrain, CARDONE Industries, Caterpillar, BBB Industries, Carwood Group, Meritor Inc, Monark Automotive GmbH, Genuine Parts Company, Maval Manufacturing Inc, Teamec BVBA and Jasper Engines

Key Developments:

In May 2023, Bosch Engineering and Ligier Automotive establish strategic development partnership for high-performance vehicles with a hydrogen engine, the goal of the project is to build a high-performance vehicle with a hydrogen engine that delivers drive dynamics equivalent to those of conventional gasoline-powered sports cars.

In May 2023, BorgWarner Launches Exclusive Co-Branded Borg-Warner Trophy® Merchandise with Indianapolis Motor Speedway, Merchandise exclusively available through Legends retail operations.

In April 2023, Bosch is expanding its semiconductor business with silicon carbide chips. The technology company plans to acquire assets of the U.S. chipmaker TSI Semiconductors, based in Roseville, California.

Part Types Covered:
• Transmission Parts
• Electrical & Electronics System Parts
• Engine & Related Parts
• Wheel & Suspension System Related Parts
• Braking System Related Parts
• Other Part Types

Vehicle Types Covered:
• Passenger Cars
• Commercial Vehicles

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 Emerging Markets
3.7 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 Part Type
5.1 Introduction
5.2 Transmission Parts
5.3 Electrical & Electronics System Parts
5.4 Engine & Related Parts
5.5 Wheel & Suspension System Related Parts
5.6 Braking System Related Parts
5.7 Other Part Types

6 Global Automotive Remanufacturing Market, By Vehicle Type
6.1 Introduction
6.2 Passenger Cars
6.3 Commercial Vehicles

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 Robert Bosch GmbH
9.2 BorgWarner Inc
9.3 ZF Friedrichshafen AG
9.4 Valeo
9.5 ATC Drivetrain
9.6 CARDONE Industries
9.7 Caterpillar
9.8 BBB Industries
9.9 Carwood Group
9.10 Meritor Inc
9.11 Monark Automotive GmbH
9.12 Genuine Parts Company
9.13 Maval Manufacturing Inc
9.14 Teamec BVBA
9.15 Jasper Engines

List of Tables
1 Global Automotive Remanufacturing Market Outlook, By Region (2020-2028) ($MN)
2 Global Automotive Remanufacturing Market Outlook, By Part Type (2020-2028) ($MN)
3 Global Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
4 Global Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
5 Global Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
6 Global Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
7 Global Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
8 Global Automotive Remanufacturing Market Outlook, By Other Part Types (2020-2028) ($MN)
9 Global Automotive Remanufacturing Market Outlook, By Vehicle Type (2020-2028) ($MN)
10 Global Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
11 Global Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
12 North America Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
13 North America Automotive Remanufacturing Market Outlook, By Part Type (2020-2028) ($MN)
14 North America Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
15 North America Automotive Remanufacturing Market Outlook, By Electrical & Electronics System 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 Other Part Types (2020-2028) ($MN)
20 North America Automotive Remanufacturing Market Outlook, By Vehicle Type (2020-2028) ($MN)
21 North America Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
22 North America Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
23 Europe Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
24 Europe Automotive Remanufacturing Market Outlook, By Part Type (2020-2028) ($MN)
25 Europe Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
26 Europe Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
27 Europe Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
28 Europe Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
29 Europe Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
30 Europe Automotive Remanufacturing Market Outlook, By Other Part Types (2020-2028) ($MN)
31 Europe Automotive Remanufacturing Market Outlook, By Vehicle Type (2020-2028) ($MN)
32 Europe Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
33 Europe Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
34 Asia Pacific Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
35 Asia Pacific Automotive Remanufacturing Market Outlook, By Part Type (2020-2028) ($MN)
36 Asia Pacific Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
37 Asia Pacific Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
38 Asia Pacific Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
39 Asia Pacific Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
40 Asia Pacific Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
41 Asia Pacific Automotive Remanufacturing Market Outlook, By Other Part Types (2020-2028) ($MN)
42 Asia Pacific Automotive Remanufacturing Market Outlook, By Vehicle Type (2020-2028) ($MN)
43 Asia Pacific Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
44 Asia Pacific Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
45 South America Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
46 South America Automotive Remanufacturing Market Outlook, By Part Type (2020-2028) ($MN)
47 South America Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
48 South America Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
49 South America Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
50 South America Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
51 South America Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
52 South America Automotive Remanufacturing Market Outlook, By Other Part Types (2020-2028) ($MN)
53 South America Automotive Remanufacturing Market Outlook, By Vehicle Type (2020-2028) ($MN)
54 South America Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
55 South America Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
56 Middle East & Africa Automotive Remanufacturing Market Outlook, By Country (2020-2028) ($MN)
57 Middle East & Africa Automotive Remanufacturing Market Outlook, By Part Type (2020-2028) ($MN)
58 Middle East & Africa Automotive Remanufacturing Market Outlook, By Transmission Parts (2020-2028) ($MN)
59 Middle East & Africa Automotive Remanufacturing Market Outlook, By Electrical & Electronics System Parts (2020-2028) ($MN)
60 Middle East & Africa Automotive Remanufacturing Market Outlook, By Engine & Related Parts (2020-2028) ($MN)
61 Middle East & Africa Automotive Remanufacturing Market Outlook, By Wheel & Suspension System Related Parts (2020-2028) ($MN)
62 Middle East & Africa Automotive Remanufacturing Market Outlook, By Braking System Related Parts (2020-2028) ($MN)
63 Middle East & Africa Automotive Remanufacturing Market Outlook, By Other Part Types (2020-2028) ($MN)
64 Middle East & Africa Automotive Remanufacturing Market Outlook, By Vehicle Type (2020-2028) ($MN)
65 Middle East & Africa Automotive Remanufacturing Market Outlook, By Passenger Cars (2020-2028) ($MN)
66 Middle East & Africa Automotive Remanufacturing Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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