Burlingame, Nov. 16, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Global Automotive Parts Remanufacturing Market size was valued at US$ 60.8 Billion in 2022 and is expected to surpass US$ 118.2 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 8.7% from 2023 to 2030. Automotive parts remanufacturing process involves restoration of used vehicle components to original specifications. It combines sustainability, with cost-efficiency, reduces waste, increases environmental responsibility, and provides a practical alternative to new parts. With technological developments and collaborations among OEMs improves the quality as well as market value of these parts.
North America is anticipated to show substantial growth in the global automotive parts remanufacturing market over the forecast period. The region is witnessing presence of key players and availability of well-established automotive aftermarkets. Moreover, the rising adoption of electric vehicles in the U.S. is offering multiple growth opportunities in the region. For instance, as per the IEA, in 2021, sales of battery electric vehicle increased in the U.S. from 230,000 in 2020 to 470,000 in 2021. As a result, the region is showing increased interest around remanufacturing, and this in turn is expected to support growth of the global automotive parts market in the coming growth.
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Industry Overview
The global automotive parts remanufacturing market is anticipated to witness major growth over the forecast future, owing to factors such as shortage of raw materials used to manufacture automotive components; and rise in demand for low-cost vehicle replacement parts. However, the market growth is likely to witness restrains such as lack of awareness around remanufactured automotive parts. Nonetheless, the increasing demand for remanufactured parts is creating multiple growth opportunities in the global automotive parts remanufacturing market.
Market News / Recent Developments
In July 2021, Bosch released the 455 auto reseller’s exchange parts. These parts are likely to cover in additional 24 million functional vehicles. The company has recently launched new product lines, with Bosch eXchange Alternators being one of them.
In February 2021, Cardone Industries announced the expansion of its manufacturing limit of new controller gathering, window lift engine, and other remanufacturing operations. The company plans to offer an extended product range to its customers.
Report coverage & details:
| Report Coverage | Details | |
| Forecast Period | 2023–2030 | |
| Base Year | 2022 | |
| Market Size in 2022 | $60.8 Billion | |
| Market Size in 2030 | $118.2Billion | |
| CAGR | 8.7% | |
| No. of Pages in Report | 178 | |
| Segments covered | By Component Type, By Vehicle Type | |
| Drivers | Global Shortage of Raw Materials Required for Manufacturing of Automotive Components to Fuel the Market Growth Increasing Demand for Low-cost Vehicle Replacement Parts to Drive Market Growth | |
| Restraints & Challenges: | Lack of Awareness Regarding Remanufactured Auto Parts Might Restrain Market Progress | |
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Analysts’ Views
The global automotive parts remanufacturing market is includes geographical and taxonomical segmentation. Geographically, the market is segment into, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among the regions, North America is anticipated to dominate the global automotive parts remanufacturing market over the forecast period.
Competitive Landscape
Jasper Engines and Transmissions, Valeo SA, Motorcar Parts of America, Inc., ZF TRW, Teamec BVBA, Carwood Group, Maval Manufacturing Inc., Robert Bosch GmbH, ATC Drivetrain Inc., Meritor Inc., Genuine Parts Company, Monark Automotive GmbH, and Budweg Caliper A/S
Detailed Segmentation:
- Global Automotive Parts Remanufacturing Market, By Component Type:
- Engine & Related Parts
- Turbochargers
- EGR Valves
- Carburetors
- Transmission & Related
- Clutches
- Bearings
- Electrical & Electronics
- Starters
- Alternators
- Others
- Wheels & Brakes Related
- Hub Assemblies
- Master Cylinder
- Brake Calipers
- Bearings
- A/C Compressors
- Steering
- Fuel Systems
- Others
- Engine & Related Parts
- Global Automotive Parts Remanufacturing Market, By Vehicle Type:
- Passenger Cars
- LCV
- HCV
- Off-road Vehicles
- All-terrain Vehicles
- Global Automotive Parts Remanufacturing Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- By Country:
- North America
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