Automotive Parts Remanufacturing Market is Anticipated to Reach US$ 171.27 Billion by 2034 at a CAGR of 9.3%: Fact.MR Report

Automotive Parts Remanufacturing Increasing on Back of Growing Emphasis Worldwide on Reusing and Recycling Automotive Components for Sustainability

Rockville , April 22, 2024 (GLOBE NEWSWIRE) -- Governments are pushing for sustainable practices in nearly all sectors around the world. This, along with the increasing demand for hard-to-find automotive components, has made the remanufacturing of parts an attractive business. According to a new report by Fact.MR, the global automotive parts remanufacturing market is set to reach US$ 70.12 billion in 2024 and further expand at 9.3% CAGR through 2034.

Remanufacturers and original equipment manufacturers (OEMs) are collaborating to encourage innovation and ensure the remanufactured parts are compatible with modern vehicles. Remanufactured electrical and electronic components are becoming more and more popular due to the growing integration of smart features in vehicles and technological advancements.

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Government support for circular economy and sustainable practices is driving the growth of the automotive parts remanufacturing market. Remanufactured parts are starting to be accepted by commercial vehicle fleets, which lowers costs and lessens the transportation industry's negative environmental effects. Another significant driver is the growing trend of remanufacturing complex engine components to extend the lifespan of vehicles. The increasing production of electric vehicles across the globe is also contributing to the demand for associated remanufactured automotive parts.

Report AttributeDetails
Value Projection (2034)US$ 171.27 Billion
Growth Rate (2024-2034)9.3% CAGR
No. of pages170 Pages
No. of Tables25 Tables
No. of Figures132 Figures

Key Takeaways from the Market Study

  • Sales of remanufactured automotive parts across the world are expected to reach US$ 70.12 billion in 2024.
  • The market is forecasted to touch US$ 171.27 billion by the end of 2034.
  • The market in the United States has been forecasted to reach a value of US$ 14.48 billion in 2024.
  • China occupies 59% share of the East Asia market in 2024.
  • Demand for remanufactured automotive parts in Japan is set to reach US$ 4.46 billion in 2024.
  • The East Asia market is forecasted to expand at a CAGR of 10.6% through 2034.

“Remanufacturing engine parts and electrical components align with sustainable practices. Collaborations between OEMs and remanufacturers are driving innovation to ensure compatibility with modern vehicle designs,” says a Fact.MR analyst.

Key Companies Profiled in This Report

  • Robert Bosch GmnH
  • ZF Friedrichshafen AG
  • Caterpillar Inc.
  • Carwood Group
  • Meritor Inc.
  • Budweg Caliper A/S
  • Monark Automotive GmbH
  • BBB Industries
  • E&E Group
  • IM Group
  • Andre Niermann

Related Market Projections for 2034

Automotive Aluminum Extruded Parts MarketUS$ 110.23 Billion
Aerospace Parts Manufacturing MarketUS$ 1,300 Billion
Automotive Trim Parts MarketUS$ 58.22 Billion
Auto Parts Manufacturing MarketUS$ 666.6 Billion

Determining Cost of Remanufactured Parts Challenge for Manufacturers

Unlike new parts, which have clearly defined pricing structures, remanufacturing of automotive parts comes with challenges related to their perceived value and pricing models. Remanufacturing relies heavily on recycling and reusing old parts, but tax laws and regulations may not go far enough in supporting these efforts. Finding a balance between environmental benefits and regulatory control is a challenge that automotive manufacturers are striving to tackle.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the automotive parts remanufacturing market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges the automotive parts remanufacturing market based on component (engine & related parts, transmission & others, electrical & electronics, wheels & brakes, A/C compressors, steering, fuel systems) and vehicle type (passenger cars, LCVs, HCVs, off-road vehicles, all-terrain vehicles), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Explore More Related Studies Published by Fact.MR Research: 

Auto Parts Manufacturing Market: The global auto parts manufacturing market size is poised to reach US$ 454.7 billion in 2024 and is projected to expand at a CAGR of 3.9% to end up at US$ 666.6 billion by 2034.

Automotive Aluminum Extruded Parts Market: The global automotive aluminum extruded parts market is anticipated to be worth US$ 61,522.6 million in 2024. It is projected to expand at a CAGR of 6%. As of 2034.

Automotive Trim Parts Market: The global automotive trim parts market is pegged at US$ 38,499.6 million in 2024. The global market is forecasted to increase at 4.2% CAGR and reach a market value of US$ 58,222.2 million by the end of 2034.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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