Dublin, July 29, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Parts Remanufacturing Market by Type (Bodies & Chassis, Driveline & Powertrain, Interiors & Exteriors), Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars) - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Automotive Parts Remanufacturing Market grew from USD 61.46 billion in 2023 to USD 64.93 billion in 2024. It is expected to continue growing at a CAGR of 5.83%, reaching USD 91.45 billion by 2030.
This market plays a crucial role in extending the lifespan of automotive parts, reducing waste, and offering cost-effective alternatives to new parts. Significant applications span passenger vehicles, commercial fleets, industrial machinery, and aftermarket services at authorized centers and independent garages. Increasing demand for cost-effective automotive solutions, and governments worldwide are implementing policies encouraging recycling and eco-friendly practices, further driving market growth. However, supply chain consistency, technological barriers, and varied regulatory landscapes pose significant hurdles.
Nevertheless, recent opportunities include the rise of electric vehicles (EVs), expansion into developing markets, collaborations with original equipment manufacturers (OEMs), and the proliferation of e-commerce platforms to broaden market reach. Innovation and research are crucial for the market's sustained growth, with promising areas such as advanced remanufacturing techniques, sustainable practices, high-value component remanufacturing, battery remanufacturing, and educational programs to build awareness about the benefits and reliability of remanufactured parts.
Regional Insights
Americas exhibits an evolving market for automotive parts remanufacturing, characterized by a strong focus on cost efficiency and environmental impact reduction. U.S. consumers benefit from robust regulatory frameworks and existing remanufacturing infrastructure, while American consumers similarly prioritize cost savings and eco-friendly benefits supported by significant research and development investments. In EU countries, stringent environmental regulations and a strong sustainability focus drive demand for remanufactured parts within an established market structure.
The Middle Eastern market, although still developing, is seeing growing awareness among cost-sensitive consumers regarding the benefits of remanufactured parts. Africa presents significant growth potential, with consumers primarily motivated by affordability, with an increasing appreciation for remanufacturing's benefits.
Asia-Pacific region is experiencing a shift towards sustainability and economic options due to rapid urbanization and industrial growth. Chinese consumers are increasingly eco-conscious, bolstered by supportive government regulations, while Japan leverages its precision manufacturing expertise and consumer demand for high-quality remanufactured products. In India, the burgeoning middle class is driving the market for affordable and reliable automotive parts, gradually accepting remanufactured products for their cost-effectiveness and environmental benefits.
Key Market Dynamics
Market Drivers
- Increasing demand for cost-effective automotive solutions
- Significant government support for environment-friendly practices
Market Restraints
- Availability of core components along with quality concerns with the remanufactured parts
Market Opportunities
- Growth in production and sales of the electric vehicles
- Increasing online marketplaces for distribution and sale of remanufactured parts
Market Challenges
- Regulatory and environmental concerns related to remanufacturing process
Market Segmentation Analysis
- Type: Burgeoning utilization of the bodies & chassis for structural integrity and safety
- Vehicle Type: Evolving usage of remanufactured components in heavy commercial vehicles (HCVs)
Recent Developments
Valeo and Smovengo Collaborate on Remanufacturing Velib' E-Bike Motors and Batteries
Valeo and Smovengo partnered to remanufacture motors and batteries for Velib' e-bikes, a popular public bike-sharing system in Paris. This collaboration aims to enhance the sustainability and lifecycle of e-bike components by recycling and reusing existing materials, ultimately reducing waste and promoting eco-friendly transportation solutions.
Renault Unveils Ambitious Advancements in Remanufacturing Strategy
Renault outlined the next phase of its comprehensive approach to automotive parts remanufacturing, emphasizing sustainability and environmental responsibility. The strategy includes expanding the company's existing facilities and partnerships to boost the production of remanufactured parts, which significantly reduce waste and resource consumption compared to new parts.
Stellantis Launches Advanced Remanufacturing and Recycling Center Focused on Sustainability
Stellantis inaugurated a pioneering remanufacturing and recycling center aligned with its '4R' strategy, Reman, Repair, Reuse, and Recycle. This initiative aims to promote a circular economy by extending the lifecycle of automotive parts and reducing waste. The center is equipped to refurbish vehicle components, which will minimize the need for new raw materials and decrease environmental impact.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Parts Remanufacturing Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $64.93 Billion |
| Forecasted Market Value (USD) by 2030 | $91.45 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.2. Market Segmentation Analysis
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis
6. Automotive Parts Remanufacturing Market, by Type
6.1. Introduction
6.2. Bodies & Chassis
6.3. Driveline & Powertrain
6.4. Interiors & Exteriors
6.5. Wheel & Tires
7. Automotive Parts Remanufacturing Market, by Vehicle Type
7.1. Introduction
7.2. Heavy Commercial Vehicles
7.3. Light Commercial Vehicles
7.4. Passenger Cars
8. Americas Automotive Parts Remanufacturing Market
9. Asia-Pacific Automotive Parts Remanufacturing Market
10. Europe, Middle East & Africa Automotive Parts Remanufacturing Market
11. Competitive Landscape
11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
11.3.1. Valeo and Smovengo Collaborate on Remanufacturing Velib' E-Bike Motors and Batteries
11.3.2. Renault Unveils Ambitious Advancements in Remanufacturing Strategy
11.3.3. Stellantis Launches Advanced Remanufacturing and Recycling Center Focused on Sustainability
11.4. Strategy Analysis & Recommendation
12. Competitive Portfolio
12.1. Key Company Profiles
12.2. Key Product Portfolio
Companies Featured
- AISIN
- Akebono Brake Industry Co., Ltd.
- All Performance Friction
- Asimco Global Inc.
- Brembo
- Carlisle Brake & Friction
- Centric Parts
- Continental
- Delphi Group
- DRiV Incorporated
- Dynamic Friction
- FDP Brakes
- Fras-Le
- HELLA
- MAT Holdings
- Nan Hoang Traffic Instrument Co., Ltd.
- Nisshinbo Holdings Inc.
- Performance Friction
- PMA Friction Products
- PowerStop
- Robert Bosch
- Tenneco
- Wilwood Engineering
- ZF Friedrichshafen
For more information about this report visit https://www.researchandmarkets.com/r/kgj2oa
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
