Market key trends:
One of the key trends in the Europe automotive parts remanufacturing market is growing demand for cost-effective automotive components. As new automotive components are comparatively expensive, many automotive workshops and individual customers prefer remanufactured components which provide similar performance at lower costs. Moreover, remanufactured components have less environmental impact compared to production of new parts as remanufacturing reuses already existing materials with some refurbishing. Governments in various European countries also promote use of remanufactured components through policy measures to support circular economy initiatives thereby lowering vehicle maintenance costs.
Strengths: Established distribution network of key aftermarket companies facilitates easy availability of remanufactured parts. Weaknesses: Perception of inferior quality compared to new parts limits wider acceptance of remanufactured components.
Opportunities: Growing popularity of certified remanufactured parts with equal quality to new parts presents an avenue for market growth. Threats: Stringent vehicle emission norms in the region encourage buyers to replace older vehicles with new energy-efficient models.
Europe Automotive Parts Remanufacturing Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period 2023 to 2030, due to growing demand for affordable vehicle maintenance and repair services.
Regional analysis: Germany accounted for the largest share of the Europe automotive parts remanufacturing market in 2022 due to presence of a robust automotive manufacturing sector and technical expertise in Component repair services. The UK and France also emerged as major markets owing to strong vehicle parc and availability of remanufactured auto components.
Key players: Key players operating in the Europe Automotive Parts Remanufacturing Market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc. Borg Automotive A/S specializes in remanufacturing of engine and transmission components,while Robert Bosch GmbH offers reconditioned fuel injection and filtration parts.
Passenger Car Brake System Remanufacturing Is The Largest Segment Driving The Growth Of Europe Automotive Parts Remanufacturing Market
Market key trends: