The automotive parts remanufacturing process involves rebuilding worn-out or discarded products back to original conditions using reused, repaired and replaced parts. Remanufactured automotive parts are cost effective and environment friendly alternatives to newly manufactured parts. The growing focus on sustainability has increased the demand for remanufactured parts from both automotive manufacturers as well as consumers.
The Europe automotive parts remanufacturing market is estimated to be valued at US$ 15.34 Mn in 2023 and is expected to exhibit a CAGR of 38% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased focus on sustainability has been a major driver for the growth of automotive parts remanufacturing market in Europe. Manufacturers are under pressure to reduce carbon footprint and contribute towards circular economy. Remanufacturing reused components helps in significant reduction in waste generation and energy usage compared to manufacturing new parts. It is estimated that remanufacturing can save about 85% of the energy required for new part production. The regulatory push for greener solutions in automotive industry has encouraged more players to offer remanufactured parts. Additionally, consumers are also inclined towards sustainable options which is increasing the demand for remanufactured components.
Segment Analysis
The Europe automotive parts remanufacturing market is dominated by the engine and engine parts segment. This segment accounted for over 30% of the total market share in 2023 owing to the high demand for engine overhauls and remanufactured engine parts from both original equipment manufacturers and independent automotive repair shops. The transmission and transmission parts segment is also a major segment and is expected to witness steady growth over the forecast period due to the increasing number of vehicle repairs and part replacements carried out across the region.
Key Takeaways
The Europe Automotive Parts Remanufacturing Market Share is expected to witness high growth over the forecast period. The Europe automotive parts remanufacturing market is estimated to be valued at US$ 15.34 Mn in 2023 and is expected to exhibit a CAGR of 38% over the forecast period 2023 to 2030.
Regional analysis: Western Europe currently dominates the regional market and is expected to maintain its leading position through 2030. Germany holds a major share of over 20% of the total Western Europe market due to the presence of a large automotive industry in the country.
Key players Key players operating in the Europe automotive parts remanufacturing market are AnaSpec, Avantium, Budenheim, Frontier Scientific, FUJIFILM Wako Pure Chemical, Kaneka, Nikko-pha, Syncom, Tokyo Chemical Industry, Central Glass.
Get More Insights Here
https://www.newswirestats.com/europe-automotive-parts-remanufacturing-market-size-share-growth-outlook-2023/
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