Automotive Parts Remanufacturing Market is driven by reduced total cost of ownership
The automotive parts remanufacturing market involves rebuilding automotive parts to similar specifications of new parts using reused, repaired, and remachined cores. Remanufactured automotive parts are completely disassembled, cleaned, inspected, replaced or repaired as needed using new or genuine OEM parts, and then tested to meet stringent performance standards. This process yields products that carry the same warranties as newly manufactured parts at significantly lower costs. Common automotive parts that are remanufactured are engines, transmissions, starters, alternators, turbochargers and EGR valves.
The Global Automotive Parts Remanufacturing Market is estimated to be valued at US$ 118.2 Bn by 2030 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the automotive parts remanufacturing market are Valeo SA, ZF TRW, Carwood Group, Robert Bosch GmbH, Meritor Inc., Monark Automotive GmbH, Budweg Caliper A/S, Genuine Parts Company, ATC Drivetrain Inc., Maval Manufacturing Inc., Teamec BVBA, Motorcar Parts of America, Inc., and Jasper Engines and Transmissions. Major players are focusing on strategic collaborations to expand their product portfolios and geographic presence.
The growing demand for affordable vehicle maintenance and repair is propelling the Automotive Parts Remanufacturing Market Demand. Consumers are increasingly choosing remanufactured alternatives to reduce costs amid rising fuel prices and inflation. Remanufactured parts provide high-quality and high-performance at significantly lower prices compared to new parts.
The global automotive parts remanufacturing market is expanding into new geographic regions owing to rising environmental awareness. Countries across Asia Pacific, Latin America, and Africa are witnessing increasing adoption of remanufactured parts to decrease carbon footprint from automotive emissions. International players are introducing advanced and customized solutions catering to diverse regional demands.
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