Global Automotive Parts Remanufacturing Market - Analysis By Component, By Vehicle (PV, LCV, HCV, ATV, ORV), By Region, By Country: Market Size, Insights, Competition, Covid-19 Impact and Forecast (2023-2028)

Global Automotive Parts Remanufacturing Market - Analysis By Component, By Vehicle (PV, LCV, HCV, ATV, ORV), By Region, By Country: Market Size, Insights, Competition, Covid-19 Impact and Forecast (2023-2028)

Executive Summary

The Global Automotive Parts Remanufacturing market was valued at USD 54710.12 Million in 2021 and is expected to grow at a CAGR of 7.43% during the forecast period of 2023-2028. The shortage of raw materials is driving the growth of the automotive parts remanufacturing market as remanufactured parts are extracted from older vehicles and renovated. This factor eliminates the need to exact materials from mines and ores. Remanufactured parts cost nearly 50-75% as much as the original product while providing the same quality.

Further, strict government regulations towards waste management is resulting in a decline in the manufacturing of new automotive parts and the rising awareness among consumers for eco-friendly products is boosting the demand for the remanufactured parts market globally.

End customers have various options for automotive parts remanufacturing in the market. Predictive maintenance, also referred to as condition-based maintenance, is a technique adopted by companies to continuously monitor real working conditions to ensure asset optimization of the installed parts in the vehicles. Engine and related parts and electronics and electrical equipment are the most popular products used in the industry, which are utilized not only in passenger vehicles but also in LCVs and HCVs.

Further, the widespread use of remanufactured parts in passenger vehicles is expected to remain the most potential category by present vehicle types. Hence the companies are focusing on this segment. Overall, the Automotive Part Remanufacturing market is fragmented and China, India and United States are estimated to be the largest contributor to the global market owing to increasing vehicle parts remanufacturing facilities as well as sales.

Scope of the Report

• The report analyses the Automotive Parts Remanufacturing Market by Value (USD Million).
• The report analyses the Automotive Parts Remanufacturing Market by Volume (Million Units).
• The report presents the analysis of the Automotive Parts Remanufacturing market for the historical period of 2018-2021, the estimated year 2022 and the forecast period of 2023-2028.
• The report analyses the Automotive Parts Remanufacturing Market by Component (Engine & Related Parts, Transmission & Others, Electrical & Electronics, Wheels & Brakes, Fuel Systems, Other Components).
• The report analyses the Automotive Parts Remanufacturing Market By Vehicle (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Off-Road Vehicles, All-Terrain Vehicles)
• The Global Automotive Parts Remanufacturing Market has been analyzed by countries (United States, Canada, Mexico, Germany, UK, Russia, China, Japan, India, South Korea).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by component, by vehicle.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include ZF Friedrichshafen, BBB Industries, Meritor Inc., Budweg, Monark Automotive, Cardone Industries, Robert Bosch, Caterpillar Inc., Volvo Group, Carwood.

• Automotive Manufacturers
• Consulting and Advisory Firms
• Research and Development Organizations
• Government and Regulatory Authorities