Global Automobile Parts Remanufacturing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Automobile Parts Remanufacturing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Automobile Parts Remanufacturing refers to the mass production process of professionally repairing old auto parts, and the remanufactured products achieve the same quality and performance as the original new products.

Market Overview:

The latest research study on the global Automobile Parts Remanufacturing market finds that the global Automobile Parts Remanufacturing market reached a value of USD 16087.38 million in 2022. It’s expected that the market will achieve USD 25059.37 million by 2028, exhibiting a CAGR of 7.67% during the forecast period.

The pandemic has had a complex impact on the Automobile Parts Remanufacturing industry. First, for the Automobile Parts Remanufacturing industry, the outbreak has had an impact on the production plans of companies in the Automobile Parts Remanufacturing industry. Due to the COVID-19 outbreak, the number of scrapped vehicles has decreased, and the operations of the used auto parts recycling industry have been affected. This could lead to disruptions in the supply of raw materials for the Automobile Parts Remanufacturing industry, affecting the company's production plans. On the other hand, affected by the new crown pneumonia epidemic, in order to prevent the further spread of the epidemic, the government issued travel restrictions and related isolation policies, which reduced the management efficiency of enterprises in the industry and affected the company's production plan. At the same time, from the downstream point of view, due to the outbreak of the epidemic, the interruption of the industrial chain, the production plan of automobile manufacturers have been delayed, and the market demand for Automobile Parts Remanufacturing has decreased. In addition, the epidemic has dealt a huge blow to the auto repair market. People travel is restricted and vehicles require less maintenance, reducing the need for Automobile Parts Remanufacturing.

Market demand for auto parts expands

With the continuous development of the social economy, the level of people's purchasing power continues to improve. At the same time, with the continuous development of personal computing needs and transportation, the size of the global automobile market continues to expand. At present, according to relevant data, there are 1.42 billion vehicles in operation worldwide, including 1.06 billion passenger cars and 363 billion commercial vehicles. At the same time, with the continuous development of the economy, the number of new cars manufactured is also increasing. In 2021, nearly 80 million vehicles will be produced worldwide. Therefore, with the continuous expansion of the automobile market, the demand for auto parts increases. Auto parts remanufacturing refers to the mass production process of professionally repairing old auto parts, and the remanufactured products achieve the same quality and performance as the original new products. At present, Automobile Parts Remanufacturing is widely used in the automotive aftermarket. As vehicles age, there is a high demand for repairs and replacement parts. Relevant data shows that in the automotive aftermarket in the United States and the European Union, the market share of remanufactured auto parts is about half. In general, with the continuous increase in automobile production, ownership, and vehicle age, the demand for auto parts continues to increase, so the demand for Automobile Parts Remanufacturing continues to increase. The expansion of market demand for auto parts is one of the important driving factors driving the development of the industry.

Create a good market environment

For the Automobile Parts Remanufacturing industry market, it is very important to create a good market environment. From the aspect of industry supervision, government agencies should continuously strengthen and improve the remanufacturing process technical standards, quality inspection standards and other standard systems that reflect the standardization of remanufacturing. Automobile Parts Remanufacturing shall adopt the same or stricter standards as new prototype products, and conduct quality inspections on remanufactured products including performance and economy. Continuously improving the industry standard system can strengthen the consumer confidence of end consumers. From the aspect of the industrial chain, improve the problems of low recycling rate of parts and improve the chaotic recycling system, establish a recycling system for used auto parts, and expand the acquisition channels of raw materials for Automobile Parts Remanufacturing enterprises. From the end customer side, strengthen the green propaganda of remanufacturing. Automobile Parts Remanufacturing enterprises can gradually improve consumers' awareness of Automobile Parts Remanufacturing through the promotion of remanufactured products, thereby increasing consumers' acceptance of Automobile Parts Remanufacturing. In general, for Automobile Parts Remanufacturing enterprise companies, creating a good market environment will be an opportunity for industry companies to develop.

Region Overview:

In global comparison, a significant portion of the revenue was generated in United States (54.31% in 2021).

Company Overview:

Caterpillar Inc. is one of the major players operating in the Automobile Parts Remanufacturing market, holding a share of 7.19% in 2022.

Caterpillar Inc.

Caterpillar Inc. assists customers in infrastructure, energy, and natural resource development. Caterpillar Inc. is a global leader in construction machinery, mining equipment, diesel, and natural gas engines, industrial gas turbines, and electric-drive diesel locomotives. Caterpillar Inc.'s remanufactured products are reported in the Energy and Transportation Sector, primarily at facilities in the following locations: Franklin, Indiana; Bogor, Indonesia; Corinth, Mississippi; Prentice County, Mississippi; West Fargo, North Dakota; Piracicaba, Brazil; Shanghai, China; and Nuevo Laredo, Mexico. Solar Turbines remanufactures turbine components and gas compressor components. X-Change plans to remanufacture and sell X-Change parts, engines, and generator sets

BBB Industries

BBB Industries is an industry leader in the sustainable manufacture of starters, alternators, hydraulic and air disc brake calipers, hydraulic and electronic power steering products and turbochargers for the OEM, passenger car, industrial and commercial vehicle aftermarket industries. The company specializes in remanufactured starters and alternators, remanufactured steering pumps and gears, remanufactured racks and pinions, remanufactured brake calipers and remanufactured turbochargers, among others. With strategic facilities in North America and Europe, BBB Industries provides the highest level of customer support.

Segmentation Overview:

Among different product types, Electrical & Electronics segment is anticipated to contribute the largest market share in 2027.

According to the different types of Automobile Parts Remanufacturing, it is divided into Engine Parts, Transmission & Others, Wheels & Brakes Related, Electrical & Electronics, Body and Chassis, etc. For example, Engine Parts may mainly include engines, oil pumps, cylinder blocks, fuel tanks, and the like. Transmission & Others include transmissions, reducers, clutches, etc. Wheels & Brakes Related includes tires, brake pads, brake discs, and more. Electrical & Electronics includes sensors, automotive instruments, batteries, distributors, etc.

Application Overview:

The market's largest segment by application is the segment Passenger Vehicles, with a market share of 41.71% in 2021.

Key Companies in the global Automobile Parts Remanufacturing market covered in Chapter 3:

Valeo SA
Aer Manufacturing
BORG Automotive
ZF Friedrichshafen AG
Marshall Engines Inc.
BBB Industries
Meritor Inc.
Maval Industries LLC
TEAMEC bvba
Da Hao Power
Motor Parts of America
Volvo AB
NK Parts
Cardone Industries
Caterpillar Inc.
Detroit Diesel Corporation
Carwood Group
Jasper Engines & Transmissions
Monark Automotive GmbH
Robert Bosch
ATC Drivetrain LLC

In Chapter 4 and Chapter 14.2, on the basis of types, the Automobile Parts Remanufacturing market from 2018 to 2029 is primarily split into:

Engine Parts
Transmission & Others
Wheels & Brakes Related
Electrical & Electronics
Body and Chassis
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Automobile Parts Remanufacturing market from 2018 to 2029 covers:

Passenger Vehicles
Commercial Vehicles
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)