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Automotive Parts Re-manufacturing Market Analysis | CMI

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Automotive Parts Re-manufacturing Market Analysis | CMI

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. AUTOMOTIVE PARTS RE-MANUFACTURING MARKET ANALYSIS • Automotive Parts Remanufacturing Market - by Component Type (Engine & Related Parts, Transmission & Related, Electrical & Electronics, Wheels & Brakes Related, A/C Compressors, Steering, Fuel Systems, and Others), by Vehicle Type (Passenger Cars, LCV, HCV, Off-road vehicles, and All-terrain Vehicles), and by Region - Global Industry Insights and Forecast till 2025 • Automotive parts remanufacturing market refers to the business involved in the manufacturing process that includes product dismantling, replacing and restoring components, and testing of whole product and the individual parts to its original design specifications.

  3. Market Drivers • The performance parameters that are equal or better than the previous component along with lower cost and warranty periods offered by the remanufacturers are among the key factors fueling growth of the Automotive Parts Remanufacturing Market. • Rebuilding of vehicle components benefits business in terms of the overall cost of manufacture through reduced energy consumption, reduced raw material requirements, reduced cost to the market, and increased price flexibility for the consumers. These factors are expected to be among the significant factors impacting the industry growth over the forecast period.

  4. Figure 1. Global Automotive Parts Remanufacturing Market, Key Dynamics

  5. Market Opportunities • Reduced impact on environment, owing to waste generated and industry emissions through reuse of the vehicle parts will leverage the industry demand In March 2018, the European Commission finalized its Circular Economy Package (COP) proposal that was originally proposed in 2015, for the introduction of set of directives and laws designed for the resource-efficient future of the European economies. The proposal details automotive parts remanufacturing market as an integral part for the reduction of emissions and wastes generated through end of life cycle of an automotive. Furthermore, with an estimated global vehicle parc over 1.2 billion, an expected increase of demand at around 3% year-on-year over the forecast period will present considerable requirement of raw materials for the manufacturing processes. Inadvertently, lack of raw material resources and the growing costs of mining metals, high carbon footprint on the environment due to high energy consumption, and water requirement for the new equipment manufacturing will increase the demand for remanufactured automotive parts over the coming years, thereby fueling growth of global automotive parts remanufacturing market.

  6. Trends expected to provide high traction to the industry growth include extended life of components, advent of predictive maintenance, and IoT connectivity that increasingly complement the repeated processing of vehicle components and engines. Growing concerns for environment responsibility, potential opportunities in component costs reduction, reduced resource security challenges, reduced lead time, secure spare parts supply, and increasing consumer confidence are some of the major factors that enhance the profitability of the participants. These factors are expected to provide strong growth opportunities for the global automotive parts remanufacturing (reman) market.

  7. Market Restraints • Lack of adequate recognition by consumers and unfavorable regulatory policies in the Asia Pacific economies are expected to hamper the overall industry growth High competition from the vendors supplying recycled and repaired automobile body parts, shrinking price differences between these portfolio and the original products, and extended warranty of components are few factors restraining growth of the market. Moreover, lack of consumer recognition of the differences between used and reman products, as the connotation of the terminology is misconstrued, is another factor hindering growth of automotive parts remanufacturing market. Availability of the product at 60% of the original equipment also makes it difficult for vendors to overcome the consumer misconceptions regarding the product quality, specifically in emerging economies. In conjunction with these parameters, many Asian economies including India, have banned the import of cores, which forms the basic requirement for a remanufacturer. These parameters are expected to cause significant roadblock to the industry growth.

  8. Increasing shortage of natural resources and difficulty in finding materials for manufacturing processes is among the major factors impacting the growth of automotive components manufacturing industries across the globe.

  9. Segment Information: • Europe accounted for the second largest share of global automotive parts remanufacturing market and is expected to hold its position over the forecast period. Industry participants have established strong foothold in the region, owing to increasing support from legislative authorities and the original equipment manufacturers.

  10. Competitive Section • Some of the key players in the global automotive parts remanufacturing market include 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.

  11. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference : https://www.coherentmarketinsights.com/market-insight/automotive-parts-remanufacturing-market-1498

  12. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  13. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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