Automotive parts remanufacturing involves rebuilding worn or non-functional vehicle components to original specifications. Remanufactured automotive parts such as engines, transmissions, and fuel systems are a cost-effective alternative to new parts. These parts provide the same quality and performance as new parts while reducing material waste and energy usage during the manufacturing process.
The Europe automotive parts remanufacturing Market is estimated to be valued at US$ 15.33994 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand from original equipment manufacturers (OEMs) is one of the key trends driving growth of the Europe automotive parts remanufacturing market. OEMs are increasingly partnering with automotive parts remanufacturers to provide factory-backed remanufactured components to their customers. This helps OEMs enhance customer retention and satisfaction while boosting their revenue through extended product life cycles. For example, in 2019, Cummins partnered with Diesel Rebuild Systems, a leading remanufacturer of diesel engines and components, to provide factory-backed remanufactured diesel engines to customers in the commercial vehicle industry. Such strategic collaborations help strengthen the supply chain of remanufactured parts and fuel the expansion of the Europe automotive parts remanufacturing market over the forecast period.
Segment Analysis
The Europe automotive parts remanufacturing market is dominated by engine and engine parts segment. The segment accounted for over 30% share of the market in 2023. The high demand for engine and engine parts like pistons, oil pumps, starters etc. is driving the growth of this segment. Engines require frequent overhaul and replacement of parts which creates consistent demand for remanufactured engine parts.
Key Takeaways
The Europe Automotive Parts Remanufacturing Market Size is estimated to be valued at US$ 15.33994 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.
The Europe automotive parts remanufacturing market is led by Germany, followed by UK and France. Germany accounted for largest share of over 25% of the European market in 2023. Strong presence of leading automotive OEMs such as Volkswagen, Daimler, and BMW along with dominant aftermarket sector has been driving the demand for remanufactured automotive parts in Germany. Moreover, stringent emission regulations have propelled adoption of eco-friendly remanufactured components.
Key players
Key players operating in the Europe automotive parts remanufacturing market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc.. Borg Automotive and Budweg Caliper dominate the brake caliper remanufacturing market in Europe. ZF Friedrichshafen and Caterpillar engaged in remanufacturing of transmission and engine parts respectively.
For More Insights, Read: https://www.newsstatix.com/europe-automotive-parts-remanufacturing-market-size-share-and-growth-forecast-2023-2030/
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