The global 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 Overview:
The Europe automotive parts remanufacturing market involves repairing old or damaged parts and returning them to original specifications by various processes like cleaning, inspection, replacement of worn-out components and testing. Remanufactured automotive parts have service life same as new parts but available at lower costs than original parts. This helps in reducing the expenditure on vehicle repairs and maintenance. The increasing vehicle age and cost optimisation of vehicle repairs and maintenance are driving the need for automotive parts remanufacturing in the region.
Market key trends:
One of the key trends in the Europe automotive parts remanufacturing market is the increasing demand for remanufactured alternators and starters. These parts have huge replacement needs and offering them with remanufacturing helps lower the overall repair costs significantly. Another trend is the shift towards remanufacturing of electronic engine components and sensors owing to rising complexities in vehicle systems. Strict emission norms are also driving demand for precisely remanufactured engine parts with near-new performance. Growing awareness about environmental benefits of parts remanufacturing compared to new parts production is boosting adoption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Europe automotive parts remanufacturing market is moderate as the market requires heavy investments and established supplier and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of remanufactured as well as new parts. However, remanufactured parts provide significant cost benefits.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since OEMs and independent remanufacturers can switch between suppliers depending on pricing and quality.
Threat of new substitutes: The threat of new substitutes is low as remanufactured parts are not substitutable and provide a better value proposition than new parts.
Competitive rivalry: Intense competition exists among the existing players.
Key Takeaways
Europe Automotive Parts Remanufacturing Market Size was valued at US$ 15.33994 Mn in 2023 and is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period due to growing environmental concerns and stringent emission reg6ulations in the region.
Regional analysis: Germany dominates the Europe automotive parts remanufacturing market due to the large automotive production in the country. The stringent emission regulations in Germany drive the demand for remanufactured parts. The UK and France also account for sizable shares in the regional market due to the presence of major automotive companies and parts suppliers.
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 A/S is one of the prominent players focusing on expansion strategies to strengthen its market position.
Read More- https://www.ukwebwire.com/automotive-parts-remanufacturing-market-future-analysis-and-forecast/
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