Refurbishment is the rebuilding of the product to original product specifications with the combination of reused or repaired parts and new components. It requires the replacement or repair of damaged or obsolete components and modules. In remanufacturing, a new part is restored from an existing core through industry standard procedure in accordance with technical specifications to provide performance and warranty similar to the original part. In addition, remanufactured parts cost around 60-70% of the original product with a warranty equal to or greater than that of the original product. The auto parts manufacturing process includes the disassembly, restoration and replacement of components, as well as the testing of individual parts according to their original design.
The European auto parts remanufacturing market is estimated at US $ 15,059.1 million in value by the end of 2019
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* country level analysis for any 5 ððððððððð ðð ðððð ðððððð.
* Competitive analysis of all market players.
* 40 ððððððð ððððð to cover any other data point
Market dynamics – Pilot
Strict regulatory policies regarding waste management are expected to drive the growth of the European auto parts manufacturing market during the forecast period
Government regulatory policies focus on the progressive promotion of resource productivity, leading to potential pricing of the environment. For example, Directive 2008/98 / EC of the Council and of the European Parliament on waste established a legal framework for the treatment of waste in European countries. In addition, it established definitions, principles and basic concepts such as the waste hierarchy and the polluter pays principle. Europe’s responses are expected to include stricter environmental standards for products and the means to charge for ecosystem services and resources in the near future. Thus, these factors are expected to accelerate auto parts remanufacturing and thus drive the market growth during the forecast period.
Rising consumer awareness of environmentally friendly products is expected to propel the growth of the European auto parts remanufacturing market during the forecast period.
Consumers are focusing on adopting environmentally friendly and sustainable products that use fewer materials or less energy. According to a study on sustainable consumption carried out by the European Remanufacturing Network, in 2015 more than 80% of European citizens admitted that they preferred products with minimal impact on the environment. Hence, key market players such as Robert Bosch GmbH adhere to environmental protection and occupational safety standards which in turn is expected to drive the market growth during the forecast period.
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Market dynamics – Constraints
Lack of skilled workers and technical know-how on third-party products is expected to dampen the growth of the European auto parts remanufacturing market during the forecast period
For the remanufacturing of older auto parts, technical knowledge of each component is essential, which is not readily available to non-OEMs. In addition, the lack of engineers and skilled manpower to perform specific operations leads to major errors. The complex design of the fuel system, engines, etc. makes it extremely difficult for engineers and workers to process technical information and experience to troubleshoot and redesign parts. These factors are expected to hamper the growth of the market during the forecast period.
The requirement for large investments to meet technological advancement is expected to hamper the European auto parts manufacturing market during the forecast period
Substantial investments are needed to meet advanced technological requirements. Such a large investment is not possible for small and medium-sized enterprises which in turn is expected to hamper the growth of the European auto parts manufacturing market during the forecast period.
Providing alternative reuse options for the automotive industry is expected to provide growth opportunities
Legislation on end-of-life vehicles (ELVs) in European countries is expected to boost the refurbishment industry in Europe. In addition, the longevity of vehicles is gradually increasing, so the average age of vehicles is over seven years. Therefore, manufacturers have the opportunity to gain traction as more spare parts will be required. From a technical point of view, electronics, being a very underestimated sector, requires significant expertise in information systems. These factors are expected to provide various opportunities for the remanufacturing market.
ðððð ððð ððððððð ðð ððð ððð ððððð ððð- Major players operating in the European auto 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.
Yes, we can add or profile a new business based on the client’s needs in the report. Final confirmation should be provided by the research team depending on the difficulty of the investigation.
** Data availability will be confirmed by research in the case of a private company. ðð 3 ððððððð can be added at no additional cost.
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