Auto parts remanufacturing market is expected to reach US$91 billion by the end of 2026

Automotive Parts Refurbishment Market 2022

The auto parts remanufacturing market will benefit from the swelling passenger vehicle fleet and increased consumer preference for remanufactured parts: PMR. The global auto parts remanufacturing market is expected to grow at a CAGR of 7.1% over the period 2018-2026, equating to approximately US$91 billion by the end of 2026.

The auto parts aftermarket is a multi-billion dollar industry that continues to grow every year. The demand for reliable, quality auto parts has never been greater, and auto parts remanufacturing has become an essential part of the supply chain. Refurbishment is the process of repairing, cleaning, and testing used or damaged auto parts so that they can be reused in new vehicles. Refurbished parts are often as good as or better than original equipment manufacturer (OEM) parts and they are much less expensive.

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Auto parts remanufacturing is a growing industry because it helps automakers meet environmental regulations, saves consumers money, and supports the economy by creating jobs.

Persistence Market Research (PMR) provides critical information and analysis on the global automotive parts remanufacturing market in its new study, ‘Automotive Parts Refurbishment Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026‘. The research report offers an in-depth analysis of the Auto Parts Refurbishment market for the projected period. Based on the findings of the report, it is estimated that remanufactured auto parts will experience an increasing demand in the coming years, especially due to the growing need for remanufactured diesel engines at competitive prices. Additionally, expanding automobile fleet and rising purchasing power per capita are contributing significantly to the growth of the auto parts remanufacturing market.

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Automotive Parts Refurbishment Market: Key Dynamics

Among the various key factors driving the growth of the auto parts refurbished market, the economic costs of refurbished parts will continue to be the most sought after. Better warranty and better environmental footprint will also remain significant factors impacting the growth in demand for auto parts manufacturing.

The global auto parts remanufacturing market is witnessing notable growth attributed to the increasing number of vehicles with an average age of more than 10 years. The galloping growth of the urban population in developing countries, subsequently resulting in the critical need for personal vehicles for travel, is particularly reflected in the increase in the number of personal vehicles in the global transport system.

Rising adoption of electric vehicles, however, is expected to hamper the growth of the auto parts refurbished market as it will strain the sales of diesel and gasoline powered vehicles. Electric vehicles have fewer mechanical components, which, in turn, will obscure the role of the aftermarket in the auto parts landscape. According to PMR, this will pose a strong threat to the auto parts remanufacturing market.

Automotive Parts Refurbished Market: Segmentation Overview

• Automotive Parts Refurbishment Market Segmentation on the basis of Components: In the Components segment, the Engines & Related Parts segment is expected to have dominated the market with a market share of 30.3% in 2017 in the market of refurbishment of auto parts. Electrical and electronic parts segment is expected to register the highest growth rate in terms of value CAGR during the forecast period in the automotive parts remanufacturing market
• Auto Parts Refurbishment Market Segmentation Based on Vehicle Type: In terms of Vehicles segment, Passenger Vehicles segment is expected to dominate the Auto Parts Refurbishment market owing to population growth urban environment and the growing need for personal vehicles, particularly in emerging countries such as India and China. The increasing average age of personal vehicles is also expected to be one of the major growth drivers for the auto parts remanufacturing market.

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Answers to key questions in auto parts remanufacturing Market report –

Who are the major manufacturers and suppliers of remanufactured auto parts?

What will be the growth rate of the automotive parts remanufacturing market in the future?

What are the key factors driving the global Automotive Parts Remanufacturing market?

Who are the key manufacturers in the Auto Parts Refurbishment market?

What are the opportunities and threats faced by the vendors in the global Auto Parts Refurbishment Industry?

What are sales, revenue, and price analysis by regions of Automotive Parts Remanufacturing industry?

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