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.
This report provides in depth study of “Automotive Parts Refurbishment Market” using SWOT analysis i.e. Strengths, Weaknesses, Opportunities and Threats to the organization . The Automotive Parts Refurbishment Market report also provides an in-depth investigation of major market players based on the various objectives of an organization such as profiling, product outline, production quantity, raw material required and financial health. organisation.
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 remanufactured market, the economic costs of remanufactured 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 growing 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 Components segment, Engines & Related Parts segment is expected to have led the market with a market share of 30.3% in 2017 in the market 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
• Automotive parts remanufacturing market segmentation based on vehicle type: In terms of vehicle segment, passenger vehicle segment is expected to dominate the automotive parts remanufacturing market due to growing urban population 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 drivers for the growth of the auto parts refurbished market.
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Automotive Parts Refurbishment Market: Regional Overview
North America is estimated to hold a major market share in the global auto parts refurbished market owing to the presence of a large number of aging motor vehicles and a large automobile fleet. Europe is expected to follow North America in terms of market share as the region is a hub of automotive manufacturing as well as due to the high volume of passenger vehicle sales. The region is also estimated to create the largest incremental dollar opportunity in the global auto parts remanufacturing market. In terms of growth rate, China is estimated to dominate the auto parts remanufacturing market. The auto parts remanufacturing market is expected to register a CAGR of 13.3% over the projection period, in China.
Automotive Parts Refurbished Market: Vendor Insights
The auto parts remanufacturing market is quite fragmented, characterized by a strong presence of a number of large multinational companies and quite a large number of domestic players spread across various regions. The report highlights some of the major players in the global automotive parts remanufacturing market such as Volvo AB, Robert Bosch, BBB Industries, Cardone Industries, Valeo SA, Meritor Inc., ATC Drivetrain LLC and Motor Parts of America , among others.
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This press release was published on openPR.