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Global Automotive Parts Remanufacturing Market – Outlook
The auto parts remanufacturing market refers to the business involved in the manufacturing process which includes the disassembly of the product, the replacement and restoration of components, and the testing of the entire product and individual parts to its specifications. original design. The performance parameters equal to or better than the previous component along with the lower cost and warranty periods offered by remanufacturers are among the key factors fueling the growth of the auto parts remanufacturing market.
The growing scarcity of natural resources and the difficulty in finding materials for manufacturing processes are among the major factors impacting the growth of automotive component manufacturing industries across the globe.
Rebuilding vehicle components benefits businesses in terms of overall manufacturing cost through reduced energy consumption, reduced raw material requirements, lower costs to the market, and increased pricing flexibility for consumers. These factors are expected to be among the significant factors affecting the growth of the industry during the forecast period.
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Some of the major players in the global auto parts remanufacturing market include Valeo SA, ZF TRW, Carwood Group, Robert Bosch GmbH, Meritor Inc., Monark Automotive GmbH, Budweg Caliper A / S, Genuine Parts Company, ATC Drivetrain Inc., Maval Manufacturing Inc., Teamec BVBA, Motorcar Parts of America, Inc. and Jasper Engines and Transmissions.
The reduced environmental impact, due to the waste generated and emissions from industry through the reuse of vehicle parts, will benefit from industry demand
In March 2018, the European Commission finalized its circular economy package (COP) proposal initially proposed in 2015, for the introduction of a set of directives and laws designed for a resource-efficient future of European economies. The proposal details the auto parts remanufacturing market as an integral part of reducing emissions and waste generated throughout the lifecycle of an automobile.
In addition, with a global fleet estimated at over 1.2 billion, an expected increase in demand of around 3% year-on-year over the forecast period will present considerable raw material requirements for manufacturing processes.
Inadvertently, the lack of raw materials and the increasing costs of metal mining, the high carbon footprint on the environment due to the high energy consumption and the water requirements for manufacturing new equipment will increase the demand for remanufactured auto parts in the coming years, thus fueling the growth of the global auto parts remanufacturing market.
Trends expected to drive industry growth include extended component life, the advent of predictive maintenance, and IoT connectivity that increasingly complement the repeated processing of vehicle components and engines. Growing concerns about environmental responsibility, potential opportunities for reducing component costs, reduced resource safety concerns, reduced delivery times, secure supply of spare parts and growing consumer confidence are just a few. one of the main factors that improve the profitability of participants. These factors are expected to provide strong growth opportunities for the global auto parts remanufacturing (remanufacturing) market.
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Lack of adequate consumer recognition and unfavorable regulatory policies in Asia-Pacific economies are expected to hamper overall industry growth
Strong competition from suppliers providing recycled and repaired auto body parts, reducing price differences between these portfolios and original products and extending component warranties are few factors restraining market growth. Moreover, the lack of consumer recognition of the differences between used and remanufactured products, as the connotation of the terminology is misinterpreted, is another factor hampering the growth of the auto parts remanufacturing market. The availability of the product at 60% of original equipment also makes it difficult for suppliers to overcome consumer misconceptions about product quality, especially in emerging economies. In conjunction with these parameters, many Asian economies, including India, have banned the import of cores, which are the basic requirement for a remanufacturer. These parameters are expected to cause a significant obstacle to the growth of the industry.
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Europe was the second largest share of the global auto parts remanufacturing market and is expected to maintain its position during the forecast period. Industry participants have established a strong foothold in the region, with growing support from legislative authorities and original equipment manufacturers.
â¢ Global Automotive Parts Remanufacturing Market, By Component Type:
Engine and related parts
âª EGR valves
Transmission and related
Electricity and electronics
â¦ Linked wheels and brakes
âª Hub assemblies
âª Master Cylinder
âª Brake calipers
Air conditioning compressors
â¢ Global Automotive Parts Remanufacturing Market, By Vehicle Type:
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