Declining Automotive Parts Refurbishment Market Demand to Limit Revenue Growth Over the Forecast Period

European auto parts remanufacturing market

European manufacturers in the auto parts remanufacturing market will benefit from lucrative growth opportunities owing to the growing adoption

NEW YORK, USA, INDIA, April 26, 2022 /EINPresswire.com/ — The European auto parts remanufacturing market is expected to be valued at over US$44 billion by 2031, according to the latest research from Persistence Market Research, a research and advisory firm. The report estimates that the market will grow at a stable CAGR of almost 7% during the period 2021-2031.

Government regulatory measures aim to gradually increase resource productivity, which could lead to environmental pricing. For example, the European Council and Parliament Waste Directive 2008/98/EC has provided a legislative framework for waste management in European countries. Furthermore, it established fundamental definitions, ideas and concepts such as the hierarchy of waste and the polluter pays principle. In the near future, European countermeasures should include stricter environmental regulations for products as well as new ways to tax ecosystem services and resources.

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These factors are expected to boost the auto parts remanufacturing industry in the European continent. Furthermore, market players are frequently involved in collaborations, mergers and acquisitions in order to increase their footprint and market share.
• In May 2021, Meritor, Inc. partnered with Hexagon Purus, a global leader in zero-emission electric mobility. These companies will work together to integrate Meritor’s Blue Horizon™ 14Xe™ integrated powertrain into Hexagon Purus contract projects, which include Class 6 and Class 7 trucks and Class 8 (6×4) vehicles. Production is expected to start in 2021.
• In February 2020, PE Automotive GmbH & Co. KG took over the business activities of Monark Automotive GmbH as well as the Monark brand.

Key insights from market research
• On a product basis, the European auto parts remanufacturing market was dominated by electrical parts such as starters, alternators and others as demand for electric vehicles increases in Europe
• Vehicle longevity has gradually increased in utility and electric vehicles due to refurbishment of parts.
• The passenger car segment dominated the European auto parts remanufactured market, driven by growing consumer demand for compact and mid-size cars.
• Over the decade, Germany and the UK should be extremely profitable markets. The main reason for this is the presence of major automotive suppliers and the aftermarket sector in both countries.
“Rising awareness and economical prices of remanufactured auto parts to drive market expansion in the European continent,” says an analyst at Persistence Market Research.

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Competitive landscape in Europe
The European auto parts remanufacturing market is regionally highly competitive and highly fragmented in nature. Some of the major players operating in this space are Borg Automotive A/S, Caterpillar Inc., ZF Friedrichshafen AG, Carwood Group, Meritor, Inc., Valeo SA, Robert Bosch GmbH, Monark Automotive GmbH, Budweg Caliper A/S, ATC Drivetrain , RECRO Ltd., FZT Unna GmbH, E. & U. Hetzel GmbH, Autrans Transmissions Parts & Service BV and Scandinavian Transmission Service AB, VEGE Group.
The major companies operating in the market occupy a large share in terms of revenue. Compliant with government standards and regulations, these companies have a strong regional presence. Major manufacturers are also updating their technologies to improve their market share.

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Conclusion
The strict restrictions decreed by the European Council will continue to reduce the rate at which used car parts are abandoned and disposed of in the environment. These measures are boosting the expansion of the remanufacturing industry throughout the region, which is known for its significant contribution to the global automotive industry.

Moreover, due to unpredictable raw material prices and the fragmented presence of OEMs in Europe, the purchase of new parts is becoming increasingly impossible. As a result, reprocessing and testing of critical automotive components is gaining momentum across Europe, driving the market for remanufactured auto parts.

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