Auto parts remanufacturing market to experience robust growth in Europe
Auto parts remanufacturing refers to the activities involved in the manufacturing process, such as the disassembly, replacement and restoration of products. Automotive spare parts, especially after a certain period of continuous use, suffer wear or damage and must be repaired or replaced. These parts go through extensive testing and remanufacturing process and must meet the same industry specifications for performance as new parts. A properly remanufactured part is virtually indistinguishable from a new part and is the functional equivalent of a new part. In addition, these parts should be labeled as “rebuilt” so that they are not mistakenly accepted as new.
According to Coherent Market Insights, a new report offering precise data on the Global Automotive Parts Remanufacturing Market with a full assessment of future models and current development factors. The report reveals the ongoing CAGR registered by the market during the pandemic. The creator assumes that the company will continue to fill the fierce inward scene and increase openings with a short market overview of the auto parts remanufacturing market.
The auto parts remanufacturing market is primarily driven by the overall impact of newly manufactured products, increased carbon footprint awareness, and increasing average age of existing vehicle fleets. For example, in September 2020, Eaton announced that its Vehicle Group was expanding its reman program to offer remanufacturing of electronic clutch actuators used on Eaton UltraShift PLUS transmissions. In addition, the auto parts remanufacturing market is gaining ground due to the economic convenience it provides to consumers when their expenses are declining.
Eaton reconditioned thousands of transmissions and clutches each year to maximize material reuse, prevent material from going to landfill, save energy, and reduce emissions and waste. Refurbishing auto parts helps reduce carbon dioxide (CO2) emissions and provides end users with an economical and safe way to maintain their vehicles on the road. About 80% less energy is used in remanufacturing compared to producing new auto parts. In addition, the remanufacturing of auto parts helps conserve valuable raw materials, such as copper, aluminum and steel.
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The auto parts remanufacturing market is expected to experience substantial growth in Europe due to favorable government initiatives. The European government encourages resource productivity, leading to possible pricing of the environment. For example, the Directive of the Council and the European Parliament on waste established a legal framework for the treatment of waste in Europe. Directive 2008/98 / EC sets the basic concepts and definitions related to waste management, such as the definitions of waste, recycling and recovery. It should include stricter environmental standards for products and the means to charge for future ecosystem resources and services.
These factors are expected to accelerate the growth of the auto parts remanufacturing market in Europe. In addition, increase awareness of environmentally friendly products, as consumers adopt sustainable and environmentally friendly products that use less energy or less materials. European citizens adopt products which have minimal impact on the environment. In addition, the EU legislation on end-of-life vehicles is also expected to increase the growth of the auto parts remanufacturing market.
Frequently Asked Questions (FAQ):
Is the auto parts remanufacturing market booming in the near future?
Yes, The global auto parts remanufacturing market is expected to post a CAGR of 6.1% during the forecast period.
Who are the major players in the auto parts remanufacturing market across the globe? Can I add a specific company?
Yes, You can add Specific Companies up to 3 Companies.
The companies covered in this study 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.,
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Yes you can get Up to 30% discount directly via the link below.. !!
[PDF] What geographic segmentation is covered in the market report?
- North America
- Asia Pacific
- Latin America
- Middle East
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