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Jul 19, 2023

Europe Automotive Parts Remanufacturing Market size is expected to reach $40.10 billion by 2033, projected to grow at a CAGR of 7.2% from 2023 to 2033

Europe Automotive Parts Remanufacturing Market Analysis and Review by Product Type (Engine Parts, Transmission Parts, Electrical Parts, Wheel and Brake, AC Compressor, Steering, Fuel System) New York,

Europe Automotive Parts Remanufacturing Market Analysis and Review by Product Type (Engine Parts, Transmission Parts, Electrical Parts, Wheel and Brake, AC Compressor, Steering, Fuel System)

New York, July 27, 2023 (GLOBE NEWSWIRE) -- In 2023, the Europe Automotive Parts Remanufacturing Market will be worth US$ 20.10 Billion. and is projected to expand steadily at a CAGR of 7.2% to reach a market valuation of close to US$ 40.10 Billion by 2033.

The Europe automotive parts remanufacturing market has emerged as a crucial segment of the automotive industry, driven by the growing emphasis on sustainability, cost-efficiency, and reducing carbon footprints. Remanufacturing, an environmentally responsible practice, involves refurbishing used parts to their original performance standards, offering an attractive alternative to new parts. This article delves into the market overview, size, growth, segmentation, regional analysis, drivers, challenges, trends, future outlook, key study points, competitive landscape, and recent developments in the Europe automotive parts remanufacturing market.

Market Overview

Automotive parts remanufacturing has gained significant traction in Europe due to its environmental benefits, resource conservation, and cost-effectiveness. As governments and consumers increasingly focus on sustainable practices, remanufactured parts have become a preferred choice for both original equipment manufacturers (OEMs) and aftermarket suppliers.

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Top Companies 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 B.V., Scandinavian Transmission Service AB, VEGE Group.

Market Drivers and Challenges:

Market Drivers:

Environmental Concerns: Rising awareness about carbon emissions and environmental degradation drives the adoption of remanufactured parts as a greener solution.

Cost-Effectiveness: Remanufactured parts often offer considerable cost savings compared to new components, attracting price-conscious consumers.

Technological Advancements: Improved remanufacturing processes and advancements in testing technologies ensure the reliability and performance of remanufactured parts.

Government Support: Favorable regulatory policies and incentives encouraging sustainable practices have propelled the market's growth.

Circular Economy Initiatives: The transition towards a circular economy model urges businesses to adopt remanufacturing, thus positively impacting the market.

Challenges:

Lack of Awareness: Limited consumer awareness and misconceptions about remanufactured parts hinder market growth.

Supply Chain Complexity: The remanufacturing process involves intricate logistics, which can pose challenges in sourcing and distribution.

Quality Concerns: Ensuring consistent quality levels and adherence to OEM standards remain a challenge for remanufacturers.

Competition from Counterfeit Products: The presence of counterfeit remanufactured parts in the market poses a threat to the reputation of genuine remanufacturers.

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Market Trends:

Adoption of Circular Economy Strategies: Automotive companies are embracing circular economy principles, giving remanufacturing a prominent role in their sustainability efforts.

Remanufacturing Partnerships: Strategic collaborations between OEMs, remanufacturers, and aftermarket players are on the rise to expand product portfolios and strengthen market presence.

Digitalization and IoT Integration: Integrating IoT technologies and digital platforms enhance the efficiency of remanufacturing processes, leading to improved product quality and customer experience.

Remanufactured EV Components: With the increasing popularity of electric vehicles (EVs), remanufacturing EV components presents a promising market opportunity.

Reverse Logistics Optimization: Efforts to optimize reverse logistics for efficient part collection and distribution contribute to cost reduction and streamlined operations.

Future Outlook:

The future of the Europe automotive parts remanufacturing market looks promising. As the automotive industry witnesses a gradual shift towards sustainable practices, remanufacturing is likely to gain further momentum. Advancements in testing and inspection technologies, along with improved quality control, will boost consumer confidence in remanufactured parts. Moreover, initiatives from governmental bodies and automotive associations to promote eco-friendly practices will propel the market's growth.

Key Market Study Points:

Factors influencing consumer preference for remanufactured parts over new components.

The impact of government regulations and incentives on the market's growth trajectory.

Market penetration of remanufactured EV components and their potential in the electric vehicle market.

Comparative analysis of captive and independent remanufacturing models and their market share.

Regional market dynamics and growth prospects across Western, Eastern, Southern, and Northern Europe.

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Competitive Analysis

The Europe Automotive Parts Remanufacturing Market is moderately competitive, with a number of significant manufacturers present. Large corporations are expanding their operations and market share.

Top Key Players 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 B.V., Scandinavian Transmission Service AB, VEGE Group

Foreign players are projected to grow their footprint through mergers and acquisitions during the next decade. Improving regional economic conditions, as well as a burgeoning automotive industry in Eastern European emerging countries, are anticipated to encourage market expansion and motivate enterprises to launch new products across borders.

For Instance

In May 2021, Borg Automotive acquired SBS Automotive. Borg Automotive gains a new business component, allowing it to join a new market in which it is not currently present.

Market Segmentations

By Product Type: Engine Parts (Turbochargers, EGR Valves, Carburetors) Transmission Parts (Clutches, Bearings) Electrical Parts (Starters, Alternators, Others) Wheels and Brakes (Hub Assemblies, Master Cylinders, Brake Callipers, Bearings) AC Compressors, Steering, Fuel Systems, Others

By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, All-terrain Vehicles, Off-highway Vehicles

By Country: Germany, Italy, France, U.K., Spain, BENELUX, Russia, Rest of Europe

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