by The global Europe Automotive Parts Remanufacturing Market is estimated to be valued at US$ 15.33994 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive parts remanufacturing helps to reuse and rebuild worn components and subassemblies in order to reduce waste. It eliminates the need for expensive new parts and helps save natural resources to manufacture new parts. Common automotive parts suitable for remanufacturing include engines, transmissions, fuel injection systems, alternators, starters and turbochargers.
Market key trends:
One of the major trends in the Europe automotive parts remanufacturing market is growing demand for affordable and cost effective products. Remanufactured automotive components are significantly cheaper than their brand new counterparts. This has augmented their adoption across the price sensitive middle and lower-income consumer segments. Moreover, stringent emission regulations have increased the demand for fuel efficient remanufactured components including engines and transmissions. Growing vehicle parc in Central and Eastern European countries isalso expected to drive the market growth over the forecast period. Strict regulations encouraging reduction of waste and promoting sustainable practices will further propel the Europe automotive parts remanufacturing market.
Segment Analysis
The Europe automotive parts remanufacturing market is dominated by engine and engine parts segment. This segment accounts for over 30% of the total market share owing to the high demand of remanufactured engines and engine parts such as pistons, crankshafts, camshafts, and others. Engines and their parts require frequent replacements and repairs which boosts the demand for remanufactured engines and engine parts in the region.
Key Takeaways
Europe Automotive Parts Remanufacturing Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing demand for cost-effective automotive components.
Regional analysis
Germany dominates the Europe automotive parts remanufacturing market with over 25% share due to presence of major automotive hubs and workshops in the country. The UK is the fastest growing market in the region attributed to the stringent emission norms in the country forcing consumers to opt for remanufactured components.
Key players analysis
Key players operating in the Europe automotive parts remanufacturing market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc. The market is highly competitive with major players focusing on new product launches and expansion strategies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
