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In 2022, the worldwide market for remanufactured automobiles was estimated at a whopping USD $60.76 billion. At a CAGR of 9.8 percent between 2023 and 2030, the market is expected to increase in value from $65 billion in 2023 to $124 billion. By cleaning, disassembling, repairing, and replacing worn-out or outdated components, automotive remanufacturing restores, rebuilds, and transforms worn-out, previously sold, non-functional automobile parts into brand-new ones. Wear and tear occurs on moving vehicle parts after extensive operation. Because of this, the aftermarket is anticipated to be the market's primary driver. Leading aftermarket companies like Bosch, ZF Friedrichshafen AG, and others are increasingly focusing on providing remanufactured automotive parts that are both cost-effective and functionally equivalent to brand-new items, which is expected to provide lucrative prospects for the market in the coming years.
Report Coverage
Global Automotive Remanufacturing research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Remanufacturing report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Remanufacturing competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Remanufacturing market players and analyses their core competencies in each global market sub-segments.
EFFECTIVE CAUSES
The rapid expansion of the automotive sector has been hampered by a lack of raw materials. Raw material demand has increased significantly as manufacturers increase output. Raw material scarcity in some parts of the world is pushing more companies in the auto parts aftermarket to embrace remanufacturing strategies to meet rising consumer demand for used auto parts. Because of this, the international market will expand.
OEM and aftermarket suppliers of brand-new auto parts charge exorbitant prices. The price of the finished good is inflated because of the need for new components, all of which must be manufactured. Remanufactured devices, on the other hand, have a lifespan and quality that are comparable to that of OEM hardware, but at a lower price point due to lower production costs. This is why people in less developed countries often opt to replace worn or broken components with reconditioned alternatives. Used or remanufactured vehicle parts can save you anywhere from 20-50% compared to buying new. It is expected that this would also contribute to the expansion of the market.
CAUSES OF RESTRICTIONS
It's true that remanufactured vehicle parts perform just as well as brand-new ones. The government's lacklustre efforts to promote and accept remanufactured products obscure the industry's potential. Customers in emerging markets may not be aware of the financial and ecological benefits of buying remanufactured goods, which could slow the market down in the coming years.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Remanufacturing market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Remanufacturing market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• BorgWarner Inc.
• Valeo
• CARDONE Industries
• ATC Drivetrain
• Carwood Group
• Caterpillar
• Borg Automotive
• BBB Industries
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Automotive Remanufacturing market based on the below-mentioned segments:
Global Automotive Remanufacturing Market, By Parts Type
Global Automotive Remanufacturing market, By Vehicle Type
Global Automotive Remanufacturing market, Regional Analysis
Report Coverage
Global Automotive Remanufacturing research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Remanufacturing report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Remanufacturing competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Remanufacturing market players and analyses their core competencies in each global market sub-segments.
EFFECTIVE CAUSES
The rapid expansion of the automotive sector has been hampered by a lack of raw materials. Raw material demand has increased significantly as manufacturers increase output. Raw material scarcity in some parts of the world is pushing more companies in the auto parts aftermarket to embrace remanufacturing strategies to meet rising consumer demand for used auto parts. Because of this, the international market will expand.
OEM and aftermarket suppliers of brand-new auto parts charge exorbitant prices. The price of the finished good is inflated because of the need for new components, all of which must be manufactured. Remanufactured devices, on the other hand, have a lifespan and quality that are comparable to that of OEM hardware, but at a lower price point due to lower production costs. This is why people in less developed countries often opt to replace worn or broken components with reconditioned alternatives. Used or remanufactured vehicle parts can save you anywhere from 20-50% compared to buying new. It is expected that this would also contribute to the expansion of the market.
CAUSES OF RESTRICTIONS
It's true that remanufactured vehicle parts perform just as well as brand-new ones. The government's lacklustre efforts to promote and accept remanufactured products obscure the industry's potential. Customers in emerging markets may not be aware of the financial and ecological benefits of buying remanufactured goods, which could slow the market down in the coming years.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Robert Bosch GmbH, ZF Friedrichshafen AG, BorgWarner Inc., Valeo, CARDONE Industries, ATC Drivetrain, Carwood Group, Caterpillar, Borg Automotive, BBB Industries |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Automotive Remanufacturing Market from 2021 to 2030.
- Market Forecast for Automotive Remanufacturing Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Automotive Remanufacturing competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Automotive Remanufacturing
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Remanufacturing market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Remanufacturing market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• BorgWarner Inc.
• Valeo
• CARDONE Industries
• ATC Drivetrain
• Carwood Group
• Caterpillar
• Borg Automotive
• BBB Industries
Primary Target Market
- Market Players of Automotive Remanufacturing
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Automotive Remanufacturing market based on the below-mentioned segments:
Global Automotive Remanufacturing Market, By Parts Type
- Engine & Related Parts
- Transmission Parts
- Electrical & Electronics System Parts
- Braking System Related Parts
- Wheel & Suspension System Related Parts
Global Automotive Remanufacturing market, By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Global Automotive Remanufacturing market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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