Infinium Global Research recent report on the Automotive Parts Remanufacturing Market (By Parts (Engine Parts, Transmission & Others, Wheels & Brakes Related, Electrical & Electronics, Body and Chassis, Steering, A/c Compressors, Fuel Systems, and Others); By Vehicle Type (Passenger vehicles, and Commercial Vehicles): Industry Analysis, Trends, Size, Share and Forecasts up to 2030 provides a comprehensive outline of the factors responsible for the growth of the market. The global automotive parts remanufacturing market was valued at about USD 110 billion in 2022 and is expected to reach nearly USD 190 billion in 2030, with a CAGR of around 7% during the forecast period 2023-2030.
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The remanufacturing industry has been in existence for over 70 years. Prior to its inception, faulty units were deemed useless and discarded. However, the remanufacturing industry has contributed to a cleaner and better environment. Remanufactured automobile parts refer to refurbished components that are processed through standardized industrial procedures in accordance with specific technical requirements. These parts carry the same warranty as new parts and are clearly labeled as remanufactured with the name of the remanufacturer specified. Remanufacturing is a thorough process that offers numerous benefits for both original equipment manufacturers (OEMs) and the environment.
The Passenger Vehicles Segment Holds a Significant Market Share in the Automotive Parts Remanufacturing Market
Based on Vehicle Type, the Automotive Parts Remanufacturing Market is segmented into Passenger vehicles and Commercial Vehicles. Among these, the Passenger vehicles segment holds a significant market share in the Automotive Parts Remanufacturing Market. The Passenger vehicles segment is expected to experience significant market share growth during the forecast period. This growth can be attributed to the increasing disposable income of the middle class. Investments in research and development, testing, and compliance with standards have been increasing each year, resulting in a longer average life expectancy for passenger vehicles and greater customer retention. It is anticipated that sustained investments in research and development for the passenger vehicle segment will continue to extend the life expectancy of these vehicles during the forecast period.
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North America is the Highest Region in the Automotive Parts Remanufacturing Market
The global market for remanufactured automotive parts is divided into four major regions: North America, Europe, Asia Pacific, and the Rest of the World. North America holds the highest revenue in the market, credited to an increasing number of automotive manufacturers, growing support for remanufactured parts from OEMs and legislative authorities, and rapid technological advancements. Meanwhile, the Asia Pacific market for remanufactured automotive parts is expected to exhibit the fastest compound annual growth rate (CAGR) over the forecast period. This growth is primarily attributed to the rising sales of vehicles and growing demand for cost-effective automotive parts in the region.
Companies Operating in the Automotive Parts Remanufacturing Market are Focusing
The Global Automotive Parts Remanufacturing Market, which is highly competitive, consists of various market players. Some of the major market players include Valeo Group, Budweg Caliper A/S, Carwood Group, Maval Industries, Meritor Inc, ATC Drivetrain, Jasper Engines & Transmissions, Robert Bosch GmbH, ZF Friedrichshafen AG, Genuine Parts Company.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of automotive parts remanufacturing.
=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.
=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.
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