by Automotive parts remanufacturing involves rebuilding worn-out or defective components to work like new. It helps reduce waste and carbon footprint by allowing reuse of materials. Products like engines, transmissions, and electric vehicle batteries undergo detailed disassembly, inspection, replacement of worn parts and reassembly. The process offers savings of up to 60% compared to new parts.
The global Europe Automotive Parts Remanufacturing Market is estimated to be valued at US$ 15.34 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights..
Market key trends:
Users are increasingly concerned about the environmental impact of vehicles and actively seeking sustainable alternatives like remanufactured components. Compared to manufacturing new parts, the remanufacturing process significantly reduces carbon emissions, water usage and material waste. It supports green initiatives of both customers and auto companies. This trend is expected to boost growth of the Europe automotive parts remanufacturing market over the forecast period.
SWOT Analysis
Strength: The Europe automotive parts remanufacturing market benefits from strict emission norms in the region. Remanufacturing reduces emissions compared to manufacturing new parts.
Weakness: Lack of awareness about remanufactured parts among consumers. Consumers prefer branded new parts over remanufactured parts.
Opportunity: Increasing vehicle age in Europe creates large scope for parts remanufacturing. Growing demand for affordable vehicle maintenance also boosts opportunities.
Threats: Supply chain disruptions can impact availability of parts for remanufacturing. Shift towards electric vehicles may reduce demand over the long-run.
Key Takeaways
The Europe Automotive Parts Remanufacturing Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Europe Automotive Parts Remanufacturing Market is estimated to be valued at US$ 15.34 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.
Germany currently dominates the region’s market owing to large automobile production. The country is home to major automakers such as Volkswagen, Mercedes, and BMW. Stringent emission norms are driving the market in Germany. The UK holds second position in the regional market supported by growing vehicle fleet and aging automobile infrastructure. Significant rise in average age of vehicles has boosted demand for affordable vehicle maintenance solutions like parts remanufacturing in the UK.
Key players operating in the Europe automotive parts remanufacturing market include Amgen Inc., Biocon Ltd, Dr. Reddy’s Laboratories, reliance life sciences, Teva Pharmaceutical Industries Limited, Merck & Co. Inc., Eli Lilly and Company. These players focus on strategies like new product launches and partnerships with core suppliers to strengthen their presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
