Global Automotive Parts Remanufacturing Market size was valued at US$ XX Bn. in 2019 and the total revenue is expected to grow at 5.86% from 2019 to 2027, reaching nearly US$ XX Bn.
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Global Automotive Parts Remanufacturing Market: Market Overview
The remanufacturing of automotive parts is a form of recovery process of a machine part that would match the customer’s expectation. This process involves several manufacturing processes such as dismantling, restoring and replacing parts, and testing individual parts to its original design. It provides better performance at lower price and also provides warranty period.
Global Automotive Parts Remanufacturing Market: Market Dynamics
Attractive profitable margins and cost saving with the automotive parts remanufacturing are major factors fueling the growth of the market. Stringent government regulations towards the waste management and rising awareness of consumers for eco-friendly products. In addition, growing cost of mining metals, high carbon deposition on the environment due to consumption of high energy, lack of raw material resources. Rebuilding automotive parts benefits many businesses as it saves overall manufacturing costs of the customers are the major factors working as drivers for the market during the forecast period.
Lack of skilled labor and large amount of investment for this advanced technology prospects are the major factor which restrain the global automotive parts remanufacturing market during the forecast period. The impact of pandemic COVID-19 on world economy, also affect the automobile sector, also the disruption in the product supply chain create problems for manufacturers that hamper the growth of the market over the estimated period.
Global Automotive Parts Remanufacturing Market: Market Segmentation
The electrical & electronics segment of component is dominating the automotive parts remanufacturing market due to increasing rate of replacement of starters and alternators. Urbanization and globalization increases the demand for passenger vehicles, in result rising the sales of passenger vehicle, so the passenger vehicle segment of vehicle type is subjected to the highest growth rate during the forecast period, the demand forlight vehicle and heavy vehicle also increases.Remanufacturing by recoating worn parts segment is likely to dominate the automotive parts remanufacturing market during the forecast period.
Global Automotive Parts Remanufacturing Market: Regional Analysis
North America is dominating the global automotive parts remanufacturing market due to major sales of automotive and adoption of new technology in this region. The increasing economic standard and living standard of individual will significantly drive the market in this region. Besides, rising awareness about environmental problems and growing awareness about waste management system increases the demand of automotive parts remanufacturing in this region. Asia Pacific is also expected to show fastest growth due to presence of large automobile market and increasing purchasing power of people in this region.
The objective of the report is to present a comprehensive analysis of the Global Automotive Parts Remanufacturing Marketincluding all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Automotive Parts Remanufacturing Marketdynamics, structure by analysing the market segments and projects the Global Automotive Parts Remanufacturing Marketsize. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Automotive Parts Remanufacturing Market make the report investor’s guide.
Scope of the Global Automotive Parts Remanufacturing Market: Inquire before buying
Global Automotive Parts Remanufacturing Market, by Component
• Engine and related parts
• Electrical & electronics
• Transmission & others
Global Automotive Parts Remanufacturing Market, by Vehicle type
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Passenger Vehicle
Global Automotive Parts Remanufacturing Market, by Type
• Remanufacturing by Recoating Worn Parts
• Remanufacturing without identity loss
• Remanufacturing with identity loss
Global Automotive Parts Remanufacturing Market, by Region
• Asia Pacific
China
India
Japan
South Korea
Australia
Indonesia
Malaysia
Vietnam
Rest of Asia
• North America
U.S.
Canada
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Mexico
Rest of South America
• Middle East & Africa
GCC
South Africa
Rest of MEA
Global Automotive Parts Remanufacturing Market, Key Players
• Caterpillar Inc.
• Valeo SA
• ZF Friedrichshafen AG
• ZF TRW
• Carwood Group
• Robert Bosch GmbH
• Meritor Inc.
• Detroit Diesel Corporation
• Monark Automotive GmbH
• Budweg Caliper A/S
• Genuine Parts Company
• ATC Drivetrain Inc.
• Maval Manufacturing Inc.
• Teamec BVBA
• Motorcar Parts of America, Inc.
• Jasper Engines and Transmissions
• Standard Motor Products Inc.
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