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Automotive parts remanufacturing

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The research report on automotive parts remanufacturing market segments the global market by component type (Engine & Related Parts, Transmission & Related, Electrical & Electronics, Wheels & Brakes Related, A/C Compressors, Steering, Fuel Systems,
Automotive Parts Remanufacturing Market - Global Industry
Insights, Size, Share, and Forecast till 2025
Automotive parts remanufacturing market refers to the business involved in the
manufacturing process that includes product dismantling, replacing and restoring
components, and testing of whole product and the individual parts to its original
design specifications. The performance parameters that are equal or better than the
previous component along with lower cost and warranty periods offered by the
remanufacturers are among the key factors fueling growth of the automotive parts
remanufacturing market.
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Increasing shortage of natural resources and difficulty in finding materials for
manufacturing processes is among the major factors impacting the growth of
automotive components manufacturing industries across the globe. Rebuilding of
vehicle components benefits business in terms of the overall cost of manufacture
through reduced energy consumption, reduced raw material requirements, reduced
cost to the market, and increased price flexibility for the consumers. These factors
are expected to be among the significant factors impacting the industry growth over
the forecast period.
Reduced impact on environment, owing to waste generated and industry
emissions through reuse of the vehicle parts will leverage the industry demand
In March 2018, the European Commission finalized its Circular Economy Package
(COP) proposal that was originally proposed in 2015, for the introduction of set of
directives and laws designed for the resource-efficient future of the European
economies. The proposal details automotive parts remanufacturing market as an
integral part for the reduction of emissions and wastes generated through end of life
cycle of an automotive. Furthermore, with an estimated global vehicle parc over 1.2
billion, an expected increase of demand at around 3% year-on-year over the forecast
period will present considerable requirement of raw materials for the manufacturing
processes. Inadvertently, lack of raw material resources and the growing costs of
mining metals, high carbon footprint on the environment due to high energy
consumption, and water requirement for the new equipment manufacturing will
increase the demand for remanufactured automotive parts over the coming years,
thereby fueling growth of global automotive parts remanufacturing market.
Trends expected to provide high traction to the industry growth include extended life
of components, advent of predictive maintenance, and IoT connectivity that
increasingly complement the repeated processing of vehicle components and
engines. Growing concerns for environment responsibility, potential opportunities in
component costs reduction, reduced resource security challenges, reduced lead
time, secure spare parts supply, and increasing consumer confidence are some of
the major factors that enhance the profitability of the participants. These factors are
expected to provide strong growth opportunities for the global automotive parts
remanufacturing (reman) market.
Lack of adequate recognition by consumers and unfavorable regulatory
policies in the Asia Pacific economies are expected to hamper the overall
industry growth
High competition from the vendors supplying recycled and repaired automobile body
parts, shrinking price differences between these portfolio and the original products,
and extended warranty of components are few factors restraining growth of the
market. Moreover, lack of consumer recognition of the differences between used and
reman products, as the connotation of the terminology is misconstrued, is another
factor hindering growth of automotive parts remanufacturing market. Availability of
the product at 60% of the original equipment also makes it difficult for vendors to
overcome the consumer misconceptions regarding the product quality, specifically in
emerging economies. In conjunction with these parameters, many Asian economies
including India, have banned the import of cores, which forms the basic requirement
for a remanufacturer. These parameters are expected to cause significant roadblock
to the industry growth.
Europe accounted for the second largest share of global automotive parts
remanufacturing market and is expected to hold its position over the forecast period.
Industry participants have established strong foothold in the region, owing to
increasing support from legislative authorities and the original equipment
manufacturers.
Some of the key players in the global automotive parts remanufacturing market
include Valeo SA, ZF TRW, Carwood Group, Robert Bosch GmbH, Meritor Inc.,
Monark Automotive GmbH, Budweg Caliper A/S, Genuine Parts Company, ATC
Drivetrain Inc., Maval Manufacturing Inc., Teamec BVBA, Motorcar Parts of America,
Inc., and Jasper Engines and Transmissions.
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apeksha motghare
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