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Automotive Remanufacturing Market

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Automotive remanufacturing market
Automotive Remanufacturing Market – Top
players are Caterpillar, BORG AUTOMOTIVE
A/S, Jasper Engines & Transmissions
Automotive industry is more concern about environment pollution. Stringent emission norms by
government bodies and strict implementation by the automotive sector are prompting a complete shift
in business from manufacturing of traditional parts to ecofriendly solutions. Remanufacturing is a
process in which the new product is reassembled or remanufactured from the old product by utilizing
various technical processes, or the new part is modified to enhance its life or performance. The
automotive industry has a long tradition of remanufacturing, as compare to other types of industries.
Browse The Press Release: https://www.transparencymarketresearch.com/automotiveremanufacturing-market.html
Growing lifespan of modern vehicles and increased number of on-road vehicles across the globe are
anticipated to drive the automotive remanufacturing market during the forecast period. Furthermore,
several OEMs have realized the potential of remanufacturing business and hence, the automotive
remanufacturing market is likely to expand during the forecast period.
The automotive remanufacturing market can be segmented based on component types, service
provider, vehicle type, and region. Based on Component Types, the automotive remanufacturing market
can be classified into engine components, starters and alternators, wheels & brake-related components,
electric & electronics, fuel system, transmission related, and others. Engine or engine related
components are replaced or remanufactured twice during the vehicle’s lifespan. Starters and alternators
are the most remanufactured components apart from the vehicle engine. Across the globe,
approximately 300 manufacturers produce starter motors and alternators. Among them, 50%
manufacturers are U.S.-based and 30% manufacturers are based in Europe. Likewise, transmission &
transmission parts are also remanufactured, which enhances vehicle efficiency and offers additional
benefits such as inspection of parts, replacement of overused parts, and diagnostics testing.
In terms of sales channel, the automotive remanufacturing market can be split into OEMs and
independent remanufacturers. OEMs are investing in remanufacturing automotive businesses,
considering the potential of the business. Utilization of advance of machinery, skilled technical staff, and
reliable solutions with proper diagnostic facilities are the potential factor which is likely to expand OEMs
segment during the forecast period. Consequently, the OEMs segment is anticipated to expand at a
significant pace during the forecast period.
In terms of vehicle type, the automotive remanufacturing market can be segregated into passenger
vehicle, light commercial vehicle, heavy commercial vehicle, and off-road vehicle. Presence of numerous
on road passenger vehicles creates considerable business opportunity for the automotive
remanufacturing business. Remanufacturing of important parts of passenger vehicles is likely to account
for a major share of the business and hence, the passenger vehicle segment is anticipated to expand
significantly during the forecast period.
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In terms of region, the automotive remanufacturing market can be classified into North America, Latin
America, Europe, Asia Pacific, and Middle East & Africa. In North America, there are approximately 150
engine manufacturers and 1000 automotive parts remanufacturers in the U.S. alone. Furthermore, each
year, in the U.S., approximately 95% of trucks and cars are recycled, among them 75% by weight are
taken up for reuse. Therefore, North America is expected to dominate the global automotive
remanufacturing market during the forecast period. The European Union passed a law regarding the
reuse and recovery of 85% by weight of the average vehicle in 2006, and the percentage of reuse and
recovery increased to 95% by 2015.
Key players operating in the automotive remanufacturing market include Perkins Engines Company
Limited, Caterpillar, BORG AUTOMOTIVE A/S, Jasper Engines & Transmissions, ZF Friedrichshafen AG,
and Robert Bosch GmbH.
Author
Mayurideore
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