Automobile remanufacturing refers to the industrial process of restoring used automotive components to a like-new condition, ensuring they meet the original equipment manufacturers (OEM) specifications. This process involves disassembling, cleaning, repairing, replacing worn-out parts, reassembling and testing the components to ensure they perform as efficiently as newly manufactured ones.
The automobile remanufacturing market consists of sales by entities (organizations, sole traders and partnerships) of automobile remanufacturing products and services that are widely used across the automotive industry, catering to both passenger and commercial vehicle markets. It serves as a cost-effective and environmentally friendly alternative to purchasing new automotive components, helping reduce waste and conserve raw materials.
The global automobile remanufacturing market was valued at $50,038.45 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Strong Economic Growth In Emerging Markets
During the historic period, the automobile remanufacturing market was driven by strong economic growth in emerging markets. As incomes rise, more individuals and businesses invest in automobiles, leading to higher demand for cost-effective maintenance solutions, including remanufactured parts. Additionally, emerging economies often have price-sensitive markets where affordability plays a crucial role, making remanufactured components a preferred alternative to expensive new parts. The expansion of transportation, logistics and ride-hailing services in these regions further accelerates vehicle usage and wear and tear, increasing the need for reliable remanufactured parts. For instance, according to the World Bank, an international financial institution that lends money to developing countries to help reduce poverty and improve standards of living, China's gross domestic product (GDP) grew to $17.94 trillion in 2022, compared to $17.82 trillion in 2021 and $11.06 trillion in 2015. Additionally, in January 2022, according to the Minister for Finance and Corporate Affairs, India's gross domestic product (GDP) grew by between 8% and 8.5% and 9.2% in 2021-2022. Therefore, strong economic growth in emerging markets contributed to the growth of the automobile remanufacturing market.
Introduction Of Advanced Line Of Remanufactured Automotive Driveline Power Inverters
Product innovations are a key trend gaining popularity in the automobile remanufacturing market. Major companies operating in the automobile remanufacturing market are innovating new remanufactured products to sustain their position in the market. For instance, in June 2023, Blue Streak Electronics, a Canada-based producer of automotive remanufactured electronics, launched a line of remanufactured automotive driveline power inverters. These inverters undergo a protracted remanufacturing process that includes intensive testing, refurbishment and replacement of critical components to guarantee optimum performance, dependability and lifetime. It converts the DC power from the vehicle's battery into AC power for the driveline systems and charges the battery. Customers may anticipate a product that operates on par with completely new power inverters while reducing waste and carbon footprints.
The global automobile remanufacturing market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 20.69% of the total market in 2023.
Automobile Remanufacturing Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global automobile remanufacturing market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for automobile remanufacturing? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The automobile remanufacturing market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider automobile remanufacturing market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by manufacturer and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the interest rates, inflation, geopolitics and covid and recovery on the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by manufacturer and by application in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for automobile remanufacturing providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Types: Engine & Related Parts; Transmission Parts; Electrical & Electronics System Parts; Wheel & Braking System Related Parts; Other Types
- 2) By Manufacturer: Original Equipment Manufacturer (OEM) Remanufacturers; Independent Remanufacturers; Subcontracted Remanufacturers
- 3) By Application: Passenger Vehicles; Commercial Vehicles
- Companies Mentioned: ZF Friedrichshafen AG; Caterpillar Inc.; Valeo SA; Cardone Industries; PHINIA, Inc. (spin-off of BorgWarner)
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; automobile remanufacturing indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.