Automotive parts remanufacturing involves rebuilding worn out parts to their original specifications. It helps recover useful life from parts that otherwise would have been discarded as scrap. Common parts remanufactured include starters, alternators, steering racks, turbochargers, and gearboxes. Automotive parts remanufacturing offers significant cost savings of up to 60% compared to new parts. It also significantly reduces raw material usage and overall energy consumption involved in manufacturing new parts from scratch.

The Europe automotive parts remanufacturing market is estimated to be valued at US$15.33994 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Increasing demand for sustainability is a key driver for the Europe automotive parts remanufacturing market. Vehicles today contain as much as 65% to 90% recyclable content. However, only about 10% of old vehicles are returned to the manufacturing cycle as recycled materials each year. Automotive parts remanufacturing helps realize the remaining economic value while conserving natural resources. It reduces the environmental footprint associated with extraction, processing and manufacturing of new parts. The other driver is significant cost savings for fleet owners and operators that use remanufactured parts.

SWOT Analysis

Strength: The Europe automotive parts remanufacturing market benefits from strict regulations driving reuse and recycling. Remanufacturing utilizes 70-95% of an original part, significantly reducing waste. It also has a strong reuse culture with many companies collecting and rebuilding cores for over 50 years.

Weakness: Complex supply chains make quality control and end-of-life processes challenging. Some new car buyers may also prefer entirely new parts rather than remanufactured ones due to perceived reliability issues.

Opportunity: Advancing technologies like 3D printing and AI could optimize remanufacturing processes to improve quality and lower costs. Growing demand for affordable used vehicles and parts across Central/Eastern European nations is also an opportunity.

Threats: Stricter emissions standards may lead automakers to use new lightweight materials, posing remanufacturability issues. Subsidies for electric vehicles could reduce demand for internal combustion engines and their parts over time.

Key Takeaways

The Europe Automotive Parts Remanufacturing Market Size is expected to witness high growth over the forecast period due to strict environmental policies promoting reuse. The market size is projected to increase from US$ 15.33994 Mn in 2023 to US$ 25.08 Mn by 2030, at a CAGR of 7.8%.

Regional analysis: Germany dominates due to its strong automotive industry and regulatory push for sustainable solutions. Other major markets include France, UK, Italy, and Poland due to large vehicle fleets and demand for affordable spare parts. Central/Eastern European nations are growing the fastest as vehicle ownership increases across the region.

Key players: Key players operating in the Europe automotive parts remanufacturing market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc. The market is concentrated with top firms controlling the bulk of the demand for remanufactured components.

For More Insights, Read: https://www.trendingwebwire.com/europe-automotive-parts-remanufacturing-market-trends-growth-and-regional-outlook-2023-2030/