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.

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.
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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.
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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.

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This release was published on openPR.