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Automotive Parts Remanufacturing Market Dyamic | The Germany Automotive Parts Remanufacturing Market Is Likely To Hold Significant Value Share During The Forecast Period
"Europe Automotive Parts Remanufacturing Market"
The Germany market is estimated to create incremental opportunity 1.8X times that of the U.K. market during the forecasted period. The Germany automotive parts remanufacturing market is estimated to dominate the Europe automotive parts remanufacturing market owing to large local parts remanufacturers present in the country. The Germany market is expected to register a CAGR of 7.9% over the forecast period. The Germany automotive parts remanufacturing market is estimated to gain more than 100 BPS between 2016 and 2024 owing to large local manufacturers and enhanced consumer loyalty towards them.
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Stringent government laws towards waste management likely to propel the growth of the automotive parts remanufacturing market in Germany
The Germany automotive parts remanufacturing market is expected to expand due to a broad range of international car brands and ever increasing passenger cars production and usage in the country. Besides, government regulations are expected to focus on gradually promoting resource productivity. Over the next few years, European regulations are likely to include tougher environmental standards for products and ways to price ecosystem services and resources. Stringent government regulations pertaining to waste management in Germany are expected to boost the growth of the automotive parts remanufacturing market in the country.
Steering and passenger car segments are expected to dominate the Germany automotive parts remanufacturing market during the projected period
The steering segment is estimated to gain more than 50 BPS between 2016 and 2024 and is expected to expand at a CAGR of 9.4% over the forecast period owing to the demand for steering pumps and gears over the forecast period. The passenger car segment is expected to be equally attractive in the Germany automotive parts remanufacturing market in terms of market share and incremental opportunity, owing to a major car production hub in Germany and increasing average life of vehicles in the country.
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Key players participating in the growth of automotive parts remanufacturing market in Europe include, Borg Automotive A/S, Valeo SA, Caterpillar Inc., ZF Friedrichshafen AG, Carwood Group, Meritor Inc., Robert Bosch GmbH, Budweg Caliper A/S, Monark Automotive GmbH, and LuK Unna GmbH & Co. KG.
According to its report, titled “Automotive Parts Remanufacturing Market: Europe Industry Analysis and Forecast, 2016-2024,” Persistence Market Research projects that during the forecast period, Europe’s automotive parts remanufacturing market will register a steady value CAGR of 6.4%. The report reveals that in 2016, close to 35 million units of remanufactured automotive parts were sold across Europe. This number is expected to soar at 7.4% CAGR and surpass 56 million by the end of 2024. And, environmental concerns associated with ageing of automobiles continues to drive this demand for automotive parts remanufacturing in Europe.
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