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Europe Automotive Parts Remanufacturing Market will Bring the rapid growth and future opportunity in Europe with Top Manufaturers
Europe Automotive Parts Remanufacturing Market
Remanufacturing is the rebuilding of the product according to specifications of the original product with the combination of reused or repaired parts and new components. It requires replacement or repair of damaged or obsolete components and modules. In remanufacturing, a new part is restored from an existing core through the standardized industrial procedure in line with technical specifications to provide similar performance and warranty than the original part. Moreover, remanufactured parts cost around 60-70% of the original product with the same or more guarantee than the original product. Automotive parts manufacturing procedure includes namely dismantling, restoring and replacing of components, and testing of individual parts to its original design.
Consumers are focused on adopting eco-friendly and sustainable products that use fewer materials or less energy. According to a study about sustainable consumption by European Remanufacturing Network, in 2015, over 80% of the European citizens acknowledged that they preferred products that have minimum impact on the environment. Therefore, key players in the market such as Robert Bosch GmbH are adhering to environmental protection norms and work safety, which in turn, is expected to boost the market growth over the forecast period.
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What is the current Europe automotive parts remanufacturing market size?
The Europe automotive parts remanufacturing market is estimated to account for US$ 15,059.1 Mn, in terms of value by the end of 2019.
Which are the prominent Europe automotive parts remanufacturing market players across the globe?
Major players operating in the Europe automotive parts remanufacturing market include 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.
What are the key factors hampering growth of the Europe automotive parts remanufacturing market?
Lack of skilled workers and technical know-how about third-party products are some of the major factors that are expected to hamper growth of the market over the forecast period.
What are the Europe automotive parts remanufacturing market trends?
High demand for advanced technology vehicles from consumers is one of the major trends that has been observed in the market.
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