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Global Automobile Remanufacturing Market Size Expected to Hit $89.95 Billion in 2027 with a 9.7% CAGR || Toyota Motor Corporation, Robert Bosch GmbH, Caterpillar Inc
Automobile Remanufacturing Market
The Business Research Company's Automobile Remanufacturing Global Market Report 2023 identifies the growing demand for vehicles is expected to propel the growth of the automobile remanufacturing market going forward. A vehicle refers to a piece of equipment, typically having wheels and an engine, used for land-based transportation of people or commodities. Automobile remanufacturing meets vehicle demand by rebuilding and recovering previously sold, used, or broken vehicles. Also, automotive remanufacturers offer a variety of remanufacturing components, such as transmissions, clutches, steering systems, and axle systems, for motor vehicles and trucks. For instance, in June 2023, according to MarkLines Co., Ltd., a Japan-based automotive industry portal, sales of new vehicles in the US reached 1,374,910 units in May 2023, representing an increase of 22.8% from May 2022.
The global automobile remanufacturing market is expected to grow from $55.97 billion in 2022 to $62.11 billion in 2023 at a compound annual growth rate (CAGR) of 11%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global automobile remanufacturing is expected to reach $89.95 billion in 2027 at a CAGR of 9.7%.
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Major competitors in the automobile remanufacturing market are Toyota Motor Corporation, Robert Bosch GmbH, Caterpillar Inc., Denso Corporation, ZF Friedrichshafen AG, Continental AG, Volvo Car Corporation, Cummins Inc., Valeo SA, Eaton Corporation plc.
A key trend in the automobile remanufacturing market includes product innovations. 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.
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The automobile remanufacturing market is segmented -
1) By Type: Engine, Transmission, Starter, Generator, Other Types
2) By Manufacturer: Original Equipment Manufacturer (OEM) Remanufacturers, Independent Remanufacturers, Subcontracted Remanufacturers
3) By Application: Passenger Vehicles, Commercial Vehicles
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the automobile remanufacturing market.
The Business Research Company's "Global Automobile Remanufacturing Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automobile Remanufacturing Market Include:
1. Executive Summary
2. Automobile Remanufacturing Market Characteristic
3. Automobile Remanufacturing Market Trends And Strategies
4. Automobile Remanufacturing Market - Macro Economic Scenario
5. Automobile Remanufacturing Market Size And Growth
……………
27. Automobile Remanufacturing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automobile Remanufacturing Market
29. Automobile Remanufacturing Market Future Outlook And Potential Analysis
30. Appendix
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