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Automobile Remanufacturing Market Competitive And Growth Analysis 2024 - Major Players, High Growth Strategies And Opportunities | Toyota Motor Corporation, Robert Bosch GmbH, Caterpillar Inc., Denso Corporation, ZF Friedrichshafen AG
Automobile Remanufacturing Global Market Report
The Business Research Company presents an extensive market research report on the Automobile Remanufacturing Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automobile remanufacturing market size has grown rapidly in recent years. It will grow from $62.11 billion in 2023 to $68.71 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to environmental concerns, cost-effectiveness, resource conservation, regulatory support, circular economy adoption.
The automobile remanufacturing market size is expected to see strong growth in the next few years. It will grow to $98.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to electric vehicle (ev) growth, increased vehicle complexity, transition to autonomous vehicles, rise in sustainable practices, legislation on circular economy. Major trends in the forecast period include advancements in remanufacturing technologies, focus on battery remanufacturing, increased automation in remanufacturing, modularity and design for remanufacture, collaborative supply chain models.
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Key Market Players:
Major companies operating in the automobile remanufacturing market report 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., Tenneco Inc., Schaeffler Group, TRW Automotive Holdings Corp., BorgWarner Inc., LKQ Corporation, Marelli Europe S.p.A, Knorr-Bremse AG, Navistar Inc., GKN Automotive Limited, Garrett Motion Inc., Standard Motor Products Inc., Remy International Inc., BBB Industries, Jasper Engines and Transmissions, Cardone Industries Inc., Detroit Diesel Corporation, BORG Automotive AS, Maval Industries LLC., AMS Automotive LLC., WABCO Holdings Inc.
Market Drivers:
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. 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. Therefore, the growing demand for vehicles is driving the growth of the automobile remanufacturing market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/automobile-remanufacturing-global-market-report
The automobile remanufacturing market covered in this report 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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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