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Automobile Remanufacturing Market Forecast Report 2024-2033 | Share, Overview, Outlook
Automobile Remanufacturing Market Forecast
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations are a key trend gaining popularity in the automobile remanufacturing market. 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. It converts the DC power from the vehicle's battery into AC power for the driveline systems and charges the battery. Customers may anticipate a product that operates on par with completely new power inverters while reducing waste and carbon footprints.
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Major Key Players of the Market:
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.
Automobile Remanufacturing Market 2024 Key Insights:
• 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%.
• Surging Vehicle Demand Propels Expansion In The Automobile Remanufacturing Market
• Introduction Of Advanced Line Of Remanufactured Automotive Driveline Power Inverters
• North America was the largest region in the automobile remanufacturing market in 2023
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