Press release
Automobile Remanufacturing Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Automobile Remanufacturing Market Size
The upswing in vehicle demand is set to fuel the expansion of the automobile remanufacturing market. The term "vehicle" typically refers to a wheeled equipment fitted with an engine, used primarily for land transportation of goods or individuals. The requirements for vehicles are met through automobile remanufacturing, which involves the recovery and rebuilding of pre-owned, defective, or utilized vehicles. Auto remanufacturers provide a multitude of reconstructed components including transmissions, clutches, steering mechanisms, and axle systems for motor vehicles and trucks. For example, data from MarkLines Co., Ltd., a Japanese automotive sector portal, showed that new vehicle sales in the US hit 1,374,910 units in May 2023, marking a 22.8% increase compared to May 2022. This surge in vehicle demand is therefore propelling the development of the automobile remanufacturing market.
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What is the projected compound annual growth rate (CAGR) of the automobile remanufacturing market from 2025 to 2034, and what factors influence it?
The scale of the automobile remanufacturing market has seen a robust increase in recent times. The market, which is projected to grow from a valuation of $67.54 billion in 2024, is expected to reach $74.18 billion in 2025 at a compound annual growth rate of 9.8%. This growth in the historical period can be attributed to various factors such as environmental concerns, the cost-effectiveness of remanufacturing, resource conservation, regulatory endorsement, and the adoption of a circular economy.
In the coming years, the automobile remanufacturing market size is projected to witness significant growth, reaching $109.31 billion in 2029 with a compound annual growth rate (CAGR) of 10.2%. This growth during the forecast period can be linked to the rise of electric vehicles (EV), heightened vehicle complexity, a shift towards autonomous vehicles, an increase in sustainable practices, and legislation promoting a circular economy. During the forecast period, major trends encompass developments in remanufacturing technologies, an emphasis on battery remanufacturing, increased automation in remanufacturing processes, modularity and design prepared for remanufacture, along with cooperative supply chain models.
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How are the latest trends influencing the growth of the automobile remanufacturing market?
In the automobile remanufacturing market, a crucial trend observed is the surge in product innovations. To consolidate their market position, major industry players are unveiling novel remanufactured products. For example, Blue Streak Electronics, a leading manufacturer of remanufactured automotive electronics from Canada, introduced a range of remanufactured automotive driveline power inverters in June 2023. These inverters are subjected to an exhaustive remanufacturing procedure incorporating rigorous testing, component refurbishment, and crucial component exchange to ensure superior performance, trustworthiness, and durability. The inverter transforms the vehicle's battery DC power into AC power for driveline systems and onset battery charging. It's expected to work equivalently to brand new power inverters, thereby reducing waste and carbon footprints for consumers.
What are the major segments of the automobile remanufacturing market and their role in driving growth?
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
Subsegments:
1) By Engine: Gasoline Engine, Diesel Engine, Hybrid Engine
2) By Transmission: Manual Transmission, Automatic Transmission, CVT (Continuously Variable Transmission)
3) By Starter: Electric Starter, Hydraulic Starter
4) By Generator: Alternator, Starter Generator
5) By Other Types: Fuel Injectors, Turbochargers, Power Steering Pumps, Brake Calipers
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Which regions are key players in the growth of the automobile remanufacturing market?
North America was the largest region in the automobile remanufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the automobile remanufacturing market report during the forecast period. The regions covered in the automobile remanufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the automobile remanufacturing market?
Major companies operating in the automobile remanufacturing market include 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.
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What Is Covered In The Automobile Remanufacturing Global Market Report?
• Market Size Forecast: Examine the automobile remanufacturing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automobile remanufacturing market for a structured understanding.
• Key Players Overview: Analyze major players in the automobile remanufacturing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automobile remanufacturing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automobile remanufacturing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automobile remanufacturing market.
• Industry Challenges: Identify potential risks and obstacles affecting the automobile remanufacturing market.
• Competitive Landscape: Review strategic developments in the automobile remanufacturing market, including expansions, agreements, and new product launches.
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