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Europe Automotive Parts Remanufacturing Industry Forecast: Market Set to Double by 2033 | Persistence Market Research Report

Europe Automotive Parts Remanufacturing Market

Europe Automotive Parts Remanufacturing Market

Overview of the Market

The Europe Automotive Parts Remanufacturing Market is poised for robust growth over the next decade. Valued at US$ 20,009.0 Mn in 2023, it is expected to nearly double by 2033, reaching a market value of US$ 40,102.7 Mn. This growth, at a projected CAGR of 7.2%, is underpinned by rising cost-efficiency demands and increasing adoption of sustainable automotive solutions.

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Germany is anticipated to dominate the market, thanks to its extensive remanufacturing infrastructure and strong presence of automotive OEMs. With a collective share of 47.5% held by the top three countries, the region's aftermarket continues to thrive on the appeal of remanufactured parts, which offer 50-75% cost savings compared to new components-while maintaining comparable quality and performance.

Key Highlights from the Report

The market is expected to grow at a CAGR of 7.2% through 2033.

Germany leads with the largest share due to a dense network of remanufacturing facilities.

Remanufactured parts offer 50-75% cost savings, driving demand in the aftermarket.

The market accounted for 22-25% of the global remanufacturing market in 2023.

Core components like engines and transmissions remain the most lucrative segments.

Rise of hybrid and electric vehicles in Europe is further fueling the remanufacturing trend.

Market Segmentation

The Europe automotive parts remanufacturing market is segmented by component type, vehicle type, and sales channel. Key component categories include engines, transmissions, turbochargers, clutches, steering systems, and brake calipers. Among these, engine and transmission remanufacturing leads the pack, due to their high cost when new and the relatively easier remanufacturing process.

In terms of vehicle type, the market caters to passenger vehicles, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). The passenger vehicle segment dominates due to high vehicle ownership in Europe and greater frequency of repairs. Additionally, online and offline aftermarket sales channels both play a role, with offline still prevailing due to the technical complexity of parts.

Regional Insights

Germany, with its mature auto sector and advanced remanufacturing capabilities, stands out as the market leader. The country's strong ecosystem of tier-1 suppliers and regulatory push for circular economy practices supports its lead.

Elsewhere in France, Italy, and the UK, growth is being supported by environmental policies and incentives that promote reuse and recycling of auto components, contributing to a steady rise in regional demand.

Market Drivers

The primary growth driver is the cost-efficiency and sustainability offered by remanufactured components. As parts wear out and need replacement, businesses and consumers increasingly turn to high-quality remanufactured alternatives. The growth of hybrid and electric vehicles, along with a broader trend toward circular economy practices, is also boosting demand.

Market Restraints

One major challenge for the market is perception and trust-some end-users still view remanufactured parts as inferior to OEM parts. Additionally, the remanufacturing process requires highly skilled labor and advanced diagnostics, which can limit scalability in less developed parts of the region.

Market Opportunities

Rising interest in sustainable vehicle maintenance solutions offers vast opportunities for market players. The electrification of vehicles opens new avenues for remanufacturing of battery modules and electronic control units. OEMs entering the remanufacturing space also point to a maturing market where brand-backed remanufactured products can bridge the trust gap.

Reasons to Buy the Report

✔ Understand the drivers behind a market projected to hit US$ 40.1 Bn by 2033.
✔ Access granular insights on key remanufactured components like engines and transmissions.
✔ Identify strategic growth areas in the emerging electric vehicle remanufacturing niche.
✔ Benchmark against top-performing countries and market leaders like Germany.
✔ Gain insights into trends, challenges, and opportunities shaping the European aftermarket.

Company Insights

Key Players Operating in the Market:

Bosch Automotive Products

Valeo Service

Carwood Group

ATC Drivetrain

Borg Automotive

BBB Industries

ZF Friedrichshafen AG

Meritor Inc.

Caterpillar Inc.

SRC Holdings Corporation

Recent Market Developments:

In 2023, Bosch expanded its remanufacturing line for EV-specific components to meet rising demand in Europe.

ZF Friedrichshafen AG launched a new line of remanufactured transmissions for commercial vehicles in the EU, aligning with sustainability targets.

Conclusion

The Europe Automotive Parts Remanufacturing Market is on an upward trajectory, buoyed by cost-effective, eco-friendly solutions that appeal to both consumers and regulatory bodies. Germany continues to spearhead growth, but the entire region is seeing increasing adoption of remanufactured components. As EV adoption grows, so too will the need for remanufactured high-tech parts, presenting an evolving landscape full of opportunities for both existing players and new entrants.

Contact Us:

Persistence Market Research
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Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com

About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

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