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Steady Expansion Forecast for Automobile Remanufacturing Market, Projected to Reach $109.31 Billion by 2029
Automobile Remanufacturing Market
Automobile Remanufacturing Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, we have seen a significant expansion in the automobile remanufacturing market. The market, valued at $67.54 billion in 2024, is predicted to escalate to $74.18 billion in 2025, with a compound annual growth rate (CAGR) of 9.8%. The notable growth during the historic period is a manifestation of factors such as environmental consciousness, cost-efficiency, preservation of resources, regulatory backing, and the engagement of a circular economy.
Automobile Remanufacturing Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the automobile remanufacturing market is projected to experience swift expansion. By 2029, it is projected to reach a valuation of $109.31 billion, with a compound annual growth rate (CAGR) of 10.2%. This expansion in the forecast period is ascribed to the growth of electric vehicles (EV), rising vehicle intricacy, the shift towards autonomous vehicles, the adoption of sustainable practices, and legislation on circular economy. During this forecast period, prominent trends include the evolution in remanufacturing technologies, an emphasis on battery remanufacturing, the rise of automation in remanufacturing, the consideration of modularity and design for remanufacture, and cooperative supply chain models.
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What Are the Drivers Transforming the Automobile Remanufacturing Market?
The rise in vehicle demand is likely to fuel the expansion of the auto remanufacturing industry. A vehicle can be described as a device, usually with wheels and an engine, which is used to transport people or goods via land. It's essential to note that remanufacturing offers a solution to the rising vehicle demand by restoring and salvaging previously purchased, used, or fractured vehicles. Remanufacturers within the automotive sector provide a range of remanufacturing components, including transmissions, clutches, and steering and axle systems, for cars and trucks. In a report by Japan-based automotive industry portal MarkLines Co., Ltd., in June 2023, new vehicle sales in the U.S. hit 1,374,910 units in May 2023, showing a 22.8% surge from May 2022. This rising demand for vehicles is therefore driving the auto remanufacturing industry's growth.
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What Long-Term Trends Will Define the Future of the Automobile Remanufacturing Market?
One of the significant trends gaining traction in the automobile remanufacturing market is product innovation. Key players in this sector are creating novel remanufactured goods to maintain their market standing. Take for example, Blue Streak Electronics, an automotive remanufactured electronics manufacturer from Canada, which launched its new line of remanufactured automotive driveline power inverters in June 2023. These inverters go through an extensive remanufacturing procedure, consisting of thorough testing, refurbishment, and substitution of crucial elements to ensure superior performance, reliability, and durability. They convert the vehicle battery's DC power to AC power for the driveline systems and simultaneously recharge the battery. Consumers can therefore anticipate a product that performs equal to brand-new power inverters while lessening waste production and carbon footprints.
Which Segments in the Automobile Remanufacturing Market Offer the Most Profit Potential?
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 Firms Dominate the Automobile Remanufacturing Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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.
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