Press release
Automobile Remanufacturing Industry to See Robust Expansion, Valued at $107.23 Billion by 2029
Automobile Remanufacturing
What Is the Projected CAGR for the Automobile Remanufacturing Market from 2024 to 2025?
In recent years, the automobile remanufacturing market has seen considerable growth. The market size is projected to increase from $67.54 billion in 2024 to $73.49 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.8%. Factors contributing to this significant growth during the historic period include environmental considerations, cost-efficiency, preservation of resources, regulatory backing, and the adoption of a circular economy.
What are the Expected Market Size and CAGR for Automobile Remanufacturing by 2029?
Prospects for the automobile remanufacturing market size look promising in the years to come. By 2029, it will escalate to $107.23 billion, with a compound annual growth rate (CAGR) of 9.9%. The anticipated expansion in this period can be linked to factors such as the advent of electric vehicles (EV), amplified vehicular intricacy, the shift towards self-driving vehicles, an increase in sustainable practices, and regulations promoting a circular economy. The forecast period is also poised to witness emerging trends such as progress in remanufacturing technologies, emphasis on battery remanufacturing, heightened automation in remanufacturing, modularization and design for remanufacturing, and jointly worked supply chain models.
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Which Factors Are Driving the Global Automobile Remanufacturing Market Expansion?
The surge in vehicle demand is set to accelerate the expansion of the automobile remanufacturing market. When we talk of vehicles, we refer to equipment, generally with wheels and an engine, utilized for terrestrial transportation of individuals or goods. The process of automobile remanufacturing satisfies vehicle demand by reviving and rehabilitating vehicles that were previously sold, utilized, or damaged. Providers of automotive remanufacturing supply a range of remade components, including transmissions, clutches, steering systems, and axle systems, tailored for motor vehicles and trucks. For example, as per MarkLines Co., Ltd., a Japan-based automotive industry gateway, new vehicle sales in the US soared to 1,374,910 units in May 2023, marking a rise of 22.8% compared to May 2022. Hence, the escalating demand for vehicles is fueling the expansion of the automobile remanufacturing market.
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Which Segment Currently Holds the Largest Share of the Automobile Remanufacturing Market?
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
Which Major Trends Are Shaping the Future of the Automobile Remanufacturing Industry?
Product innovation is emerging as a prominent trend in the automobile remanufacturing market. The major players in this market are continuously coming up with innovative remanufactured products to maintain their market standing. To provide an example, in June 2023, Blue Streak Electronics, which is headquartered in Canada and specializes in remanufacturing automotive electronics, introduced a series of reprocessed vehicle driveline power inverters. These inverters are put through an exhaustive remanufacturing procedure encompassing comprehensive testing, refurbishing, and substitution of crucial elements to assure peak performance, reliability, and longevity. The device transforms the direct-current power derived from the vehicle's battery into alternating-current for powering the driveline systems, simultaneously charging the battery. Thus, customers can expect a product with functionalities comparable to new power inverters but with less waste and lower carbon emission.
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Which Key Players Dominate the Automobile Remanufacturing Industry Globally?
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.
What Are the Fastest-Growing Regions 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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