Press Release: March 31, 2020
Remanufacturing is the rebuilding of the product according to specifications of the original product with the combination of reused or repaired parts and new components. It requires replacement or repair of damaged or obsolete components and modules. In remanufacturing, a new part is restored from an existing core through the standardized industrial procedure in line with technical specifications to provide similar performance and warranty than the original part. Moreover, remanufactured parts cost around 60-70% of the original product with the same or more guarantee than the original product. Automotive parts manufacturing procedure includes namely dismantling, restoring and replacing of components, and testing of individual parts to its original design.
The Europe automotive parts remanufacturing market is estimated to account for US$ 15,059.1 Mn in terms of value by the end of 2019
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Europe automotive parts remanufacturing market is expected to witness significant growth over the forecast period. The growth in this region is attributed to various policies put forward by European government such as ‘circular economy strategy’, Motor Vehicle Block Exemption Regulation and end-of-life vehicle. Moreover, European Council's stringent laws and losing feasibility of buying new product among customers in Europe owing to availability of remanufactured products at low cost is expected to drive the market. For Instance, According to Coherent Market Insights, overall price reduction of the products is up to 50-60% when compared to the original price of the part. Furthermore, gradually increase in longevity of vehicle and average age of vehicles on road is a major factor driving the automotive remanufacturing market in this region. Furthermore, according to European Remanufacturing Network the remanufacturing industry is expected to grow up to $100 billion till 2030 and employing around 600,000 people, in Europe alone. Owing to which the market is expected to grow in this region.
Europe Automotive Parts Remanufacturing, By Vehicle Type
Europe Automotive Parts Remanufacturing, By Components
Engine & Related parts
Transmission & Related Parts
Electricals & Electronics
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Key players operating in the Europe automotive parts remanufacturing market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc.
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