Governments are promoting sustainable practices in almost every sector around the world. This, combined with the growing demand for hard-to-find automobile components, has made part remanufacturing a lucrative business. According to a new Fact.MR report, the global automotive parts remanufacturing market is expected to reach US$ 70.12 billion in 2024, growing at a 9.3% CAGR through 2034.

Remanufacturers and original equipment manufacturers (OEMs) are working together to promote innovation and ensure that remanufactured parts are compatible with current cars. Remanufactured electrical and electronic components are becoming increasingly popular as automobiles incorporate more smart features and technical developments.

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Government support for circular economy and environmental practices is propelling the automotive parts remanufacturing business forward. Remanufactured parts are increasingly being accepted by commercial vehicle fleets, lowering costs and mitigating the transportation industry's negative environmental impact. Another key driver is the growing tendency of remanufacturing sophisticated engine components to increase vehicle lifespan. The growing global output of electric vehicles is also driving up demand for remanufactured automotive parts.

Key Takeaways from the Market Study

Global sales of remanufactured vehicle components are estimated to reach US$ 70.12 billion by 2024.
The market is expected to reach US$ 171.27 billion by the end of 2034.
The market in the United States is expected to reach $14.48 billion by 2024.
China will account for 59% of the East Asian market in 2024.
Demand for remanufactured vehicle components in Japan is expected to reach $4.46 billion by 2024.
The East Asia market is expected to grow at a CAGR of 10.6% till 2034.
“Remanufacturing engine parts and electrical components is consistent with sustainable methods. Collaborations between OEMs and remanufacturers are driving innovation to assure compatibility with contemporary vehicle designs,” says a Fact.MR analyst.

Key Companies Profiled in This Report

Robert Bosch GmnH
ZF Friedrichshafen AG
Caterpillar Inc.
Carwood Group
Meritor Inc.
Budweg Caliper A/S
Monark Automotive GmbH
BBB Industries
E&E Group
IM Group
Andre Niermann
Determining Cost of Remanufactured Parts Challenge for Manufacturers

Unlike new components, which have well defined pricing structures, remanufacturing automotive parts presents issues based on perceived value and pricing models. Remanufacturing relies significantly on recycling and reusing obsolete parts, however tax laws and regulations may not be sufficient to fund these efforts. Finding a balance between environmental advantages and regulatory control is a problem that automakers are attempting to meet.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the automotive parts remanufacturing market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges the automotive parts remanufacturing market based on component (engine & related parts, transmission & others, electrical & electronics, wheels & brakes, A/C compressors, steering, fuel systems) and vehicle type (passenger cars, LCVs, HCVs, off-road vehicles, all-terrain vehicles), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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