Automotive Parts Re-manufacturing Market Analysis | CMI

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AUTOMOTIVE PARTS RE-MANUFACTURING MARKET ANALYSIS

• Automotive Parts Remanufacturing Market - by
  Component Type (Engine Related Parts,
  Transmission Related, Electrical Electronics,
  Wheels Brakes Related, A/C Compressors,
  Steering, Fuel Systems, and Others), by Vehicle
  Type (Passenger Cars, LCV, HCV, Off-road
  vehicles, and All-terrain Vehicles), and by
  Region - Global Industry Insights and Forecast
  till 2025
• Automotive parts remanufacturing market refers to
  the business involved in the manufacturing
  process that includes product dismantling,
  replacing and restoring components, and testing
  of whole product and the individual parts to its
  original design specifications.

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Market Drivers

• The performance parameters that are equal or
  better than the previous component along with
  lower cost and warranty periods offered by the
  remanufacturers are among the key factors fueling
  growth of the Automotive Parts Remanufacturing
  Market.
• Rebuilding of vehicle components benefits
  business in terms of the overall cost of
  manufacture through reduced energy consumption,
  reduced raw material requirements, reduced cost
  to the market, and increased price flexibility
  for the consumers. These factors are expected to
  be among the significant factors impacting the
  industry growth over the forecast period.

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Figure 1. Global Automotive Parts Remanufacturing
Market, Key Dynamics
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Market Opportunities

• Reduced impact on environment, owing to waste
  generated and industry emissions through reuse of
  the vehicle parts will leverage the industry
  demand
• In March 2018, the European Commission finalized
  its Circular Economy Package (COP) proposal that
  was originally proposed in 2015, for the
  introduction of set of directives and laws
  designed for the resource-efficient future of the
  European economies. The proposal details
  automotive parts remanufacturing market as an
  integral part for the reduction of emissions and
  wastes generated through end of life cycle of an
  automotive. Furthermore, with an estimated global
  vehicle parc over 1.2 billion, an expected
  increase of demand at around 3 year-on-year over
  the forecast period will present considerable
  requirement of raw materials for the
  manufacturing processes. Inadvertently, lack of
  raw material resources and the growing costs of
  mining metals, high carbon footprint on the
  environment due to high energy consumption, and
  water requirement for the new equipment
  manufacturing will increase the demand for
  remanufactured automotive parts over the coming
  years, thereby fueling growth of global
  automotive parts remanufacturing market.

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• Trends expected to provide high traction to the
  industry growth include extended life of
  components, advent of predictive maintenance, and
  IoT connectivity that increasingly complement the
  repeated processing of vehicle components and
  engines. Growing concerns for environment
  responsibility, potential opportunities in
  component costs reduction, reduced resource
  security challenges, reduced lead time, secure
  spare parts supply, and increasing consumer
  confidence are some of the major factors that
  enhance the profitability of the participants.
  These factors are expected to provide strong
  growth opportunities for the global automotive
  parts remanufacturing (reman) market.

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Market Restraints

• Lack of adequate recognition by consumers and
  unfavorable regulatory policies in the Asia
  Pacific economies are expected to hamper the
  overall industry growth
• High competition from the vendors supplying
  recycled and repaired automobile body parts,
  shrinking price differences between these
  portfolio and the original products, and extended
  warranty of components are few factors
  restraining growth of the market. Moreover, lack
  of consumer recognition of the differences
  between used and reman products, as the
  connotation of the terminology is misconstrued,
  is another factor hindering growth of automotive
  parts remanufacturing market. Availability of the
  product at 60 of the original equipment also
  makes it difficult for vendors to overcome the
  consumer misconceptions regarding the product
  quality, specifically in emerging economies. In
  conjunction with these parameters, many Asian
  economies including India, have banned the import
  of cores, which forms the basic requirement for a
  remanufacturer. These parameters are expected to
  cause significant roadblock to the industry
  growth.

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• Increasing shortage of natural resources and
  difficulty in finding materials for manufacturing
  processes is among the major factors impacting
  the growth of automotive components manufacturing
  industries across the globe.

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Segment Information

• Europe accounted for the second largest share of
  global automotive parts remanufacturing market
  and is expected to hold its position over the
  forecast period. Industry participants have
  established strong foothold in the region, owing
  to increasing support from legislative
  authorities and the original equipment
  manufacturers.

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Competitive Section

• Some of the key players in the global automotive
  parts remanufacturing market include Valeo SA, ZF
  TRW, Carwood Group, Robert Bosch GmbH, Meritor
  Inc., Monark Automotive GmbH, Budweg Caliper A/S,
  Genuine Parts Company, ATC Drivetrain Inc., Maval
  Manufacturing Inc., Teamec BVBA, Motorcar Parts
  of America, Inc., and Jasper Engines and
  Transmissions.

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