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Europe automotive parts remanufacturing market analysis

Europe automotive parts remanufacturing market analysis

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Europe automotive parts remanufacturing market analysis

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. EUROPE AUTOMOTIVE PARTS REMANUFACTURING MARKET ANALYSIS • Europe Automotive Parts Remanufacturing Market, by Vehicle Type (Passenger Cars, LCV, HCV, Off-road Vehicle and All-Terrain Vehicle), by Components (Engine & Related Parts (Turbochargers, EGR Valves, And Carburetors), Transmission & Related Parts (Clutches and Bearings), Electrical & Electronics (Starters, Alternators, and Others), Wheels and Brakes Related Parts(Hub Assemblies, Master Cylinder, Brake Calipers,  and Bearings), A/C Compressors, Steering’s, Fuel Systems, and Others) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

  3. Market Overview • 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

  4. Market Dynamics- Driver • Strict regulatory policies concerning waste management are expected to drive growth of the Europe automotive parts manufacturing market growth during the forecast period • Government regulatory policies are focused on gradually promoting resource productivity, leading towards potential pricing of the environment. For instance, Directive 2008/98/EC of the European Council and Parliament on waste established a legal framework for the treatment of waste in European countries. Moreover, it set basic definitions, principles, and concepts such as waste hierarchy and polluter pay principle. Europe’s responses are expected to include tougher environmental standards for products and ways to charge ecosystem services and resources in the near future. Thus, these factors are expected to accelerate remanufacturing of automotive parts and thereby drive the market growth during the forecast period. • Increasing awareness among consumers regarding eco-friendly products is expected to propel the Europe automotive parts remanufacturing market growth over the forecast period • Consumers are focused on adopting eco-friendly and sustainable products that use fewer materials or less energy. According to a study about sustainable consumption by European Remanufacturing Network, in 2015, over 80% of the European citizens acknowledged that they preferred products that have minimum impact on the environment. Therefore, key players in the market such as Robert Bosch GmbH are adhering to environmental protection norms and work safety, which in turn, is expected to boost the market growth over the forecast period.

  5. Market Dynamics- Restraints • Lack of skilled workers and technical know-how about third-party products are expected to restrain growth of the Europe automotive parts remanufacturing market during the forecast period • For remanufacturing of old automotive parts, technical knowledge of each component is essential, which is not readily available to non-OEMs. Furthermore, lack of skilled engineers and labors to perform specific operation result in major errors. The complex design for fuel system, engines, etc. makes it extremely challenging for engineers and laborers to process technical information and experience to solve problems and redesign the parts. These factors are expected to hinder the market growth over the forecast period. • Requirement of significant investment to meet technological advancements is expected to hamper the Europe automotive parts manufacturing market over the forecast period • A substantial amount of investment is needed, in order to meet advanced technological demands. Such large investment is not possible for small and mid-sized enterprises, which in turn, is expected to hinder the Europe automotive parts manufacturing market growth over the forecast period.

  6. Market Opportunities • Provision of alternative reuse options for the automotive industry is expected to offer growth opportunities • The End-of-Life Vehicles (ELV) legislation in the European countries is expected to boost the remanufacturing industry in Europe. Moreover, vehicle longevity has been gradually increasing, thus average age of vehicles is over seven years. Therefore, manufacturers have an opportunity to gain traction as more spare parts will be required. From the technical perspective, electronics, being a highly under-estimated sector, demands significant information systems expertise. These factors are expected to provide various opportunities for the remanufacturing market. • Accelerating remanufacturing through standardized parts used in off-highway to pose lucrative growth opportunity • The incorporation of standardized parts such as lifts and escalators in off-road vehicles is expected to encourage remanufacturing and incite companies to build inventories of remanufactured parts and second-hand parts as the demand for standardized parts will grow continuously. The parts, other than being sold, can also be used by companies themselves. The technology used to remanufacture these parts and their specifications are expected to remain same, therefore, providing opportunities for the remanufacturers to gain traction in the automotive parts remanufacturing market over the forecast period.  

  7. Market Trend • High demand for advanced technology vehicles from consumers • Introduction of new products that control vehicle’s performance such as braking systems, environmental controls, radio, transmission, engine, GPS, driver aids, audiovisual displays, and more have been remarkable increase in the use of electronics in regular vehicles. Moreover, growing shift of mechanical parts electronic and mechatronic parts such as electronic power assisted steering, electronic throttle bodies, electronic diesel injectors, and turbochargers with electronic waste gates are some of the trends driving the automotive parts remanufacturing market. • Rising vehicle aging leading to environmental concerns are expected to offer significant growth opportunity • Remanufactured parts of high quality are expected to witness significant demand across Europe and is expected to offer lucrative growth opportunities for market players in the near future. This is owing to increasing vehicle age and stringent regulatory legislation. Increasing demand from consumers for different product types is expected to offer growth opportunity and undergo high growth of OEM market over the forecast period. Keeping this in mind, many OEMs and suppliers have made strategic plans to expanding their remanufacturing market footprint over the region.

  8. Competitive Section • 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. • Key Developments • Key companies in the market are focused on mergers and acquisitions, in order to gain competitive edge in the market. For instance, in March 2017, Schouw & Co., a Denmark-based conglomerate, acquired Borg Automotive and invested in the remanufacturing of auto parts. • In January 2018, ZF Friedrichshafen AG received “Best Brands Award”, sponsored by Auto Services Praxis AUTOHAUS.  

  9. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Buy Now Reference: https://www.coherentmarketinsights.com/market-insight/europe-automotive-parts-remanufacturing-market-3311

  10. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

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