Europe Automotive Parts Remanufacturing Market Insights into Innovations, Growth, Competitive Landscape, Drivers,Trends

UNITED STATES, December 7, 2023 /EINPresswire.com/ -- Market Overview:

The automotive parts remanufacturing market in Europe involves rebuilding and reconditioning used, old or depleted automotive components and parts to restore them to an original working condition by replacing worn components. Remanufactured parts are used in a wide range of vehicle models to extend their lifespan and utility at a lower cost as compared to new OEM parts.

Market Dynamics:

The Europe automotive parts remanufacturing market is expected to witness robust growth over the forecast period owing to rise in average age of vehicles across major countries and growing focus on sustainable automotive solutions. Europe has one of the oldest vehicle fleets globally with average age reaching over 11 years. This has significantly boosted the demand for cost-effective remanufactured parts. Moreover, rising environmental regulations in the region push automakers and parts manufacturers to adopt sustainable, eco-friendly practices like remanufacturing which reuse existing components, minimize waste and lower carbon footprint. These factors collectively will continue driving the demand for remanufactured automotive components in Europe during the forecast period.

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Increase in demand for eco-friendly vehicle parts

The demand for remanufactured automotive parts is growing in Europe due to stringent emission norms and focus on sustainability. Remanufactured parts help reduce material waste and carbon footprint as they reuse already manufactured components rather than producing new ones from scratch. They are also more cost effective compared to new OEM parts. With European governments promoting adoption of electric vehicles and hybrid cars to lower emissions, the need for high quality reused parts from old vehicles is increasing steadily. Automakers and part remanufacturers are able to offer repaired components at approximately half the cost of original new parts. This is encouraging more car owners to opt for replacement of faulty parts through remanufactured alternatives.

Stringent import regulations impact availability of spare parts

Stringent import rules and regulations around automotive components in the European Union can negatively impact the supply of spare parts from other regions. Many vehicle workshops rely on imports from countries like China and India for sourcing affordable replacement parts. However, changing trade policies and quality certifications requirements have increased compliance burden and paperwork for import of auto components into Europe. This is disrupting the steady supply of cost effective spare parts from external sources. The restrictions around cross-border movement of vehicle parts have created uncertainties for auto part suppliers as well as repair shops in Europe.

Top Key Players:

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.

Detailed Segmentation:

Europe Automotive Parts Remanufacturing Market, By Vehicle Type
Passenger Cars
LCV
HCV
Off-road Vehicle
All-Terrain Vehicle

Europe Automotive Parts Remanufacturing Market, By Components
Engine & Related Parts
Turbochargers
EGR Valves
Carburetors

Transmission & Related Parts
Clutches
Bearings
Electrical & Electronic
Starters
Alternators
Others

Wheels and Brakes Related Parts
Hub Assemblies
Master Cylinder
Brake Calipers
Bearings
A/C Compressors
Steering
Fuel Systems
Others

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Opportunities in remanufacturing of electric vehicle components

With electric vehicles gaining rapid popularity in Europe as consumers look to reduce carbon footprint from personal transport, there will be growing opportunities for companies involved in remanufacturing of EV components. As the existing fleet of battery powered vehicles ages, components like battery packs, controllers and electric motors will need to be repaired or replaced. Remanufacturing can help extend the useful life of these technically sophisticated electric drivetrain parts and lower costs for EV owners. It can also help address concerns around recycling of lithium-ion batteries from old EVs. Players in the European automotive parts remanufacturing sector are well positioned to capture this emerging business potential around servicing the aftermarket needs of electric vehicles.

Adoption of advanced technologies to improve quality and efficiencies

To stay competitive in the rapidly evolving mobility landscape, automotive component remanufacturers in Europe are increasingly adopting technologies like 3D printing, artificial intelligence and machine learning. These technologies help improve various stages of the remanufacturing process from core collection to disassembly and reconditioning. For example, AI driven visual inspection systems can accurately detect internal defects without complete disassembly. Additive manufacturing allows recreating complex worn out plastic or metal parts that were previously scrap. Analytics tools help optimize plant operations and predict core returns. Embracing Industry 4.0 technologies is essential for European remanufacturers to consistently deliver high quality remanned parts at competitive costs amid rising production and sustainability pressures.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Europe Automotive Parts Remanufacturing Market over the forecast period?
What are the key trends expected to influence the Europe Automotive Parts Remanufacturing Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Europe Automotive Parts Remanufacturing Market?
What long-term impact will strategic advancements have on the Europe Automotive Parts Remanufacturing Market?
Who are the key players and stakeholders in the Europe Automotive Parts Remanufacturing Market?
What are the different segments and sub-segments considered in the Europe Automotive Parts Remanufacturing Market research study?

About Coherent Market Insights

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