The Europe automotive parts remanufacturing market involves repairing and rebuilding worn, non-functional, or discarded automotive parts to restore their function and performance. Products such as engines, transmissions, and others that have high wear rate are commonly remanufactured. This helps extend product life and reduces waste from landfills.
The global Europe Automotive Parts Remanufacturing Market is estimated to be valued at US$ 15.34 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased focus on sustainability among automobile manufacturers and consumers is one of the key factors driving the growth of Europe automotive parts remanufacturing market. Strict environmental regulations restricting landfill and promoting circular economy in European countries are prompting companies to adopt sustainable remanufacturing practices. Adoption of automotive parts remanufacturing helps reduce carbon footprint and manufacture components with much lower energy usage compared to primary manufacturing. This is increasing preference of OEMs and independent aftermarkets for sourcing remanufactured parts to meet sustainability goals.
Segment Analysis
The Europe automotive parts remanufacturing market is dominated by engine & transmission remanufacturing segment. Around 30% of vehicle parts that are replaced each year in Europe are from engine & transmission category. These parts face high wear & tear and require frequent replacement or remanufacturing. Engine components like pistons, camshafts, crankshafts etc. see significant amount of stresses during vehicle operation. Their remanufacturing helps reduce costs as well as supports sustainability by recycling of these crucial parts.
Key Takeaways
The Europe Automotive Parts Remanufacturing Market Size is expected to witness high growth. The market size for 2023 is US$ 15.34 Mn and is forecast to reach over US$ 26 Mn by 2030, expanding at a CAGR of 17%.
Regional analysis: Germany dominates Europe's automotive parts remanufacturing market with around 25% share due to strong presence of leading automakers like Volkswagen, BMW and Daimler. The demand is highest in Western Europe while Eastern Europe is expected to show fastest growth during the forecast period supported by increasing vehicle parc and awareness about cost benefits of remanufactured parts.
Key players: Key players operating in the Europe automotive parts remanufacturing market are Amgen Inc., Biocon Ltd, Dr. Reddy’s Laboratories, reliance life sciences, Teva Pharmaceutical Industries Limited, Merck & Co. Inc., Eli Lilly and Company, Intas Pharmaceutical Ltd, Kashiv Bio Sciences, Pfizer Inc. Amgen Inc has a significant market share owning to its strong distribution network and technically advanced remanufacturing facilities across major countries.
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