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Automobile Remanufacturing Market REPORT OVERVIEW
The global automobile remanufacturing market size was USD 16480 million in 2021 and is projected to touch USD 33268.68 million by 2031, at a CAGR of 7.3% during the forecast period.
Automotive remanufacturing is a process that includes replacing and restoring components. The product refers to the business involved in the manufacturing process. It is also used for testing whole product and its original design specification. It provides better performance at a lower price. The product has warranty period.
Growing shortage of natural resources is estimated to propel market growth. Growing concerns regarding environmental responsibility are predicted to surge market growth. Rising consumer confidence about the benefits of the product is projected to drive market growth. Increasing demand for repairing automobile is anticipated to accelerate market growth. Growing demand for vehicles globally is projected to drive market growth during the pandemic. Rising need to rebuild automobile products is predicted to accelerate automobile remanufacturing market growth. Increasing globalization and urbanization are predicted to dominate market growth.
COVID-19 Impact: Ban on Transportation During Pandemic to Hamper Product Demand
Ban on transportation during pandemic reduced market expansion. Social distance protocol reduced automobile sales. Lack of employee or workers during pandemic halted manufacturing units. Shut down of automobile sector globally halted product adoption. Lower demand for vehicles during pandemic declined economic rate. The market witnessed supply chain disruption. Work from home culture reduced adoption of automobiles and directly hampered market growth. Lower sales of vehicles during pandemic halted product adoption.
On the contrary, the market is expected to show positive growth after relaxation of lockdown restrictions. Re-opening of automobile sector is expected to accelerate market growth.
LATEST TRENDS
"Growing Shift Towards Environment-Friendly Products to Incite Market Growth"
Increasing demand for eco-friendly products in automobile sector is estimated to accelerate market growth. Growing need to improve vehicle age is predicted to surge market growth. Presence of large multi-national corporations investing in the product is anticipated to boost market growth. Increasing consumer confidence about the product is predicted to accelerate market growth. Increasing demand to reduce environmental impacts is projected to drive market growth during the forecast period. Government initiatives to reduce CO2 emission is estimated to accelerate market growth. Increasing need to remanufacture old parts of automobile is predicted to surge market growth. Higher adoption of footprint on environment due to high energy consumption is projected to drive market growth. Increasing advanced technology in vehicles is anticipated to surge product demand. Growing adoption of hybrid and electric vehicles is predicted to propel automobile remanufacturing market growth.
Automobile Remanufacturing Market SEGMENTATION
- By Type
Based on type, the market is divided into engine, transmission, starter, generator, and other.
Transmission is expected to be the leading part of the type segment.
- By Application
On the basis of application, the market is classified into passenger vehicle and commercial vehicle.
Passenger vehicle expected to be the leading part of the market application.
DRIVING FACTORS
"Multiple Benefits of the Product to Foster Market Growth"
Automobile remanufacturing has multiple benefits, such as replacing and restoring components. Such advantages are estimated to surge market growth. Lack of raw materials available is anticipated to propel market growth. Increasing demand for secure spare parts is predicted to accelerate market growth during the forecast period. The product offers potential opportunities for component costs reduction is anticipated to accelerate market growth. Increasing demand for automobile is projected to drive market growth. Rebuilding vehicle components helps to reduce energy consumption is anticipated to propel market growth during the forecast period. Shortage of raw materials is expected to surge product adoption. Growing subsequent fluctuations in prices are projected to drive automobile remanufacturing market growth.
"Increasing demand to Repair and Restore Components to Foster Market Growth"
Increasing need to repair and restore components in automobile sector is estimated to surge market growth. Higher demand to extend life of components is projected to drive market growth. Growing sales of automobile globally are predicted to accelerate market growth. Rapid industrialization and urbanization are projected to drive market growth. Growing awareness about the benefits of repairing old automobile products in the long run is anticipated to accelerate market growth. Increasing disposable income is anticipated to accelerate market growth during the forecast period. Rapid adoption of automobile is predicted to fuel product demand. Growing research and development activities in innovating new products are predicted to surge automobile remanufacturing market growth.
RESTRAINING FACTORS
"Lack of Recognition and unfavorable Regulatory Policies to Hamper Market Growth "
Lack of recognition from the consumers is expected to restrict market growth. Unfavorable regulatory policies are estimated to hinder product demand during the forecast period.
Automobile Remanufacturing Market REGIONAL INSIGHTS
"Growing Support from Legislative Authorities in North America to Drive Market Share"
North America is expected to dominate the most significant part of automobile remanufacturing market share due to increasing support from legislative authorities. Growing adoption of vehicles in the region is projected to drive market growth. Government initiatives to control carbon emission is predicted to accelerate market growth. Growing demand to increase vehicle lifestyle is anticipated to propel market growth during the forecast period. Increasing growth in automobile sector is predicted to propel market growth.
Europe is estimated to show considerable market growth due to Increasing demand to reduce environmental impacts. Government initiatives to reduce CO2 emission is estimated to accelerate market growth. Increasing need to remanufacture old automobile parts is predicted to surge market growth. Higher adoption of footprint on environment due to high energy consumption is projected to drive market growth.
Asia Pacific is estimated to show significant market growth due to growing shift towards eco-friendly products. Growing demand for automobile in the region is anticipated to surge market growth. Growing adoption of hybrid and electric vehicles is projected to drive automobile remanufacturing market growth during the forecast period.
KEY INDUSTRY PLAYERS
"Leading Players Adopt Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
LIST OF TOP Automobile Remanufacturing COMPANIES
- Faw Group (China)
- Shanghai Dazhong Allied Developing (China)
- JATCO (Japan)
- BMW (Germany)
- Toyota (Japan)
- Borg Automotive (U.K.)
- Jasper Engines & Transmissions (U.S.)
- Volvo Cars (Sweden)
- Caterpillar (U.S.)
- Japan Rebuit (Japan)
- Meritor (U.S.)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 16480 Million in 2021 |
Market Size Value By |
US$ 33268.68 Million by 2031 |
Growth Rate |
CAGR of 7.3% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the automobile remanufacturing market expected to touch by 2031?
The global automobile remanufacturing market is expected to reach USD 33268.68 million by 2031.
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What CAGR is the automobile remanufacturing market expected to exhibit by 2031?
The automobile remanufacturing market is expected to exhibit a CAGR of 7.3% by 2031.
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Which are the driving factors of the automobile remanufacturing market?
Drivers of this automobile remanufacturing market are multiple benefits of the product and increasing demand to repair and restore components.
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Which are the top companies operating in the automobile remanufacturing market
Faw Group, Shanghai Dazhong Allied Developing, JATCO, BMW, Toyota, Borg Automotive, Jasper Engines & Transmissions, Volvo Cars, Caterpillar, Japan Rebuit, and Meritor.
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