The rapid expansion of the automotive sector has been constrained by a lack of raw resources. Demand for raw materials has significantly increased as automakers boost their production capacity. But because there are so few raw materials available in different parts of the world, firms in the aftermarket are turning to remanufacturing techniques to meet the rising demand for auto part replacement.As a result, the world market will expand. New car parts are expensive, whether they are sold by OEMs or aftermarkets. Additionally, the cost of putting additional parts together raises the overall cost of the final item. Remanufactured goods, on the other hand, are less expensive overall since they are produced at a low cost and have the same quality and durability as original equipment. Remanufactured automobile parts are becoming more and more popular because of their affordability, low environmental impact, and equivalent quality and performance to new parts. Remanufactured parts provide a sustainable alternative to conventional manufacturing methods with a higher focus on sustainability and environmental responsibility. Due to this, many businesses are implementing remanufacturing techniques to cut their carbon footprint and achieve their sustainability objectives.
According to Coherent Market Insights, The market for Remanufactured Automotive Parts was estimated at US$60.8 million in 2022, and by 2030, it is anticipated to have grown to US$118.2 million, with a CAGR of 8.7%.
Major Players in the Automotive Parts Remanufacturing Industry:
1. Valeo SA
The company was started in 1923 and is based in Paris, France. The design, manufacture, and distribution of modules, integrated systems, and components for the automotive industry are the main business activities of Valeo SA. Valeo stated in February 2021 that it will spend $5 million to open a new assembly facility in Bessemer, Alabama, which would result in the creation of 70 new jobs.
2. ZF TRW
The firm was founded in 2002 and is based in Livonia, Michigan, United States. The business provides systems, modules, and components for automobiles to automotive original equipment manufacturers (OEMs) and associated aftermarkets. ZF provides a wide range of goods for industries other than automotive.
3. Robert Bosch GmbH
The company was started in 1886 and is located in Gerlingen, Germany. The company sells industrial, mobility, home appliance, and vehicle parts. Bosch announced in April 2022 that it has purchased Dresden-based Arioso Systems, a manufacturer of MEMS micro speakers. Bosch announced its acquisition of the autonomous driving firm Five.ai in April 2022.
4. Meritor Inc.
The company was started in 1909 and is based in Troy, Michigan, United States. Meritor, Inc. produces truck, trailer, and specialty vehicle components for military suppliers. The business produces vehicle and trailer parts for suppliers to the military. Cummins announced plans to purchase Meritor for $3.7 billion on February 22, 2022.This will be completed on August 3.
5. Budweg Caliper A/S
The company was started in 1978 and is based in Odense, Denmark. Automobile components are offered by Budweg Caliper A/S. The business sells spare parts and calipers. Services are provided in Europe by Budweg Caliper. The European automotive aftermarket's top source for remanufactured brake calipers is Budweg.
6. Maval Manufacturing Inc.,
The company was started in 1987 and is located in Ohio, United States. The business creates accessories and motor vehicle parts in addition to producing car parts. MAVAL Industries produces and remanufactures steering components for automobiles. Power rack and pinion systems and related components are manufactured and remanufactured by Maval Industries for use in automobiles.
7. Jasper Engines and Transmissions
The company was started in 1942 and is based in Jasper, Indiana, United States. The business offers remanufactured transmissions, diesel engines, marine engines, gas engines, and more for cars, trucks, and boats. The business makes transmissions and engines.
Definition: The rebuilding of products, equipment, and parts of a vehicle to their original design standards using repurposed, repaired, and new components is referred to as "global automotive parts remanufacturing." These procedures demand for the core, or the outmoded and worn-out modules and components, to be replaced or repaired.
