A small number of original equipment manufacturers (OEMs) offer vehicle parts as service-based offerings. By adding these additional value-added services into their business model, OEMs can improve product design, reduce capital expenditures, and boost the availability of automotive components. Utilizing automotive components will extend the life of automotive vehicles. Additionally, a lot of automakers are putting scrappage programs into place, which allow customers to trade in their old cars for new ones in exchange for substantial discounts. Over the course of the forecast period, this is likely to increase exports ofs both new and used auto parts. For instance, Toyota Ireland is providing scrappage advantages on the purchase of a new vehicle up to US$ 4,270. The United Kingdom is one of Europe's main producers of automobiles, and it makes large investments in the sector's R&D. Compared to recycling or landfill recovery/disposal methods, automotive parts have been gaining popularity as a better solution to product recovery and applications. Due to advancements in technology, a greater emphasis on renewable energy sources, and a reduction in the environmental effect of transportation, electric vehicles (EVs) are growing in popularity.
Coherent Market Insights estimates that the Europe Automotive Parts Remanufacturing Market is predicted to rise gradually at a CAGR of 7.2% from 2023 to 2033, reaching a market valuation of around US$ 40.10 billion.
Top Companies in the Europe Automotive Parts Remanufacturing Industry:
1. Borg Automotive A/S
The company was founded in 2004 and is based in Silkeborg, Midtjylland, Denmark. The business produces and sells friction materials, remanufactured automotive parts, compressors, starters, alternators, brake calipers, brake linings, and brake pads for both commercial and passenger cars. In November 2020, OE remanufacturer BORG Automotive, based in Europe, added 113 new items to their line of starters and alternators.
2. Budweg Caliper A/S
The firm was founded in 1978 and is based in Odense, Denmark. The business supplies calipers and spare parts in addition to providing automobile components. The European automotive aftermarket's top source for remanufactured brake calipers is Budweg. The company announced in June 2023 that it has acquired Inter-Turbo through its fully owned subsidiary Budweg Caliper A/S.
3. Caterpillar Inc.
The company was started in 1925 and is based in Irving, Texas, United States. Along with producing engines and other necessary components for its equipment, the company also provides financing and insurance. Through a network of dealers throughout the world, Caterpillar distributes its products. The business stated in January 2023 that it was investing in Lithos Energy, Inc., a U.S.-based manufacturer of lithium-ion battery packs.
4. Valeo SA, Schouw & Co.
The company was started in 1923 and is based in France. The company makes and designs vehicle parts. The company sells clutches, electrical systems, lighting, motors and actuators, windshield wipers, security systems, electronics, and connective systems. Valeo is a partner and supplier to automakers all over the world.
5. ZF Friedrichshafen AG
The business was started in 1915 and is based in Friedrichshafen, Germany. The business provides systems for industrial technologies, commercial vehicles, and passenger cars. ZF finalized the acquisition of WABCO in 2020, and it will become the company's Commercial Vehicle Control Systems Division.
6. Monark Automotive GmbH
The company was started in 1951 and is based in Hamburg, Germany. The business produces, remanufactures, and distributes spare parts for mass-produced vehicles as well as for specialist vehicles like maritime applications. It places a strong emphasis on European commercial vehicles, passenger automobiles, and specialized vehicles.
7. Meritor, Inc.
The firm was started in 1909 and is based in Troy, Michigan, United States. The company produces truck, trailer, and specialty vehicle parts for suppliers to the military. Cummins stated on February 22, 2022, that it will pay $3.7 billion to purchase Meritor. On August 3, this will be completed.
Definition: The term "automotive parts remanufacturing market" refers to the process of reconstructing products, elements, or equipment of a vehicle to its original form, dimensions, and requirements using repurposed, repaired, and new elements.
