Automotive Parts Remanufacturing Market, By Component Type (Engine & Related Parts, Transmission & Related, Electrical & Electronic, Wheels & Brakes Related, A/C Compressors, Steering, Fuel Systems and others.), By Vehicle Type (Passenger Cars, LCV, HCV, Off-road Vehicles, All-Terrain Vehicles & Others), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : May 2023

Code : CMI1498

Pages :178

Formats :

Excel and PDF

Industry : Automotive and Transportation

Regional Analysis

Automotive Parts Remanufacturing Market: Regional Insights

With a market size of US$ 60.8 billion in 2022, North America held the largest share of the global market for automotive remanufacturing. The expansion of the regional market will be fueled by the United States' presence of major players and well-established automotive aftermarkets. In addition, lucrative revenue growth opportunities are anticipated to arise in the coming years as electric vehicle adoption grows in North America. For instance, battery electric vehicle sales in the United States increased from 230,000 in 2020 to 470,000 in 2021, according to the IEA. This situation has expanded the interest for remanufacturing answers for EVs, further driving the market development.

Asia Pacific is supposed to enlist the quickest development rate during the gauge time span. One of the major market drivers is China's robust automotive aftermarket industry.

Additionally, expanding interest for savvy remanufactured car parts in India and other non-industrial nations in Asia Pacific is expected to fuel the market development of car remanufacturing. Besides, China has the biggest number of on-street EVs. This has flooded the interest for remanufacturing EV batteries and drivetrains, which may speed up the market development before long.

In 2022, Europe held a significant share of the market. The European automobile industry is moving toward remanufacturing procedures as a result of stringent emission standards and waste management policies. In addition, the well-established automotive industry in Europe and the governments' focus on auto electrification are likely to provide lucrative expansion opportunities.

Figure 1: Global Automotive Parts Remanufacturing Market Share (%), By Region, 2022

Geographies covered:

North America: U.S. and Canada
Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
Middle East: GCC Countries, Israel, and Rest of Middle East
Africa: South Africa, North Africa, and Central Africa