5 Major Insights On The Automobile Remanufacturing Market 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Automobile Remanufacturing Global Market Report 2023, the automobile remanufacturing market is expected to show significant growth in the forecast period.
Key insights from the automobile remanufacturing market forecast include:
- Market Size
The global automobile remanufacturing market is projected to rise from $55.97 billion in 2022 to $62.11 billion in 2023, with an 11% CAGR. The market size is anticipated to reach $89.95 billion by 2027, growing at a 9.7% CAGR.
- Major Driver
Increasing vehicle demand will boost the automobile remanufacturing market. A vehicle is a land-based transportation piece with wheels and an engine. Automobile remanufacturing rebuilds and restores used or damaged vehicles. Remanufacturers also provide various components like transmissions, clutches, steering, and axles for motor vehicles and trucks. For example, in June 2023, MarkLines Co., Ltd., reported US new vehicle sales of 1,374,910 units in May 2023, a 22.8% increase from May 2022. Thus, rising vehicle demand drives automobile remanufacturing market growth.
View More On The Automobile Remanufacturing Market Report 2023 – https://www.thebusinessresearchcompany.com/report/automobile-remanufacturing-global-market-report
- Key Trend
Product innovations are a prominent trend in the automobile remanufacturing market. Leading companies innovate remanufactured products to maintain market positions. For example, in June 2023, Canada-based Blue Streak Electronics introduced a line of remanufactured automotive driveline power inverters. These undergo an extensive remanufacturing process, including testing, refurbishment, and critical component replacement, ensuring optimal performance, reliability, and lifespan. The inverter converts vehicle battery DC power into AC power for driveline systems and battery charging. Customers can expect performance on par with new inverters, reducing waste and carbon footprints.
- Major Players
Major players in the automobile remanufacturing market are Toyota Motor Corporation, Robert Bosch GmbH, Caterpillar Inc., Denso Corporation, ZF Friedrichshafen AG, Continental AG, Volvo Car Corporation, Cummins Inc., Valeo SA, Eaton Corporation plc., Tenneco Inc., Schaeffler Group, TRW Automotive Holdings Corp., BorgWarner Inc., LKQ Corporation, Marelli Europe S.p.A, Knorr-Bremse AG, Navistar Inc., GKN Automotive Limited, Garrett Motion Inc., Standard Motor Products Inc., Remy International Inc., BBB Industries, Jasper Engines and Transmissions, Cardone Industries Inc., Detroit Diesel Corporation, BORG Automotive AS, Maval Industries LLC., AMS Automotive LLC., and WABCO Holdings Inc.
- Top Market Segments
The global automobile remanufacturing market is segmented –
1) By Type: Engine, Transmission, Starter, Generator, Other Types
2) By Manufacturer: Original Equipment Manufacturer (OEM) Remanufacturers, Independent Remanufacturers, Subcontracted Remanufacturers
3) By Application: Passenger Vehicles, Commercial Vehicles
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The Automobile Remanufacturing Global Market Report 2023 provides an in-depth analysis on the automobile remanufacturing market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the automobile remanufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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