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What Is The Current Size And Growth Outlook For The Automobile Remanufacturing Market?

In the recent past, there has been a significant increase in the size of the automobile remanufacturing market. The market value is expected to rise from $67.54 billion in 2024 to an estimated $73.49 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. Factors that have contributed to this growth in the historic period include environmental concerns, cost-effectiveness, conservation of resources, regulatory support, and the adoption of a circular economy.

The vehicle refurbishment market is looking at substantial development in the upcoming years, with an estimated worth of $107.23 billion by 2029, expanding at a compound annual growth rate of 9.9%. Factors contribute to this expected increase include the rise of electric vehicles, the augmented complexity of automobiles, the shift to self-driving vehicles, sustainable practices being on the rise, and legislation regarding the circular economy. Dominant trends to note for the projected period are developments in refurbishing technology, focus on battery remanufacturing, the surge of automation within the refurbishing industry, the embrace of modularity and design for refurbishment, and collaborative supply chain models.

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What Market Forces Are Contributing To The Growth Of The Automobile Remanufacturing Market?

The forecasted increase in vehicle demand is likely to spearhead the expansion of the automobile remanufacturing market. A vehicle is typically a piece of machinery equipped with wheels and an engine, designed for terrestrail transport of goods or individuals. Automobile remanufacturing responds to this demand by reconstructing and refurbishing previously owned, utilised, or damaged vehicles. The assortment of remanufactured components for cars and trucks provided by automotive remanufacturers encompasses transmissions, clutches, steering systems, and axle systems. As an illustration, data from MarkLines Co., Ltd., a Japan-centric auto industry hub, reveals that new vehicle sales in the US swelled to 1,374,910 units in May 2023, marking a 22.8% surge from May 2022 figures. Consequently, the burgeoning demand for vehicles is fuelling the expansion of the automobile remanufacturing market.

How Is The Automobile Remanufacturing Market Categorized Across Applications And Types?

The automobile remanufacturingmarket covered in this report 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

Subsegments:

1) By Engine: Gasoline Engine, Diesel Engine, Hybrid Engine

2) By Transmission: Manual Transmission, Automatic Transmission, CVT (Continuously Variable Transmission)

3) By Starter: Electric Starter, Hydraulic Starter

4) By Generator: Alternator, Starter Generator

5) By Other Types: Fuel Injectors, Turbochargers, Power Steering Pumps, Brake Calipers

How Are Market Trends Influencing Competition In The Automobile Remanufacturing Market?

The trend of product innovation is being increasingly observed in the automobile remanufacturing market. Dominant firms in this market are focusing on the creation of new remanufactured items in a bid to maintain their standing in the industry. For example, Blue Streak Electronics, an automotive remanufacturing electronics firm based in Canada, launched a series of remanufactured automotive driveline power inverters in June 2023. This product experienced an extensive remanufacturing process involving rigorous testing, refurbishing, and swapping of key components, ensuring optimal performance, longevity, and reliability. It transforms the vehicle’s battery’s DC power into AC power for the driveline systems and recharging the battery. Consequently, customers can expect a product that matches the efficiency of brand-new power inverters while also minimizing waste and reducing carbon footprints.

Who Are The Primary Market Leaders In The Automobile Remanufacturing Market?

Major companies operating in the automobile remanufacturing market include 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., WABCO Holdings Inc.

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What Are The Emerging Regional Trends Driving The Automobile Remanufacturing Market?

North America was the largest region in the automobile remanufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the automobile remanufacturing market report during the forecast period. The regions covered in the automobile remanufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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