Automotive Parts Remanufacturing Market : Potential and Niche Segments, Geographical regions and Trends to 2024
The automotive parts remanufacturing market is inversely related to the economy as a whole. When customer spending is high, demand goes down because motorists will replace worn-out vehicles rather than extend its use through remanufactured parts. “Alternatively, when customer spending is low, demand for such parts increases as these services consists of a cheaper alternative to new parts. The latter condition is expected to benefit the automotive parts remanufacturing market.
The major challenge that could impact the growth of the market is the flexibility of existing mechanics to remove or add the remanufactured part and its compatibility with the existing parts. The market players find ample of opportunities in price sensitive nations such as India and Philippines among others. The market is driven by the slow economic growth in regions of Africa and Middle East.
The automotive parts remanufacturing market can be segmented on the basis types such as remanufacturing without identity loss, remanufacturing with identity loss and remanufacturing by recoating the worn parts. The market is geographically segmented under four regions, namely, North America, Asia-Pacific, Europe and Rest of World. Asia-Pacific region is expected to grow over the coming years as the people in this region are price sensitive.
The global automotive parts remanufacturing market consist of several niche and key players, namely, Ander Niermann, BORG Automotive A/S, Caterpillar Inc., Cardone Industries Inc., Genuine Parts Company, Marshall Engines, Maval Manufacturing Inc., Jasper Engines and Transmissions, Motor Car Parts of America Inc., Standard Motor Products Inc., ATC Drivetrain Inc., Teamec BVBA and Robert Bosch GmbH.