Remanufactured automotive parts market size to increase by USD 11,021.22 million from 2022 to 2027: Aging vehicle fleet to drive growth

NEW YORK, March 21, 2023 /PRNewswire/ — The remanufactured automotive parts market size is forecasted to increase by USD 11,021.22 million from 2022 to 2027, at a CAGR of 3.93%, according to the recent market study by Technavio. The growth of the market will be driven by the aging vehicle fleet. The worn components of a vehicle should be replaced for optimal safety and comfort. The average age of vehicles has increased, especially in North America and Europe. The number of commercial vehicles in use is also increasing globally. Therefore, there are various opportunities for the suppliers of remanufactured auto parts. For more insights into the market – Download a sample report

The market is segmented by vehicle type (passenger cars and commercial vehicles), component (electrical and electronic parts, engine, transmission, wheels and brakes, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

Segmentation by vehicle type

• The passenger cars segment was valued at USD 26,206.32 million in 2017 and continued to grow by 2021. During the forecast period, this segment will account for a significant share of the market growth. The growth of this segment is attributed to factors such as the increasing disposable income of the middle class. The increasing average annual mileage of passenger cars and the focus of owners on regular maintenance and upgrades will create significant growth opportunities for vendors. The focus on R&D, testing, and compliance is also rising, which increases the average life expectancy of passenger vehicles. These factors are expected to drive the growth of this segment during the forecast period.

Segmentation by geography

• North America is estimated to account for 50% of the growth of the global market growth during the forecast period. About half of all vehicles in use in the region are commercial vehicles. The growth of the oil and gas, agriculture sector, mining, and industrial manufacturing sectors have increased the demand for commercial vehicles in North America. In addition, the vehicle leasing and rental businesses in the region are growing rapidly. There is a high demand for ride-hailing, vehicle subscription, and vehicle rental and leasing services in the region owing to supportive government policies. These factors will drive the growth of the market in North America during the forecast period.

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Get a holistic overview of the remanufactured automotive parts market by industry experts – Download the sample

Vendor analysis

Technavio has extensively analyzed 15 major vendors, including Aer Manufacturing LP, Andre Niermann, ATC Drivetrain, BBB Industries LLC, Borg Automotive AS, Cardone Industries Inc., Caterpillar Inc., Detroit Diesel Corp., Ford Motor Co., Jasper Engines and Transmissions, Marshalls Automotive Machine Inc., Motorcar Parts of America Inc., Renault SAS, Robert Bosch GmbH, Standard Motor Products Inc., Tata Motors Ltd., Teamec BVBA, Toyota Motor Corp., Volkswagen AG, and ZF Friedrichshafen AG

Key benefits for industry players & stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

• It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.

• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Expand operations in the future – To get requisite details, ask for a custom report.

What are the key data covered in this remanufactured automotive parts market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the remanufactured automotive parts market between 2023 and 2027

• Precise estimation of the size of the remanufactured automotive parts market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the remanufactured automotive parts market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of remanufactured automotive parts market vendors

What’s New?

• Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

• Global competitiveness and key competitor positions

• Market presence across multiple geographical footprints – Strong/active/niche/trivial – Buy the report!

Related Reports:

Automotive Service Market by Type, Vehicle Type, and Geography – Forecast and Analysis 2023-2027 – The automotive service market is estimated to grow at a CAGR of 7.65% between 2022 and 2027. The size of the market is forecasted to increase by USD 351.69 billion. This report extensively covers market segmentation by type (mechanical services, exterior and structural services, and maintenance services), vehicle type (passenger cars, light commercial vehicles, two-wheelers, and heavy commercial vehicles), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

Automotive Aftermarket Market by Vehicle Type, Distribution Channel, and Geography – Forecast and Analysis 2023-2027 – The automotive aftermarket market is estimated to grow at a CAGR of 6.26% between 2022 and 2027. The size of the market is forecasted to increase by USD 164.58 billion. This report extensively covers market segmentation by vehicle type (passenger cars and commercial vehicles), distribution channel (retailer, wholesale, and distribution), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Vehicle Type

7 Market Segmentation by Component

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio