Latest News- Remanufactured Automotive Parts Market: Passenger cars is expected to lead the Vehicle Type segment during 2025-2029

The Remanufactured Automotive Parts Market is being driven by Ageing vehicle fleet

The Remanufactured Automotive Parts Market is expected to grow at a CAGR of 3.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 10.17 billion. The global manufacturing sector is undergoing significant transformation through the adoption of innovative technologies, including advanced materials, automation, and material science. Among these advancements, 3D printing, or 3DP, is poised to revolutionize the industry, particularly in the automotive sector. Currently, 3D printing is primarily used for low-volume part production. However, its potential extends beyond this, with the integration of augmented reality and virtual reality technologies. During the forecast period, the automotive industry is expected to undergo a paradigm shift, with these technologies enabling more efficient and cost-effective manufacturing processes. The global remanufactured automotive parts market is also likely to be impacted by these advancements, offering opportunities for growth and innovation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Passenger cars
  • Commercial vehicles
• Component
  • Electrical and electronic parts
  • Engine
  • Transmission
  • Wheels and breaks
  • Others
• Application
  • Aftermarket
  • OEM
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Ageing vehicle fleet
• Increase in vehicle miles driven
• High reliance on IC engines for mechanizing vehicles

However, the market also witnesses some limitations, which are as follows:

• Increasing adoption of EVs
• Availability of low-cost alternatives for price-sensitive customers
• Raw material price volatility

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Market Scope in Remanufactured Automotive Parts Market Research Report

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Research Analysis Overview

The Remanufactured Automotive Parts Market is gaining momentum due to the Circular Economy Drive and Environmental Sustainability Trend. Cost-effective repair solutions through advanced remanufacturing technologies offer Original Equipment Manufacturers extended product lifespans. Remanufacturing awareness campaigns, e-commerce integration, and customized services are key growth factors. Automotive remanufacturing applies to various components like EV batteries, tires, and ATC Drivetrain in passenger cars and commercial vehicles. Amidst automotive electrification and EV sales growth, remanufacturing plays a crucial role in emission control and raw material shortage mitigation in the aftermarket and automotive supply chain.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market growth is influenced by several factors, such as the circular economy trend and the drive for environmental sustainability. Cost-effective repair solutions and advanced technologies, like the increasing adoption of original equipment manufacturer (OEM) remanufactured parts, are also significant growth drivers. Electronic components, such as electronic control units (ECUs), have seen substantial demand growth due to the rise in sales of EVs, motorcycles, and PCs over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/