Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Insight-Europe Automotive Parts Remanufacturing Market

Market Overview

Remanufacturing is the rebuilding of the product according to specifications of the original product with the combination of reused or repaired parts and new components. It requires replacement or repair of damaged or obsolete components and modules. In remanufacturing, a new part is restored from an existing core through the standardized industrial procedure in line with technical specifications to provide similar performance and warranty than the original part. Moreover, remanufactured parts cost around 60-70% of the original product with the same or more guarantee than the original product. Automotive parts manufacturing procedure includes namely dismantling, restoring and replacing of components, and testing of individual parts to its original design.

The Europe automotive parts remanufacturing market is estimated to account for US$ 15,059.1 Mn in terms of value by the end of 2019

Market Dynamics- Driver

  1. Strict regulatory policies concerning waste management are expected to drive growth of the Europe automotive parts manufacturing market growth during the forecast period

Government regulatory policies are focused on gradually promoting resource productivity, leading towards potential pricing of the environment. For instance, Directive 2008/98/EC of the European Council and Parliament on waste established a legal framework for the treatment of waste in European countries. Moreover, it set basic definitions, principles, and concepts such as waste hierarchy and polluter pay principle. Europe’s responses are expected to include tougher environmental standards for products and ways to charge ecosystem services and resources in the near future. Thus, these factors are expected to accelerate remanufacturing of automotive parts and thereby drive the market growth during the forecast period.

  1. Increasing awareness among consumers regarding eco-friendly products is expected to propel the Europe automotive parts remanufacturing market growth over the forecast period

Consumers are focused on adopting eco-friendly and sustainable products that use fewer materials or less energy. According to a study about sustainable consumption by European Remanufacturing Network, in 2015, over 80% of the European citizens acknowledged that they preferred products that have minimum impact on the environment. Therefore, key players in the market such as Robert Bosch GmbH are adhering to environmental protection norms and work safety, which in turn, is expected to boost the market growth over the forecast period.

Market Dynamics- Restraints

  1. Lack of skilled workers and technical know-how about third-party products are expected to restrain growth of the Europe automotive parts remanufacturing market during the forecast period

For remanufacturing of old automotive parts, technical knowledge of each component is essential, which is not readily available to non-OEMs. Furthermore, lack of skilled engineers and labors to perform specific operation result in major errors. The complex design for fuel system, engines, etc. makes it extremely challenging for engineers and laborers to process technical information and experience to solve problems and redesign the parts. These factors are expected to hinder the market growth over the forecast period.

  1. Requirement of significant investment to meet technological advancements is expected to hamper the Europe automotive parts manufacturing market over the forecast period

A substantial amount of investment is needed, in order to meet advanced technological demands. Such large investment is not possible for small and mid-sized enterprises, which in turn, is expected to hinder the Europe automotive parts manufacturing market growth over the forecast period.

Market Opportunities

  1. Provision of alternative reuse options for the automotive industry is expected to offer growth opportunities

The End-of-Life Vehicles (ELV) legislation in the European countries is expected to boost the remanufacturing industry in Europe. Moreover, vehicle longevity has been gradually increasing, thus average age of vehicles is over seven years. Therefore, manufacturers have an opportunity to gain traction as more spare parts will be required. From the technical perspective, electronics, being a highly under-estimated sector, demands significant information systems expertise. These factors are expected to provide various opportunities for the remanufacturing market.

  1. Accelerating remanufacturing through standardized parts used in off-highway to pose lucrative growth opportunity

The incorporation of standardized parts such as lifts and escalators in off-road vehicles is expected to encourage remanufacturing and incite companies to build inventories of remanufactured parts and second-hand parts as the demand for standardized parts will grow continuously. The parts, other than being sold, can also be used by companies themselves. The technology used to remanufacture these parts and their specifications are expected to remain same, therefore, providing opportunities for the remanufacturers to gain traction in the automotive parts remanufacturing market over the forecast period.  

Europe Automotive Parts Remanufacturing  | Coherent Market Insights

Source: Coherent Market Insights

Segment information:

In Europe automotive parts remanufacturing market, by vehicle type segment passenger car sub-segment dominated the Europe automotive parts remanufacturing market in 2019, accounting for 40.90% share in terms of value, followed by HCV, LCV, off-road vehicle and all-terrain vehicle sub-segment, respectively.

Europe Automotive Parts Remanufacturing  | Coherent Market Insights

Source: Coherent Market Insights

Market Trend

  1. High demand for advanced technology vehicles from consumers

Introduction of new products that control vehicle’s performance such as braking systems, environmental controls, radio, transmission, engine, GPS, driver aids, audiovisual displays, and more have been remarkable increase in the use of electronics in regular vehicles. Moreover, growing shift of mechanical parts electronic and mechatronic parts such as electronic power assisted steering, electronic throttle bodies, electronic diesel injectors, and turbochargers with electronic waste gates are some of the trends driving the automotive parts remanufacturing market.

  1. Rising vehicle aging leading to environmental concerns are expected to offer significant growth opportunity

Remanufactured parts of high quality are expected to witness significant demand across Europe and is expected to offer lucrative growth opportunities for market players in the near future. This is owing to increasing vehicle age and stringent regulatory legislation. Increasing demand from consumers for different product types is expected to offer growth opportunity and undergo high growth of OEM market over the forecast period. Keeping this in mind, many OEMs and suppliers have made strategic plans to expanding their remanufacturing market footprint over the region.

Value Chain Analysis

Europe Automotive Parts Remanufacturing  | Coherent Market Insights

Competitive Section

Key players operating in the Europe automotive parts remanufacturing market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc.

Key Developments

  1. Key companies in the market are focused on mergers and acquisitions, in order to gain competitive edge in the market. For instance, in March 2017, Schouw & Co., a Denmark-based conglomerate, acquired Borg Automotive and invested in the remanufacturing of auto parts.
  2. In January 2018, ZF Friedrichshafen AG received “Best Brands Award”, sponsored by Auto Services Praxis AUTOHAUS.  

Automotive parts remanufacturing market refers to rebuilding of products, components, or an equipment of an automobile to its original shape, size and specifications by utilization of reused, repaired, and new components. Factors such as increase in average age of vehicle, and increase in average miles driven per vehicle will boost the market growth. Moreover, Growing concern reducing raw material requirements, reducing energy consumption, and increasing price flexibility to the consumers these factors are also expected to boost the global automotive parts manufacturing market during the forecasted period.

Market Dynamics

Europe automotive parts remanufacturing market is expected to witness significant growth over the forecast period. The growth in this region is attributed to various policies put forward by European government such as ‘circular economy strategy’, Motor Vehicle Block Exemption Regulation and end-of-life vehicle. Moreover, European Council's stringent laws and losing feasibility of buying new product among customers in Europe owing to availability of remanufactured products at low cost is expected to drive the market. For Instance, According to Coherent Market Insights, overall price reduction of the products is up to 50-60% when compared to the original price of the part. Furthermore, gradually increase in longevity of vehicle and average age of vehicles on road is  a major factor driving the automotive remanufacturing market in this region. Furthermore, according to European Remanufacturing Network the remanufacturing industry is expected to grow up to $100 billion till 2030 and employing around 600,000 people, in Europe alone. Owing to which the market is expected to grow in this region.

Market Taxonomy

This report segments the Europe automotive parts remanufacturing on the basis of vehicle type, passenger cars, LCV, HCV, off-road vehicle and all-terrain vehicle. On the basis of component, the Europe automotive parts remanufacturing is segmented into, engine & related parts (turbochargers, EGR valves, and carburetors), transmission & related parts (clutches and bearings), electrical & electronics (starters, alternators, and others), wheels and brakes related parts (hub assemblies, master cylinder, brake calipers,  and bearings), a/c compressors, steering’s, fuel systems, and others

Key features of the study:

  • This report provides an in-depth analysis of the Europe automotive parts remanufacturing and provides market size (Thousand Units & US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2019 – 2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the Europe automotive parts remanufacturing based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key players operating in the Europe automotive parts remanufacturing market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The Europe automotive parts remanufacturing report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Europe automotive parts remanufacturing.

Detailed Segmentation:

  • Europe Automotive Parts Remanufacturing, By Vehicle Type
    • Passenger Car
    • LCV
    • HCV
    • All-Terrain Vehicles
    • Off-Highway Vehicles
  • Europe Automotive Parts Remanufacturing, By Components
    • Engine & Related parts
      • Turbochargers
      • EGR Valves
      • Carburetors
    • Transmission & Related Parts
      • Clutches
      • Bearings
    • Electricals & Electronics
      • Starters
      • Alternators
      • Others
    • Wheel and brakes related Parts
      • Hub Assemblies
      • Master Cylinders
      • Brake Calipers
      • Bearings
    • A/C Compressors
    • Steering
    • Fuel Systems
    • Others
  • Company Profiles
    • Borg Automotive A/S *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Budweg Caliper A/S
    • Caterpillar Inc
    • LuK Unna GmbH & Co. KG
    • Valeo SA
    • Schouw & Co
    • ZF Friedrichshafen AG
    • Monark Automotive GmbH
    • Carwood Group
    • Robert Bosch GmbH
    • Meritor, Inc

*Browse all the market data tables and figures on "Europe Automotive Parts Remanufacturing - Forecast to 2027”

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Vehicle Type
      • Market Snippet, By Component
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New system Launch/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
  4. Europe Automotive Parts Remanufacturing Market, By Vehicle Type, 2017-2027  (US$ Million & Thousand Units)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Passenger Car
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
    • LCV
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
    • HCV
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
    • All-Terrain Vehicles
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
    • Off-Highway Vehicles
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
  5. Europe Automotive Parts Remanufacturing Market, By Component, 2017-2027  (US$ Million & Thousand Units)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Engine & Related parts
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
        • Turbochargers
        • EGR Valves
        • Carburetors
    • Transmission & Related Parts
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
        • Clutches
        • Bearings
    • Electricals & Electronics
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
        • Starters
        • Alternators
        • Others
    • Wheel and brakes related
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
        • Hub Assemblies
        • Master Cylinders
        • Brake Calipers
        • Bearings
    • A/C Compressors
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
    • Steering
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
    • Fuel Systems
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
    • Others
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million & Thousand Units)
  6. Europe Automotive Parts Remanufacturing Market, By Region, 2017-2027  (US$ Million & Thousand Units)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Vehicle Type, 2019–2027 (US$ Million & Thousand Units)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million & Thousand Units)
      • Market Size and Forecast, By Pressure Range, 2019–2027 (US$ Million & Thousand Units)
      • Market Size and Forecast, By End-use Industry, 2019–2027 (US$ Million & Thousand Units)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
  7. Competitive Landscape
    • Company Profiles
      • Borg Automotive A/S
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Budweg Caliper A/S
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Caterpillar Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • LuK Unna GmbH & Co. KG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Valeo SA
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Schouw & Co
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ZF Friedrichshafen AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Monark Automotive GmbH
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Carwood Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Robert Bosch GmbH
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Meritor, Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on "Europe Automotive Parts Remanufacturing Market - Europe forecast to 2027”.

Frequently Asked Questions

The Europe automotive parts remanufacturing market is estimated to account for US$ 15,059.1 Mn, in terms of value by the end of 2019.
Major players operating in the Europe automotive parts remanufacturing market include Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc.
Lack of skilled workers and technical know-how about third-party products are some of the major factors that are expected to hamper growth of the market over the forecast period.
Stringent regulatory policies concerning waste management is one of the major factors that is expected to propel growth of the market over the forecast period.
The Europe automotive parts remanufacturing market is estimated to exhibit a CAGR of 7.4% over the forecast period (2019-2027).
High demand for advanced technology vehicles from consumers is one of the major trends that has been observed in the market.
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