LONDON, Oct. 5, 2023 (Globe Newswire) — The global automotive remanufacturing market is expected to experience significant growth, according to The Business Research Company’s 2023 Automotive Remanufacturing Global Market Report.market value is $55.97 billion in 2022is predicted to increase rapidly. $62.11 billion in 2023reflects compound annual growth rate (CAGR) 11%. This growth is driven by rising automotive demand and trends in product innovation in the industry. Furthermore, the market size of the global automobile remanufacturing market is $89.95 billion in 2027 in CAGR is 9.7%.
Impact of global economic factors
The market growth comes amid challenges posed by the conflict between Russia and Ukraine, which has disrupted global economic recovery efforts that began in response to the COVID-19 pandemic. Economic sanctions, soaring commodity prices, and supply chain disruptions are causing inflation in many sectors. However, the auto refurbishment market is resilient and poised to continue its growth trajectory.
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Driving force: Expansion of automobile demand
The surge in demand for automobiles is a prominent driving factor for the automobile remanufacturing market. According to Japan-based automotive industry portal MarkLines Inc., new car sales in the U.S. increased by 22.8% in May 2023 compared to May 2022. This surge highlights the importance of vehicle remanufacturing in meeting rebuild demand. Recovered vehicles and their components (transmission, clutch, steering system, axle system, etc.).
key player
Prominent players in the global automotive remanufacturing market include industry giants such as Toyota Motor Corporation, Robert Bosch GmbH, Caterpillar Corporation, and Denso Corporation. These leading companies are helping move the industry forward.
Product innovation: a growing trend
Product innovation is a notable trend in the automotive remanufacturing market. For example, Blue Streak Electronics, a Canadian-based automotive remanufactured electronics manufacturer, recently introduced a line of remanufactured automotive driveline power inverters. These products offer optimal performance, reliability and longevity comparable to new power inverters, while reducing waste and carbon emissions.
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regional insights
North America has emerged as the largest region for the automotive remanufacturing market in 2022, while Asia Pacific is expected to witness the highest growth during the forecast period.
segmentation
The global automobile refurbishment market is segmented on the basis of:
- type: Engines, transmissions, starters, generators and other types.
- Maker: Original Equipment Manufacturer (OEM) remanufacturers, independent remanufacturers, and subcontract remanufacturers.
- application: Passenger cars and commercial vehicles.
Automotive Remanufacturing World Market Report 2023 Research by The Business Research Company provides insights into the Automotive Remanufacturing market size, Automotive Remanufacturing market segments, Automotive Remanufacturing market trends, driving and restraining factors, market positioning of key competitors, revenue and market share To do.
Business Research Company publishes more than 6,500 industry reports covering more than 2,500 market segments and 60 regions. This report is based on unique insights from 1,500,000 datasets, extensive secondary research, and interviews with industry leaders.
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