Europe Automotive Parts Remanufacturing Market
Europe Market Study on Automotive Parts Remanufacturing: Germany Anticipated to Create Incremental Opportunity 1.8X Times that of the U.K. Between 2016 and 2024
- Market Research
- Europe Automotive Parts Remanufacturing Market Segmented By Turbocharger, EGR Valve, Carburettors as Engine and Related Parts and Clutches, Bearings as Transmission and Related Parts and Starters, Alternators as Electricals and Electronics for Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, All-Terrain Vehicles, Off-Highway Vehicles
The Germany automotive parts remanufacturing market is likely to hold significant value share during the forecast period
Germany, being a mature market with various remanufacturers and international brands was estimated to hold more than 30% value share of the Europe automotive parts remanufacturing market by the end of 2016. The automotive parts remanufacturing market in Germany is expected to create total incremental opportunity of more than US$ 3,000 Mn between 2016 and 2024, representing close to 40% of the total incremental opportunity over the projected period.
The Germany market is estimated to create incremental opportunity 1.8X times that of the U.K. market during the forecasted period. The Germany automotive parts remanufacturing market is estimated to dominate the Europe automotive parts remanufacturing market owing to large local parts remanufacturers present in the country. The Germany market is expected to register a CAGR of 7.9% over the forecast period. The Germany automotive parts remanufacturing market is estimated to gain more than 100 BPS between 2016 and 2024 owing to large local manufacturers and enhanced consumer loyalty towards them.
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- Borg Automotive A/S
- Caterpillar Inc.
- ZF Friedrichshafen AG
- Carwood Group
- Meritor, Inc.
- Valeo SA
- Robert Bosch GmbH
- Monark Automotive GmbH
- LuK Unna GmbH & Co. KG
- Budweg Caliper A/S
Stringent government laws towards waste management likely to propel the growth of the automotive parts remanufacturing market in Germany
The Germany automotive parts remanufacturing market is expected to expand due to a broad range of international car brands and ever increasing passenger cars production and usage in the country. Besides, government regulations are expected to focus on gradually promoting resource productivity.
Over the next few years, European regulations are likely to include tougher environmental standards for products and ways to price ecosystem services and resources. Stringent government regulations pertaining to waste management in Germany are expected to boost the growth of the automotive parts remanufacturing market in the country.
Growing population and urbanization in Germany will lead to an increase in demand for materials, water, land and energy to fulfil individual needs. Consequently, there will be great pressure and potential disruption might be witnessed in their supply as resources will be subjected to greater competition within the country.
Companies with an experience in manufacturing products with fewer resources are expected to be more resilient to these factors. The effect may also lead to a rise in prices of resources, which may become more volatile over the forecast period.
Rising awareness among consumers towards eco-friendly products is another factor which is fueling the growth of the automotive parts remanufacturing market in Germany. Consumers’ demand for eco-products or sustainable products that use fewer materials or less energy is growing with rising awareness about the environment among consumers.
One of the major factors likely to drive the automotive parts remanufacturing market in Germany is the higher profit margin associated with the German aftermarket rather than the business of make and sale. Minimal input cost of the remanufacturing business due to the minimum charge of discarded products makes this business highly lucrative. Consumers in Germany are also attracted towards remanufactured products as they offer the same warranty at a low cost as compared to the original product.
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Steering and passenger car segments are expected to dominate the Germany automotive parts remanufacturing market during the projected period
The steering segment is estimated to gain more than 50 BPS between 2016 and 2024 and is expected to expand at a CAGR of 9.4% over the forecast period owing to the demand for steering pumps and gears over the forecast period. The passenger car segment is expected to be equally attractive in the Germany automotive parts remanufacturing market in terms of market share and incremental opportunity, owing to a major car production hub in Germany and increasing average life of vehicles in the country. The segment is estimated to gain around 50 BPS between 2016 and 2024, owing to the presence of local remanufacturers and strong consumer awareness.
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Europe Automotive Parts Remanufacturing Market: Segmentation
To understand and assess opportunities in the Europe automotive parts remanufacturing market, we have divided the report into three sections based on market segmentation as under:
By Vehicle Type
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