European Council’s stringent laws will continue curbing the rate at which worn-out car parts are discarded and dumped in the environment. Measures as such are reinforcing the growth of remanufacturing business across the region which is known for its significant contribution to the global automobile industry. Besides, buying new parts is losing its feasibility in Europe owing to volatile prices of raw materials and fragmented presence of OEMs. Thus, reprocessing and testing core components of cars continues to gain traction across Europe, solidifying the growth of its automotive parts remanufacturing market. Persistence Market Research recently valued the automotive parts remanufacturing market in Europe at US$ 12,152 Mn, and expected it to reach US$ 21,433.2 Mn by the end of 2024.
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According to its report, titled “Automotive Parts Remanufacturing Market: Europe Industry Analysis and Forecast, 2016-2024,” Persistence Market Research projects that during the forecast period, Europe’s automotive parts remanufacturing market will register a steady value CAGR of 6.4%. The report reveals that in 2016, close to 35 million units of remanufactured automotive parts were sold across Europe. This number is expected to soar at 7.4% CAGR and surpass 56 million by the end of 2024. And, environmental concerns associated with ageing of automobiles continues to drive this demand for automotive parts remanufacturing in Europe.
Emergence of new products and components for controlling a vehicle’s performance serve as an underlining driver for the market’s growth. Advent of hybrid and advanced vehicles in Europe is also favoring the adoption of automotive parts remanufacturing. Core components are getting remodeled through remanufacturers, and are being augmented with latest hi-tech devices. Demand for remanufacturing engine and transmission components is fairly high across Europe, and is expected to remain so throughout the forecast period. Remanufacturing of turbochargers, transmission clutches, brake calipers, and steering wheels will register rampant growth in revenues and exhibit CAGRs not less than 7.8%.
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Meanwhile, over 40% of Europe’s automotive parts remanufacturing market will be accounted by passenger cars. By the end of 2024, more than 23 million passenger car parts will be remanufactured across European countries. Demand for remanufacturing automotive parts will also witness an uptick among HCVs and off-highway vehicles. Being Europe’s leading country in automobile manufacturing, Germany will continue to dominate the market with over one-third revenue share throughout the forecast period. The report further reveals that in 2017 and beyond, the demand for automotive parts remanufacturing will incur impressive growth in the UK, while countries such as France, Italy and Russia will come up short.
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