The Europe automotive parts remanufacturing market is set to be valued over US$ 44 Bn by 2031, according to latest research by Persistence Market Research, a research and consulting firm. The report estimates the market to surge at a steady CAGR of close to 7% though the course of 2021-2031. Government regulatory actions are aimed at gradually increasing resource productivity, potentially leading to environmental pricing. For example, the European Council and Parliament’s Waste Directive 2008/98/EC provided a legislative framework for waste management in European countries. Furthermore, it established fundamental definitions, ideas, and concepts such as waste hierarchy and the polluter pays principle. In the near future, Europe’s countermeasures are expected to include stronger environmental regulations for products as well as new ways to tax ecosystem services and resources.
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The upcoming automotives would be abreast with HWW (Health, Wellness, and Wellbeing) features in the wake of healthcare being the top priority. So, it could be inferred that apart from going “green”, they would be going “pink” as well. The car’s parts would be revisited with the objective of keeping the occupants of vehicle healthy and safe.
There are environmentally-friendly regulations being laid down, which ask for circular economy, i.e. ideas of recycling and reusing would be put into practice in the near future. These trends in the automotive vertical along with insights have been constructively captured by the analysts and consultants in Persistence Market Research.
These factors are set to drive the industry for automotive parts remanufacturing in the European continent. Besides, market players are frequently involved in collaborations, mergers, and acquisitions so as to increase their footprint and market share.
- In May 2021, Meritor, Inc. collaborated with Hexagon Purus, a global leader in zero-emission e-mobility. These companies will work together to integrate Meritor’s Blue Horizon™ 14Xe™ integrated ePowertrain into Hexagon Purus’ contracted projects, which include Class 6 & Class 7 trucks and Class 8 (6×4) vehicles. Production is scheduled to begin in 2021.
- In February 2020, PE Automotive GmbH & Co. KG took over the trading business of Monark Automotive GmbH as well as the Monark brand.
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Key Takeaways from Market Study
- Based on product, the Europe automotive parts remanufacturing market was dominated by electrical parts such as starters, alternators, and others, as demand for electric vehicles grows in Europe
- Vehicle longevity has been gradually increasing in commercial as well as electric vehicle because of remanufacturing parts.
- The passenger vehicles segment dominated the European market for automotive parts remanufacturing, owing to rising consumer demand for compact and mid-sized cars.
- Over the decade, Germany and the U.K. are expected to be extremely profitable markets. Presence of significant automobile OEMs and aftermarket sector in both countries is the primary reason for this.
Competitive Landscape in Europe
The Europe automotive parts remanufacturing market is highly competitive at regional levels, and highly fragmented in nature. Some of the key players included operating in this space are Borg Automotive A/S, Caterpillar Inc., ZF Friedrichshafen AG, Carwood Group, Meritor, Inc., Valeo SA, Robert Bosch GmbH, Monark Automotive GmbH, Budweg Caliper A/S, ATC Drivetrain, RECRO Ltd., FZT Unna GmbH, E. & U. Hetzel GmbH, Autrans Transmissions Parts & Service B.V., and Scandinavian Transmission Service AB, VEGE Group.
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