LONDON, Oct. 05, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s automobile remanufacturing global market report 2023, the global automobile remanufacturing market is poised for significant growth. The market, valued at $55.97 billion in 2022, is projected to surge to $62.11 billion in 2023, reflecting a compound annual growth rate (CAGR) of 11%. This growth is driven by the rising demand for vehicles and a trend towards product innovation in the industry. Furthermore, the market size of global automobile remanufacturing is expected to reach $89.95 billion in 2027 at a CAGR of 9.7%.
Impact of Global Economic Factors
The market's growth comes amid challenges posed by the Russia-Ukraine conflict, which disrupted global economic recovery efforts initiated in response to the COVID-19 pandemic. Economic sanctions, commodity price spikes, and supply chain disruptions have caused inflation across various sectors. However, the automobile remanufacturing market is resilient, poised to continue its growth trajectory.
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Driving Force: Growing Vehicle Demand
The surge in vehicle demand has become a prominent driver for the automobile remanufacturing market. As per MarkLines Co., Ltd., a Japan-based automotive industry portal, sales of new vehicles in the US increased by 22.8% in May 2023 compared to May 2022. This surge underscores the significance of automobile remanufacturing in meeting the demand for rebuilt and recovered vehicles and their components, including transmissions, clutches, steering systems, and axle systems.
Key Players
Prominent players in the global automobile remanufacturing market include industry giants such as Toyota Motor Corporation, Robert Bosch GmbH, Caterpillar Inc., Denso Corporation, and others. These major players are instrumental in driving the industry forward.
Product Innovation: A Growing Trend
Product innovation is a notable trend within the automobile remanufacturing market. For instance, Blue Streak Electronics, a Canada-based automotive remanufactured electronics producer, recently introduced a line of remanufactured automotive driveline power inverters. These products offer optimal performance, reliability, and longevity, comparable to brand-new power inverters, while also reducing waste and carbon footprints.
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Regional Insights
North America emerged as the largest region in the automobile remanufacturing market in 2022, while Asia-Pacific is anticipated to experience the highest growth during the forecast period.
Segmentation
The global automobile remanufacturing market is segmented based on:
- Type: Engine, Transmission, Starter, Generator, and Other Types.
- Manufacturer: Original Equipment Manufacturer (OEM) Remanufacturers, Independent Remanufacturers, and Subcontracted Remanufacturers.
- Application: Passenger Vehicles and Commercial Vehicles.
Automobile Remanufacturing Global Market Report 2023 by The Business Research Company provides insights on the automobile remanufacturing market size, automobile remanufacturing market segments, automobile remanufacturing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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