Top 3 Trends that are Boosting Demand for Automotive Parts Remanufacturing

Steering significant traction in the automotive sector, Audi recently launched 10 new models in the global market in order to underscore the top position over the years. In addition, Volvo Cars in Srilanka recently launched the state-of-the-art showroom with the fully fledged facility in Peliyagoda. Volvo car emphasizes the key features of the Swedish brand such as comfort, style, safety and Volvo cars Sri Lanka facility is well-equipped to maintain the quality standards. Moreover, Maruti has recently launched its third product, the Ignis, in order to expand its product offerings at NEXA chain of premium dealership. Such factors are likely to contribute towards growth of the automotive parts remanufacturing in Europe over the coming years.

The automotive parts remanufacturing in Europe is expected to witness a growth of 6.4% CAGR over the forecast period, 2016-2024. The steering segment among others will witness a relatively high CAGR in the coming years. In addition, imposition of stringent government regulations is further likely to rev up demand for remanufactured automotive parts over the coming years. Remanufacturing transmission clutches, steering wheels, and brake calipers will represent relatively high growth in terms of revenues in the coming years. Moreover, remanufacturing transmission clutches, steering wheels and brake calipers will further witness a relatively high CAGR growth of 7.8% over the coming years.

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Trends that are Propelling Growth of the Automotive Parts Remanufacturing Market in Europe include,

  1. Surge in Product Launches:

Striving to expand their market presence, various automotive companies have launched products in the market that will impact growth of the automotive parts remanufacturing market in Europe positively over the coming years. Automotive companies such as Audi, Maruti, and Volvo have recently launched range of new products that have revved up demand in Europe automotive parts remanufacturing market. Recent launch of ‘state-of-the-art-showroom’ of Volvo cars in Srilanka has fuelled growth of the market. Attributed to features such as enhanced security, comfort, and style, the Volvo cars launched in Srilanka will be well-equipped to maintain the quality standards.

Emergence of hybrid and advanced vehicles in Europe market will further contribute towards adoption of remanufactured automotive parts over the coming years. Moreover, remanufacturers are mainly remanufacturing various core components, which is witnessing relatively high demand in Europe. In addition, remanufacture of steering wheels, transmission clutches and brake calipers are likely to witness a growth of 7.8% CAGR in the span of next seven years.

  1. Imposition of Government Regulations:

Imposition of various government regulations is increasingly impacting growth of the Europe automotive parts remanufacturing market in the coming years. Moreover, stringent laws of the European Council is striving to limit the rate at which deteriorated car parts are dumped and discarded over the years. In addition, the remanufactured parts of automotive will further witness an upsurge in demand among the off-highway and HCV vehicles in the coming years.

Steering among various segments will witness a growth of 9.4% CAGR, and will gain over 50 BPS over the coming years. Moreover, the passenger cars are likely to be equally attractive in terms of incremental opportunity and market share, particularly in Germany. Such factors are likely to contribute towards growth of the Europe automotive parts remanufacturing market in the coming years.

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  1. Regional Analysis:

Germany among other countries will retain dominance in the Europe automotive parts remanufacturing market over the coming years. Moreover, U.K., among other countries will an impressive growth in the Europe automotive parts remanufacturing market in the coming years. Whereas, Russia, Italy and France will witness comparatively sluggish growth in the Europe market for automotive parts remanufacturing over the coming years.

Overall, attributed to surge in various product launches and collaborations among various automotive companies is likely to impact growth of the automotive parts remanufacturing market in Europe in the coming years. Moreover, due to imposition of stringent regulations by the government, the remanufactured automotive parts are likely to witness an upsurge in demand over the coming years.

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