Seattle, WA -- (SBWIRE) -- 02/17/2020 -- Automotive parts remanufacturing market refers to the business involved in the manufacturing process that includes product dismantling, replacing and restoring components, and testing of whole product and the individual parts to its original design specifications. The performance parameters that are equal or better than the previous component along with lower cost and warranty periods offered by the remanufacturers are among the key factors fueling growth of the automotive parts remanufacturing market.
High competition from the vendors supplying recycled and repaired automobile body parts, shrinking price differences between these portfolio and the original products, and extended warranty of components are few factors restraining growth of the market. Moreover, lack of consumer recognition of the differences between used and reman products, as the connotation of the terminology is misconstrued, is another factor hindering growth of automotive parts remanufacturing market.
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Availability of the product at 60% of the original equipment also makes it difficult for vendors to overcome the consumer misconceptions regarding the product quality, specifically in emerging economies. In conjunction with these parameters, many Asian economies including India, have banned the import of cores, which forms the basic requirement for a remanufacturer. These parameters are expected to cause significant roadblock to the industry growth.
Europe accounted for the second largest share of global automotive parts remanufacturing market and is expected to hold its position over the forecast period. Industry participants have established strong foothold in the region, owing to increasing support from legislative authorities and the original equipment manufacturers.
Some of the key players in the global automotive parts remanufacturing market include Valeo SA, ZF TRW, Carwood Group, Robert Bosch GmbH, Meritor Inc., Monark Automotive GmbH, Budweg Caliper A/S, Genuine Parts Company, ATC Drivetrain Inc., Maval Manufacturing Inc., Teamec BVBA, Motorcar Parts of America, Inc., and Jasper Engines and Transmissions.
Regional Outlook:
Based on the region, the global Automotive parts remanufacturing market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America dominated the global web hosting market in 2018 with the largest share followed by Europe and the Asia Pacific. High penetration of internet and the presence of well-established infrastructure are factors responsible for the high share of North America in Automotive parts remanufacturing market.
The Asia Pacific with growing industrialization and increased emergence of small and medium enterprises in countries such as India, China, and Japan has led to increasing demand for Automotive parts remanufacturing leading to higher growth of the market as compared to other regions.
The major highlights of the global Automotive Parts Remanufacturing Market research report:
It offers a collection of prime information of the global market
Business profiles of leading key players, traders, and investor
Economic analysis of the global Automotive Parts Remanufacturing Market
Government regulations and political stability around the market.
Detailed analysis of client preferences and industry awareness
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