Automotive Parts Remanufacturing Market: Reducing Waste and Cost, and Enhancing Sustainability with High-Quality and Affordable Remanufactured Parts Solutions

The global automotive parts remanufacturing market is anticipated to experience significant growth in the coming years due to increased demand for reliable and high-performance auto spare parts. Automotive parts remanufacturing is a process of restoring used automotive components, such as engines, transmissions, starters, alternators and suspension parts, back to their original specifications. The parts are disassembled, inspected, tested and cleaned before being reassembled with new components.

Leading players in this market include Robert Bosch GmbH, Denso Corporation, AISIN SEIKI Co., Ltd., Remy International Inc., WABCO Holdings Inc., TRW Automotive Holdings Corp., Magneti Marelli S.p.A., Delphi Technologies PLC, LKQ Corp. and Standard Motor Products Inc.

The global automotive parts remanufacturing market is fairly fragmented, owing to the presence of a number of large multi-national corporations, followed by a fair share of domestic players spread across various regions. The tier-I players are estimated to occupy approximately 25% - 30% of the automotive parts remanufacturing market, while the tier-II players are estimated to account for approximately 35%-45% of the market share. 

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On the basis of application, the passenger cars segment is projected to register the highest CAGR growth and account for 37.1% of the total market share in the automotive parts remanufacturing market. Growing individual buying power and growing need for personal commute are some of the factors responsible for the growth of the segment in the global automotive parts remanufacturing market.