The mainstream global automotive industry is all set to cross more than 100 Mn units of automobiles with a market value of more than US$ 1,000 Bn in 2019. Rapid evolution in automotive technology, high cost of replacement parts and growing burden of waste management created tremendous pressure on after sales automotive parts market. All these factors together form a strong catalyst for the growth of automotive part remanufacturing market. These parts are remanufactured to the predefined standards and offer no dimensional deviation compared to brand new replacement parts that to at affordable price tags. Using remanufactured automotive part seem a viable solution for scrap and waste management. All these factors made automotive remanufactured part a hot favorite in price-driven economies of developing regions such as China, India, and Mexico among others. Growing demand for such part is not expected to cease soon but to grow even further with high cost of replacement parts. In addition to the price-driven economies, developed nations including the U.S., the U.K., Japan, and Germany among others are also playing their part in incorporative automotive parts remanufacturing testifying the growth of global automotive parts remanufacturing market.
According to our analysts, automotive part remanufacturing market is highly unorganized and governed by number of small and local part remanufacturing companies. This gives a high chance for global automotive parts manufacturing companies to introduce themselves and claim their market share. Introduction of advanced manufacturing processes and use of CNC machines for remanufacturing process also expected to make an impact on the growth of market. The growth opportunities are endless and decision to venture into market will fetch new avenues to generate revenue and mark their presence in automotive after sales market. Keeping growing regions in mind and checking remanufacturing cost companies can ensure their growth through this avenue in years to come.