Automotive spare parts, especially after some time of continuous use, experience wear and tear or damage, and need replacement or repair. Automotive parts remanufacturing refers to the business involved in the manufacturing process, such as product dismantling, replacing, and restoring. A properly remanufactured part is virtually indistinguishable from a new part and is the functional equivalent of a new part. Remanufactured parts undergo extensive testing to ensure they meet industry specifications in order to perform as new parts. Moreover, such parts must be labeled as ‘rebuilt’ so that they are not mistakenly accepted as new.
Growth of the Europe automotive parts remanufacturing market can be attributed to stringent government regulations or policies regarding waste management. For example, the 2008/98/EC directive of the European Council and Parliament on waste established legal framework for the treatment of waste in Europe. This directive is designed to protect the environment and human health by preventing or reducing the adverse impacts of the generation and management of waste and by reducing overall impacts of resource use and improving the efficiency of such use. Moreover, the Europe automotive parts remanufacturing market growth is driven by the End-of-Life Vehicles legislation.
For example, in October 2020, the European Union passed the End-of-Life Vehicles Directive to encourage automotive manufacturers to design their vehicles with part reuse and recycling in mind, and restricts the use of certain heavy metals in new vehicle manufacturing processes. Every year, motor vehicles which have reached the end of their useful lives create between 8 and 9 million tons of waste in the European Union. This in turn is expected to accelerate the automotive parts remanufacturing in Europe, driving the market growth. Remanufacturing also helps reduce carbon dioxide (CO2) emissions and offers end-users an economical and safe way to maintain their vehicles on the road.
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Remanufacturing also helps conserve valuable raw materials, such as copper, aluminum, and steel. The European Union has adopted ambitious new targets to curb climate change, with a pledge to make them legally binding. Under a new law agreed between member states and the EU Parliament, the bloc planned to cut carbon emissions by at least 55% by 2030, compared with 1990 levels. This in turn is also expected to augment the growth of the Europe automotive parts remanufacturing market. However, the major factors restraining the growth of the market are the lack of skilled workers and technical know-how about third-party products.
Detailed Segmentation:
- Europe Automotive Parts Remanufacturing, By Vehicle Type
- Passenger Car
- LCV
- HCV
- All-Terrain Vehicles
- Off-Highway Vehicles
- Europe Automotive Parts Remanufacturing, By Components
- Engine & Related parts
- Turbochargers
- EGR Valves
- Carburetors
- Transmission & Related Parts
- Clutches
- Bearings
- Electricals & Electronics
- Starters
- Alternators
- Others
- Wheel and brakes related Parts
- Hub Assemblies
- Master Cylinders
- Brake Calipers
- Bearings
- A/C Compressors
- Steering
- Fuel Systems
- Others
- Engine & Related parts
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