Europe’s Automotive Parts Remanufacturing market is set to cross US$ 21 billion over 2024

Stringent regulations set by the European Council is expected to favor the region’s market for automotive parts remanufacturing. The governments in many of the European nations are encouraging the reuse of automotive parts, which is propelling the demand for their remanufacturing. Besides, purchasing of new parts is often more expensive in the region due to price volatility of raw materials and fragmented market structure of OEMs.

Therefore, testing and reprocessing of core components of cars is gaining traction in the European market. This, in turn, is solidifying the market growth. According to a report published by Persistence Market Research, the market presently values US$ 12,152 Million and is likely to surpass US$ 21,433 Million over 2024, expanding at over healthy CAGR of 6.4% between 2016 and 2024.

In terms of sale, the market reached nearly 35 million units in 2016 in the region and the number is expected to expand at over 7% CAGR to cross a figure of 56 million by the end of forecast period. Moreover, growing environmental concerns related wearing out of automobile component will continue to fuel the demand for remanufacturing of automotive parts in the region.

The arrival of new components and products for enhancing vehicle performance act as an important driver for the market growth. Moreover, the introduction of advanced hybrid vehicles is the region is further influencing the growth of automotive parts remanufacturing market. Core components are getting modified by using remanufacture procedures and are improved with smart devices.

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