United States. The global auto parts remanufacturing industry continues to expand, with projected growth of 5.3% annually through 2030, according to the new ResearchAndMarkets.com report.
The market, valued at $58.3 billion in 2024, will reach $79.4 billion in the next five years, driven by the growing demand for more economical and sustainable solutions in automotive repair.
U.S. and China at the Forefront of Growth
The United States remains the dominant market, with an estimated value of $22.4 billion in 2024. However, China stands out for its rapid growth, with a CAGR of 7% that will take its market to $7.1 billion by 2030. Japan, Canada, Germany, and the Asia-Pacific region also see an increase in demand for remanufactured parts.
Key factors behind the sector's boom
The report highlights that the aging of the vehicle fleet and the rise in repair costs have increased interest in remanufactured parts, which offer a more accessible and ecological alternative to new components. In addition, advances in remanufacturing technologies have improved the quality and reliability of these products, expanding their use in a greater variety of vehicles.
The drive for the circular economy in the automotive industry and favorable government regulations have also accelerated the adoption of these parts, reducing the need to manufacture new components and promoting material and energy savings.
Electrical and electronic components, the big winners
The electrical and electronic components segment leads the growth, with a forecast to reach $27.1 billion by 2030, thanks to an expansion rate of 6.1% per year. Engine parts and related components will maintain solid growth of 5.3% year-on-year.
The study provides a detailed analysis of the market by region, with growth data across the US, China, Japan, Canada, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. It also includes profiles of key companies in the industry, such as BORG Automotive, Cardone Industries, Caterpillar, and Denso Corporation.
In addition, the report will feature free updates for one year to keep industry players informed about trends and changes in the global market.
