Automotive parts remanufacturing refers to the business involved in manufacturing process, such as product dismantling, replacing, and restoring. Automotive spare parts, especially after some time of continuous use, experience wear or damage, and need repair or replacement. Such parts undergo extensive testing and remanufacturing process and must meet the same industry specifications for performance as new parts. A properly remanufactured part is virtually indistinguishable from a new part and is the functional equivalent of a new part. Moreover, such parts must be labeled as ‘rebuilt’ so that they are not mistakenly accepted as new.
The automotive parts remanufacturing market is primarily driven by the overall impact of newly manufactured products, increasing awareness regarding the carbon footprint, and increasing average age of existing vehicle fleets. For instance, in September 2020, Eaton announced that its Vehicle Group is expanding its remanufacturing program to offer remanufacturing of electronic clutch actuators used on Eaton UltraShift PLUS transmissions. Moreover, the automotive parts remanufacturing market is gaining traction due to economical convenience that it provides to the consumers when their spending drops down.
Eaton remanufactures thousands of transmissions and clutches annually to maximize the reuse of materials, keep them out of landfills, save energy, and reduce emissions and waste. Automotive parts remanufacturing help reduce carbon dioxide (CO2) emissions and offers end-users an economical and safe way to maintain their vehicles on the road. Around 80% less energy is used during remanufacturing than is used in the production of new automotive parts. Moreover, automotive parts remanufacturing helps conserve valuable raw materials, such as copper, aluminum, and steel.
The automotive parts remanufacturing market is expected to witness substantial growth in the Europe due to favorable government initiatives. The European government is promoting resource productivity, leading to possible pricing of the environment. For instance, the Directive of the European Council and Parliament on waste established a legal framework for the treatment of waste in Europe. Directive 2008/98/EC sets the basic concepts and definitions related to waste management, such as definitions of waste, recycling, recovery. It is expected to include tougher environmental standards for products and ways to charge future ecosystem resources and services.
These factors are expected to accelerate the automotive parts remanufacturing market growth in Europe. Moreover, increasing awareness regarding eco-friendly products, as consumers are adopting sustainable and eco-friendly products that use less energy or fewer materials. European citizens are adopting products that have minimal impact on the environment. Moreover, the End-of-Life Vehicles legislation in Europe is also expected to augment the growth of the automotive parts remanufacturing market.
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