Contents
How do Remanufactured Automotive Parts Perform on the Global Market?
What are Remanufactured Automotive Parts?
How do Remanufactured Automotive Parts Perform on the Global Market?
Remanufactured Automotive Parts Require Little Production Cost
Remanufactured Automotive Parts Support Circular Economies
Remanufactured Automotive Parts Integrate Well with Ecommerce
Can Remanufactured Automotive Parts Match New Parts’ Performance?
Where to Find the Best Remanufactured Auto Parts?
The automotive part industry is quite a large and competitive market, with a massive valuation of $651.9 billion in 2022. It is expected to grow with a compound annual growth rate of 6.3% from 2023 to 2030. As car adoption is getting more and more popular around the world, the need for car parts grows exponentially.
The auto part industry is not a homogenous industry with just one type of product. In fact, there are many different types of car parts with different growth rates. For example, there are OE parts, OEM parts, aftermarket parts, remanufactured parts, etc. Remanufactured parts are quite the outlier among all the other parts, but they have been performing pretty well on the global market.
What are Remanufactured Automotive Parts?
Remanufactured auto parts are parts that are made from recycled car parts. Car parts that have been discarded or that are too damaged to be used will go through a process called remanufacturing, which will restore them to working conditions with the same performance and reliability as new car parts. The remanufacturing process involves 5 main steps:
- Disassembly: Old and defective car parts are disassembled into smaller parts so that they can be reworked with ease. The engineers will discard parts that cannot be disassembled.
- Cleaning: By using various technologies such as sandblasting and hypersonic cleaning, engineers will start cleaning the defective parts to remove dirt, oil, as well as debris.
- Inspection and sorting: At this step of the process, parts are inspected and sorted by qualified experts. Based on their usability and the extent of the damage, parts will be graded appropriately to help engineers down the line.
- Reconditioning and replacement: Parts that are qualified will be reconditioned here to make sure they are restored to their former glory. If a large part is missing some components, engineers will find replacements for them.
- Reassembly: Engineers will reassemble parts to create larger parts here. The QC specialists will check the quality of the finished products to make sure that everything is in good working order.
How do Remanufactured Automotive Parts Perform on the Global Market?
On the global market, remanufactured automotive parts are doing quite well in comparison to its competitors, which are new auto parts. The market size was valued at a staggering $61.8 billion in 2023, and it is expected to grow steadily and surely throughout the next decade, with a compound annual growth rate of 9% by 2033. The industry is booming as car owners find traditional OEM and aftermarket parts too expensive, making remanufactured automotive parts a good alternative.
There are two main reasons for this astronomical growth of this industry: Its low production costs and its massive support for a circular economy.
Remanufactured Automotive Parts Require Little Production Cost
Remanufactured auto parts do not use new parts in their production cycle, thus eliminating the need for new raw materials, which can be quite costly. As a result, the production cost for remanufactured automotive parts goes down greatly, and end-users will benefit from this low production cost.
Remanufactured Automotive Parts Support Circular Economies
A circular economy is one where parts that reach the end of their life will get recycled and reused, giving them a new life. The remanufactured auto part industry strongly supports such economies, minimalizing wastage and maximizing the potential of each car part. The result will be a cleaner environment with much waste management.
Remanufactured Automotive Parts Integrate Well with Ecommerce
In the modern era, ecommerce is how people buy things. Remanufactured auto parts see their rise in popularity in this era, so the manufacturers were very quick to integrate these parts into their own ecommerce platform. Thus, remanufactured auto parts, along with fitment data, are now easily accessible to all kinds of car owners, making them even more popular.
Can Remanufactured Automotive Parts Match New Parts’ Performance?
In terms of performance, remanufactured auto parts can easily match new parts without needing extensive upgrades. This is because remanufactured auto parts have been thoroughly tested and QC-ed by qualified experts using internal standards as well as international standards. A single defective part can cause a huge dent in a manufacturer’s reputation, so no one is skimping through the regulations.
In some rare cases, you might even get remanufactured parts that perform better than new parts of the same kind. These parts come from manufacturers with a good understanding of car parts manufacturing and optimization, thus, they can optimize the parts in the process of rebuilding them. These manufacturers are rare, of course.
Where to Find the Best Remanufactured Auto Parts?
The best remanufactured auto parts are produced by manufacturers that have the experience, the knowledge, and the equipment for the remanufacturing process. With over 20 years of experience producing remanufactured car parts, Kuixing Shanghai will be your top partner when it comes to remanufactured auto parts.
We offer a wide range of parts for your needs, including remanufactured engine parts, AC compressors, steering assist systems, and much more! To keep up with the rapid development pace of the modern car industry, we offer parts for electric vehicles as well. All of our remanufactured parts are manufactured in accordance with the best internal standards to make sure that they can compete with new car parts with ease. Contact us now for more information!
Remanufactured automotive parts perform very well on the global market. With a compound annual growth rate of 9%, even higher than the entire car part industry itself, this industry is expected to boom exponentially by 2030.
If you need to save your money to buy new car parts as well as to leave a positive impact on the environment, choose remanufactured car parts. These parts will help to reduce waste and improve the overall eco-friendliness of the industry as a whole.
References:
https://www.vantagemarketresearch.com/industry-report/auto-parts-market-2325
https://www.custommarketinsights.com/press-releases/automotive-parts-remanufacturing-market-size/
