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.
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