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Commercial Vehicle Engine Remanufacturing Market Overview
The commercial vehicle engine remanufacturing refers to the manufacturing process that includes product dismantling, replacing and restoring components, and testing of whole product and the individual parts to its original design specifications. The remanufacturer ensures that the performance is better or at least equal to previous component. Lower cost derived from recycling and warranty periods offered by the remanufacturers are among the key factors that are propelling the growth of the global commercial vehicle engine remanufacturing market in the forecast period (2020–2030).
Currently, there is global vehicle parc over 1.4 billion, and with considerable increase in demand over the forecast period, there will be requirement of considerable amount of raw materials for the manufacturing processes. Lack of raw material resources, restrictions imposed on mining in some of the major economies, red-tapism, growing costs of mining metals, high carbon footprint on the environment due to high energy consumption, and water requirement for the new equipment manufacturing are expected to increase the demand for remanufactured automotive parts over the coming years, thereby fueling the growth of the commercial vehicle engine remanufacturing market.
The commercial vehicle engine remanufacturing market on the basis of cylinder is categorized into 4-cylinder, 6-cylinder, 8-cylinder, and others. The 4-cylinder remanufacturing held the largest market share in 2019, owing to its highest penetration in commercial vehicles. However, in the forecast period, the 6-cylinder category is expected to grow fastest due to increasing penetration of these engines of more power and torque. This will create opportunities for engine remanufacturers in the 6-cylinder category.
Geographically, North America held the largest share in the commercial vehicle engine remanufacturing market in 2019. This is mainly attributed to large commercial vehicle penetration in the region. On the other hand, the market in Asia-Pacific (APAC) is expected to witness fastest growth during the forecast period since the vehicle life is considerably shorter in the region than other regions of the world. This creates challenges of dumping, scrap accumulation, and recycling. This will provide significant boost to the commercial vehicle engine remounting industry in the region.
Commercial Vehicle Engine Remanufacturing Market Dynamics
With the increase in the adoption of internet of things (IoT) connectivity in commercial vehicles, it has become easy for original equipment manufacturers (OEMs) to predict the life of the engine components upon the previous usage pattern by analyzing the driving pattern, and maintenance history. It helps to reduce resource security challenges, reduce lead time, secure spare parts supply, and increase consumer confidence by ensuring them lower aftermarket cost, and enhances the profitability of the participants.
Since the remanufacturing industry players source their majority of components form recycling, the developed products are a lot cheaper than the previous components, and are valuable for users. Apart from cost, these have lesser environment footprints, owing to reduced wastage, lesser energy consumption, and saving from mining of natural resources. Moreover, long warranties and extended service life with enhanced features also drive the growth of the commercial vehicle engine remanufacturing market.
Commercial Vehicle Engine Remanufacturing Market Competitive Landscape
Some of the important players operating in the global commercial vehicle engine remanufacturing market are Cummins Inc., Valeo SA, Carwood Group, Monark Automotive GmbH, Genuine Parts Company, ATC Drivetrain Inc., Powertrain Products Inc., Accurate Engines, Eagle Engine Sales Inc., Reman Engine, S&J Engines Inc., Advance Auto Parts, Remann Engines, Sharper Edge Engines LLC, Aer Manufacturing Inc. and Jasper Engines and Transmissions.
The report includes a country-wise analysis of the commercial vehicle engine remanufacturing market. The major countries covered in the report are the U.S., Canada, the U.K., Germany, France, Italy, China, Japan, India, South Korea, Australia, Mexico, the U.A.E., and Brazil.
Commercial Vehicle Engine Remanufacturing Market Size Breakdown by Segment
Based on Cylinder
Based on Manufacturer