Over the years, the automobile parts remanufacturing business has provided attractive cost savings and favorable margins, ensuring a viable position for automotive remanufacturers. Remanufactured parts are approximately half the price of new parts while maintaining the same level of quality, which is a major driver of demand growth for remanufactured components.
Over the years, the automobile parts remanufacturing business has provided attractive cost savings and favorable margins, ensuring a viable position for automotive remanufacturers. Remanufactured parts are approximately half the price of new parts while maintaining the same level of quality, which is a major driver of demand growth of Automotive Parts remanufactured market components.
On the basis of component types, the steering segment is expected to witness a CAGR of over 7.3% over the forecast period. Conventional products that include hydraulic pumps, electric power hydraulic pumps, and steering gears have been in use for many years, and are expected to find consistent demands over the forecast period.