Global Vehicle Recycling Market to Grow at 15.19% During 2023-2028, Impelled by Advancements in Recycling Technology

The latest report by IMARC Group, titled “Vehicle Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global vehicle recycling market is expected to grow at a CAGR of 15.19% during 2023-2028. Vehicle recycling refers to the process of dismantling and reducing automobiles to small pieces. It involves the removal of all reusable parts like tires, wheels, batteries, radiators, transmission systems, oil filters and rubber hoses. After this, auto recyclers crush the vehicles using mobile auto crushing units. Earlier, the remaining shredded residue, made up of textile fibers, plastics, glass and even rust, usually ended up in landfills. However, with the latest vehicle recycling technologies, it has become possible to sort shredded materials, thereby enabling a zero-landfill process.

Global Vehicle Recycling Market Trends:

The widespread adoption of metal scrap, particularly steel, in the manufacturing of affordable, lightweight and fuel-efficient vehicles represents one of the major factors driving the vehicle recycling market worldwide. Besides this, governments of various nations are implementing several regulations to reduce the negative environmental impact associated with the end of life vehicles (ELVs) and the disposal of batteries, rubber, oils and other materials. Moreover, nowadays, automotive recyclers are using sophisticated tools and methods to recover used vehicles for extracting polymers, fluids and natural materials. They are also utilizing various innovative devices, such as optical sensors, to identify small pieces of metal in the scrap. However, the coronavirus disease (COVID-19) pandemic negatively impacted the recycling industry, as most automakers and recyclers had shut their plants to comply with lockdown directives announced in several countries. 

Market Summary:

• Based on the type, the market has been segmented into passenger cars and commercial vehicles. Passenger cars currently dominate the market, holding the largest market share.
• On the basis of the material, the market has been segregated into iron, aluminium, steel, rubber, copper, glass, plastic and others.
• The market has been categorized based on the application into OEMs and aftermarket.
• Region-wise, North America, which includes the United States and Canada, exhibits a clear dominance in the market. Other major regions are Asia Pacific (China, Japan, India, South Korea, Australia. Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include ASM Auto Recycling Ltd., Copart Inc., Eco-bat Technologies, INDRA, Keiaisha Co. Ltd., Hensel Recycling Group, LKQ Corporation, Schnitzer Steel Industries, Inc., Scholz Recycling GmbH, Sims Metal Management Limited, etc.

Report Scope:

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