United Kingdom Vehicle Recycling Market to Reach US$ 2.5 Billion by 2028, Impelled by Rising Environmental Concerns

June 14, 2022 | Automotive Industry

According to the latest report by IMARC Group, titled "United Kingdom Vehicle Recycling Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the United Kingdom vehicle recycling market reached a value of US$ 1.8 Billion in 2022. Vehicle recycling refers to the process of dismantling an automobile in order to reuse its spare parts. It undergoes several steps, including a detailed inspection and disassembly of valuable parts, selling recovered parts, and crushing and shredding of metals into flat metal chunks. These recycled items are extensively utilized across multiple industry verticals for packaging, building and construction, industrial machinery, and shipbuilding. In the United Kingdom, the growing adoption of recycled batteries for the production of consumer electronics and the augmenting sales of used automobiles are impacting the market growth favorably.

United Kingdom Vehicle Recycling Market Trends:

The market in the United Kingdom is primarily driven by the rising environmental concerns among the masses. Coupled with the increasing initiatives undertaken by the governments of several countries for reducing greenhouse gas emissions and managing energy consumption, there has been a considerable rise in the demand for vehicle recycling across the region. Besides this, with the introduction of lithium-ion batteries, the recycling sector is implementing numerous strategies in order to ensure effective re-use and recycling of future automobiles, which is providing a boost to the market growth. Besides this, leading vehicle manufacturers and suppliers are engaged in the development of recycling projects and heavily investing in order to improve their recycling facilities. Moreover, the widespread utilization of vehicle recycled parts in the manufacturing of lightweight and affordable automobile variants is providing an impetus to the market. Other factors, including rapid industrialization, growing partnership agreement between automobile and recycling companies, and the increasing utilization of sophisticated and advanced recycling equipment, are also positively influencing the market across the United Kingdom. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2.5 Billion by 2028, exhibiting a CAGR of 6% during 2023-2028.

Market Summary:

On the basis of the vehicle type, the market has been segregated into passenger cars and commercial vehicles recycling.
Based on the material, the market has been classified into steel, copper, aluminium, rubber, iron, plastic, glass and others.
On the basis of the application, the market has been segmented into aftermarket and OEMs.
Based on the region, the market has been divided into North West England, Yorkshire and the Humber, West Midlands, East of England, South West England, South East England, East Midlands, North East England, Greater London and others.
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 Ampthill Metal Company, ASM Auto Recycling Ltd., Auto Spares & Salvage Limited, CarTakeBack.com Limited, Charles Trent Ltd., Copart UK Ltd. (Copart Inc), Go Green Vehicle Recycling & Recovery Ltd., LJC Auto Spares Ltd, Motorhog Ltd. (SYNETIQ Limited), Norfolk Salvage, Overton Garage Limited, Recycling Lives Limited, Silverlake Garage, Sole Bay Car Spares Ltd., SWM & Waste Recycling Ltd., The Little Vehicle Recycling Company, Van Services Ltd., and Wigston Car Breakers.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Vehicle Type, Material, Application, Region
Region Covered	North West England, Yorkshire and the Humber, West Midlands, East of England, South West England, South East England, East Midlands, North East England, Greater London, Others
Companies Covered	Ampthill Metal Company, ASM Auto Recycling Ltd., Auto Spares & Salvage Limited, CarTakeBack.com Limited, Charles Trent Ltd., Copart UK Ltd. (Copart Inc), Go Green Vehicle Recycling & Recovery Ltd., LJC Auto Spares Ltd, Motorhog Ltd. (SYNETIQ Limited), Norfolk Salvage, Overton Garage Limited, Recycling Lives Limited, Silverlake Garage, Sole Bay Car Spares Ltd., SWM & Waste Recycling Ltd., The Little Vehicle Recycling Company, Van Services Ltd., and Wigston Car Breakers
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United Kingdom Vehicle Recycling Market to Reach US$ 2.5 Billion by 2028, Impelled by Rising Environmental Concerns

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