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The global vehicle recycling market reached a value of US$ 20.6 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.1% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Vehicle recycling refers to the process of disassembling automobiles to recover and recycle spare parts, fuel and scrap metals. This involves processes such as dismantling, crushing, shredding and material recovery through which magnetic pieces, sheet metals, seats, wheels and other components are retrieved. Separation technologies, such as laser, infrared, eddy current and flotation methods, are used to isolate the non-ferrous metals from other materials, which are then sent for re-smelting. In addition to this, the reusable components are cleaned, tested and refurbished for resale, while the fluids are drained over an impervious surface and stored for later use.
The rapid industrialization and urbanization across the globe are among the key factors driving the growth of the market. Additionally, widespread adoption of metal scrap, especially steel, for the manufacturing of more affordable, lightweight and fuel-efficient vehicles, is acting as another growth-inducing factor. Furthermore, increasing consumer awareness regarding the environmental benefits of using recycled materials and minimizing the dependency on natural resources is also providing a boost to the market growth. Automotive recyclers are utilizing sophisticated tools and methods to recycle used vehicles to extract polymers, fluids and natural materials that cause minimal damage to the environment. They are also using various innovative products, such as optical sensors, to identify small pieces of metal in the scrap. Other factors, including the increasing utilization of recycled batteries in the manufacturing of consumer electronics and the implementation of government regulations to minimize environmental hazards associated with the disposal of batteries, rubber, oils and other materials, are expected to drive the market in the upcoming years.
IMARC Group’s latest report provides a deep insight into the global vehicle recycling market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the vehicle recycling industry in any manner.
IMARC Group provides an analysis of the key trends in each sub-segment of the global vehicle recycling market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on type, material and application.
Breakup by Type:
Breakup by Material:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players operating in the market.
|Base Year of the Analysis||2020|
|Segment Coverage||Type, Material, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The outbreak of the coronavirus disease (COVID-19) is expected to negatively impact the market as most automakers and recyclers have shut their plants to comply with the lockdown directives in several countries.
The widespread adoption of metal scrap in the manufacturing of affordable, lightweight, and fuel-efficient vehicles is bolstering the market growth. Furthermore, the regulations implemented by various governments to reduce the negative environmental impact of the end of life vehicles (ELVs) and the associated disposable batteries, rubber, and oils are propelling the growth of the market.
One of the leading market trends is the utilization of sophisticated recycling tools and methods to extract polymers, fluids and natural materials from the vehicles. The market players are also using the latest technology, such as optical sensors, to identify small pieces of metal in the scrap.
Based on the type, the market is bifurcated into passenger cars and commercial vehicles. Passenger cars currently dominate the market, holding the largest market share.
At present, ferrous (steel and iron) and non-ferrous (aluminum and copper) metals, account for the majority of the global market share. Other major materials are rubber, glass, plastic, and others.
On the basis of the application, the market has been classified into the OEMs and aftermarket segments.
Region-wise, the market has been segmented into Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Among these, North America exhibits a clear dominance in the market.
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