Vehicle Recycling Market Size is Projected to Reach US$ 160.2 Billion by 2028, Industry CAGR 15.19% | IMARC Group

According to the latest report by IMARC Group, titled  "Vehicle Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the global vehicle recycling market size reached US$ 72.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 160.2 Billion by 2028, exhibiting a growth rate (CAGR) of 15.19% during 2023-2028.

Vehicle recycling, also known as auto recycling, is the process of dismantling and recycling end-of-life vehicles (ELVs) to recover valuable materials and reduce the environmental impact of automotive waste. The process involves the removal of hazardous components, such as batteries, tires, and fluids, and the disassembly of reusable parts for resale. The remaining materials, including metal, plastic, and glass, are shredded and processed into raw materials for use in new products. Vehicle recycling helps to conserve natural resources, reduce energy consumption, and prevent pollution caused by the disposal of automotive waste. It provides a source of income for recyclers and contributes to the circular economy by creating a closed-loop system for the use of materials.

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Vehicle Recycling Market Trends:

The increasing concerns regarding environmental sustainability and resource conservation represents a significant factor driving the market growth across the globe. This is primarily attributed to the rising focus of governments and individuals on reducing waste and conserving resources. In addition to this, government regulations mandating the proper disposal of end-of-life vehicles, coupled with incentives for recycling, are contributing to the growth of the market. In line with this, the market is also driven by the rising demand for recycled materials. The increasing availability of advanced technology and techniques for efficient and cost-effective recycling of vehicles is also contributing to the market growth. Apart from this, the economic benefits of recycling, including job creation and reduced raw material costs, are creating a positive outlook for the market.

Vehicle Recycling Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the vehicle recycling market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• ASM Auto Recycling Ltd.
• Copart Inc.
• Eco-bat Technologies
• INDRA
• Keiaisha Co. Ltd.
• Hensel Recycling Group
• LKQ Corporation
• Schnitzer Steel Industries
• Scholz Recycling GmbH
• Sims Metal Management Limited

Key Market Segmentation:

The report has segmented the vehicle recycling market on the basis of type, material, application and region.

Breakup by Type:

• Passenger Cars Recycling
• Commercial Vehicles Recycling

Breakup by Material:

• Iron
• Aluminium
• Steel
• Rubber
• Copper
• Glass
• Plastic
• Others

Breakup by Application:

• OEMs
• Aftermarket

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Key Highlights of the Report:                                                    

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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