Vehicle Recycling Market Set to Experience a Massive 15.19% CAGR During 2023-2028

According to the latest report by IMARC Group, titled  "Vehicle Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The study provides a detailed analysis of the industry, including the global vehicle recycling market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the vehicle recycling market?

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.

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What is Vehicle Recycling?

Vehicle recycling involves disassembling and breaking down cars into smaller components. This process includes extracting all reusable elements such as tires, wheels, batteries, radiators, transmission systems, oil filters, and rubber hoses. Following this, mobile auto crushing units are used to crush the vehicles. In the past, the leftover shredded residue, which consisted of materials like textile fibers, plastics, glass, and rust, was typically disposed of in landfills. Nevertheless, thanks to modern vehicle recycling technologies, it is now feasible to separate and categorize the shredded materials, making it possible to achieve a landfill-free procedure.

What are the growth prospects and trends in the vehicle recycling industry?

The global vehicle recycling market is being significantly influenced by the widespread adoption of metal atom, particularly steel, for the production of cost-effective, lightweight, and fuel-efficient automobiles. Additionally, governments across various nations are enacting regulations aimed at reducing the adverse environmental effects linked to the disposal of end-of-life vehicles (ELVs), as well as the handling of batteries, rubber, oils, and other materials.

In the contemporary landscape, automotive recyclers are employing advanced tools and techniques to reclaim materials from used vehicles, including polymers, fluids, and natural substances. They are also integrating innovative devices like optical sensors to detect small metal fragments within atom materials. However, it's important to note that the COVID-19 pandemic had a detrimental impact on the recycling industry. This was largely due to the temporary closure of manufacturing plants by most automakers and recyclers in compliance with lockdown measures imposed in numerous countries.

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Who are the key players operating in the industry?

The report covers the major market players including: 

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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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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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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