Press release
Automotive Circular Economy Market Transforming Automotive Value Chains Through Closed Loop Models and Circular Innovation
Automotive Circular Economy Market
According to the latest research by InsightAce Analytic, the Automotive Circular Economy Market is valued at USD 148.2 Bn in 2024, and it is expected to reach USD 398.3 Bn by the year 2034 , with a CAGR of 10.7% during the forecast period of 2025-2034.
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The automotive circular economy refers to a sustainable model in which materials and resources used in the automotive industry are kept in use for as long as possible through strategies like reuse, remanufacturing, recycling, and life cycle extension-reducing waste, emissions, and resource consumption. Examples of circular economy strategies that reduce production costs and raw material consumption include reusing electronic systems, engines, and transmissions. This helps to reduce the sector's carbon footprint.
The growing need for environmental sustainability and waste reduction in the automotive supply chain has propelled the automotive circular economy market to become a crucial sector of the automotive industry. Furthermore, the adoption of an automobile circular economy promotes innovation in the sector, boosts competitiveness, and creates a robust and accountable automotive ecosystem by ensuring economic efficiency and regulatory compliance. The market is primarily driven by environmental rules that require waste reduction, company emission reduction targets, consumer desire for sustainable materials, and reduced product costs through circular economy methods.
List of Prominent Players in the Automotive Circular Economy Market:
• Umicore
• ZF Friedrichshafen AG
• LKQ Corporation
• BorgWarner Inc.
• Valeo
• Sims Metal (Sims Limited)
• Copart Inc.
• IAA Holdings, LLC.
• RB Global
• BMW Group
• TOYOTA MOTOR CORPORATION
• Renault Group
• Aptiv.
• Redwood Materials Inc.
• Marelli Holdings Co., Ltd.
• Bosch GmbH
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Market Dynamics:
Drivers-
The automotive circular economy possesses significant potential because of the increasing existence of electric vehicles (EVs), especially regarding battery reutilization. Electric vehicle batteries can be used for secondary, less demanding applications like stationary energy storage because they usually have a significant amount of residual capacity (about 70-80%) after their automotive lifespan. Utilizing second-life battery solutions addresses battery waste-related environmental issues, preserves priceless raw materials, and offers affordable energy storage choices. Furthermore, the anticipated exponential expansion in EV adoption worldwide is driving significant future potential for battery reuse. There will likely be a significant increase in the number of batteries that are nearing the end of their vehicle life by 2030, opening up a wide range of energy storage business prospects for grid-scale, industrial, and residential applications.
Challenges:
The automotive industry has major obstacles to the successful implementation of circular economy techniques, including intricate supply networks and infrastructure issues. Complex supply networks that span several locations, a wide range of stakeholders, and substantial logistical operations are characteristics of the global automobile industry. The recovery, recycling, and traceability of vehicle components are frequently made more difficult by this complexity, especially when such components incorporate modern technologies like batteries or hazardous compounds. Furthermore, insufficient infrastructure for recycling and remanufacturing, particularly in developing nations, restricts the industry's ability to effectively handle end-of-life automobiles and parts, impeding the full potential of circular economy projects.
Regional Trends:
The North American Automotive Circular Economy market is anticipated to report a major market revenue propelled by its investments in technological innovations, sustainable manufacturing, and strong regulatory frameworks. The US and Canada are setting the standard for vehicle recycling, remanufacturing, and the use of recycled parts as a result of significant industry players advocating for the adoption of circular processes in the production of automobiles. Besides, over the projection period, Europe is expected to increase at the fastest rate, supported by nations with strong automobile industries and growing consciousness of sustainability issues, like the United Kingdom, Germany, Italy, and France. LKQ Corporation, BorgWarner, ZF Friedrichshafen AG, and Umicore are some of the top businesses in this sector. To keep their competitive advantage in the market, these businesses are concentrating on developing new products, forming strategic alliances, and expanding geographically.
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Recent Development:
• February 2024: Madayn and Copart, Inc. Middle East established a strategic alliance in Oman to tackle the problem of abandoned cars in industrial areas. By locating and retrieving abandoned cars for auction and guaranteeing their appropriate disposal and reuse to promote environmental sustainability.
• August 2023: Uni-Select acquired by LKQ Corporation. This transaction increased the footprint of LKQ Corporation in the automobile aftermarket sector. This acquisition improved LKQ Corporation's standing in the automotive circular economy, particularly in North America and the United Kingdom, by expanding its network.
Segmentation of Automotive Circular Economy Market-
By Vehicle Type-
• Passenger Vehicles
• Commercial Vehicles
• Light Commercial Vehicles
o Trucks
o Buses
By Propulsion Type-
• Internal Combustion Engine Vehicles
• Electric Vehicles
o Hybrid Electric Vehicles
o Plug-In Hybrid Electric Vehicles
o Battery Electric Vehicles
By Process Type -
• Recycled Products
• Remanufactured Products
• Refurbished Products
• Reused Products
By Component Type-
• Battery
• Tire
• Polymers
• Body Parts
• Brakes and Suspensions
• Others
By End-User-
• Original Equipment Manufacturers (OEMs)
• Automotive Aftermarket
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
Read Overview Report- https://www.insightaceanalytic.com/report/automotive-circular-economy-market/2997
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com
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