Vehicle Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Vehicle Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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 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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global vehicle recycling market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, material and application.

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

United States
Canada


Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa


Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being ASM Auto Recycling Ltd., Copart Inc., Eco-bat Technologies, INDRA, Keiaisha Co. Ltd., Hensel Recycling Group, LKQ Corporation, Schnitzer Steel Industries, Inc., Scholz Recycling GmbH, Sims Metal Management Limited, etc.

Key Questions Answered in This Report:

What was the size of the global vehicle recycling market in 2022?
What is the expected growth rate of the global vehicle recycling market during 2023-2028?
What are the key factors driving the global vehicle recycling market?
What has been the impact of COVID-19 on the global vehicle recycling market?
What is the breakup of the global vehicle recycling market based on the type?
What is the breakup of the global vehicle recycling market based on the material?
What is the breakup of the global vehicle recycling market based on application?
What are the key regions in the global vehicle recycling market?
Who are the key players/companies in the global vehicle recycling market?