With 15.19% CAGR, Vehicle Recycling Market to Reach US$ 160.2 Billion by 2028 | Industry Report and Forecast

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 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.

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Global Vehicle Recycling Market Trends:

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.

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.

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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