IMARC Group, a leading market research company, has recently released a report titled “Vehicle Recycling Market Report by Type (Passenger Cars Recycling, Commercial Vehicles Recycling), Material (Iron, Aluminium, Steel, Rubber, Copper, Glass, Plastic, and Others), Application (OEMs, Aftermarket), and Region 2024–2032”. The study provides a detailed analysis of the industry, including the vehicle recycling market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global vehicle recycling market size reached US$ 82.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 243.3 Billion by 2032, exhibiting a growth rate (CAGR) of 12.4% during 2024–2032.
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Factors Affecting the Growth of the Vehicle Recycling Industry:
· Environmental Concerns:
The increasing awareness of the planet’s finite resources and the adverse impacts of pollution and landfill waste, prompting industries to adopt sustainable practices, are contributing to the market growth. In line with this, vehicle recycling allows for the recovery and reuse of valuable materials, thereby reducing the demand for virgin resources. It not only conserves the natural reserves but also minimizes the energy-intensive processes of mining and manufacturing new materials, leading to a significant reduction in greenhouse gas emissions. Moreover, vehicle recycling helps in the safe disposal of hazardous substances found in cars, like lead, mercury, and other toxic fluids, which, if left untreated, can contaminate soil and water, posing severe environmental and health risks.
· Regulatory Policies and Compliance:
Governments are increasingly recognizing the importance of formalizing the end-of-life phase of vehicles through stringent regulations and guidelines. These policies are designed to ensure that vehicles are disposed of and recycled in a manner that adheres to environmental safety standards, encouraging the sustainable management of end-of-life vehicles (ELVs). Furthermore, government regulations mandate the recycling percentage of vehicles, set standards for safe disposal methods, and encourage manufacturers to design vehicles with recyclability in mind. Additionally, the imposition of strict requirements on the recycling, recovery, and reuse of vehicles and their components, pushing automakers and recycling companies to adopt environmentally friendly practices, is driving the market growth.
· Technological Advancements:
Technological advancements in recycling methodologies, which have greatly enhanced the efficiency, effectiveness, and economic viability of recycling end-of-life vehicles, are propelling the market growth. Modern technologies enable recyclers to systematically dismantle vehicles, recover a higher quantity of usable materials, and ensure that these materials are of high quality and suitable for reuse in new products. Additionally, the introduction of advanced separation technologies, which have improved the recovery of metals and non-metals, as they facilitate the extraction of pure materials and reduce contamination, is catalyzing the market growth. Furthermore, the advent of sophisticated shredding and sorting technologies, which have enabled the efficient segregation of materials, maximizing recycling rates, and minimizing waste, is strengthening the market growth.
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Vehicle Recycling Market Report Segmentation:
By Type:
- Passenger Cars Recycling
- Commercial Vehicles Recycling
Passenger cars recycling holds the majority of the market share due to their high volume in the global automotive fleet and frequent turnover, leading to a larger number of end-of-life vehicles available for recycling.
By Material:
- Iron
- Aluminium
- Steel
- Rubber
- Copper
- Glass
- Plastic
- Others
Steel accounted for the largest market share because it is the predominant material used in car manufacturing, accounting for a significant portion of the vehicle’s weight and is highly recyclable with a well-established recycling infrastructure.
By Application:
- OEMs
- Aftermarket
Aftermarket represented the largest segment as the demand for affordable spare parts is high, and recycled parts from end-of-life vehicles provide a cost-effective alternative to new OEM parts, especially for older or discontinued models.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
North America’s dominance in the market is attributed to its robust automotive industry, high vehicle ownership rates, well-established recycling infrastructure, and stringent regulatory frameworks promoting vehicle recycling.
Global Vehicle Recycling Market Trends:
The widespread adoption of the vehicle recycling process, as it enables the recovery of valuable materials that can be reused in manufacturing, thereby decreasing the need for virgin raw materials and lowering production costs, is fueling the market growth. Furthermore, the ongoing shift towards electric vehicles, which has created new opportunities for the vehicle recycling sector, is acting as another growth-inducing factor. Besides this, the elevating consumer awareness about the environmental impact of waste, including end-of-life vehicles, is positively influencing the market growth. Additionally, the diminishing availability of certain raw materials essential for vehicle manufacturing, prompting companies to turn to recycling as a solution to secure a stable supply of necessary materials, is favoring the market growth.
Top Companies Operated in Vehicle Recycling Industry:
- 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
Key Highlights of the Report:
- Market Performance (2018–2023)
- Market Outlook (2024–2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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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.
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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